Is SILAC Insurance Company Right for You?

Our Professional Opinion on SILAC Insurance Company

We do not recommend SILAC annuities. SILAC has a B (Fair) financial strength rating from AM Best, which falls below our A− minimum. When you buy an annuity, you are relying on the insurance company to keep its promises. We would rather put retirement savings with a stronger insurer.

SILAC offers annuities with bonuses, lifetime income, and other features that may look appealing. But a big bonus or attractive income illustration is not enough to make us overlook the company’s rating. We would not put our retirement money with SILAC when higher-rated companies offer similar solutions.

If you already own a SILAC annuity, do not rush to surrender it. Check the surrender charges, market value adjustment, and any bonus or interest recovery first. We can help you review the contract and compare your options.

You can find links to our individual SILAC annuity reviews below. Contact The Annuity Expert for a free comparison of alternatives from insurers rated A− or higher.

SILAC Insurance Company, previously Equitable Life & Casualty, has been in business since 1935. With nearly nine decades of history, the company has transitioned from offering a broad mix of Medicare Supplement and life insurance products to focusing primarily on annuities. While that length of service gives the company credibility, longevity alone doesn’t guarantee strength. What matters now is how well it’s managing policyholder money, servicing customers, and maintaining financial solvency. SILAC’s newer focus on retirement income annuities is an aggressive growth strategy, but it’s also paired with higher financial risk when compared to more conservative competitors.

In the News

• https://www.businesswire.com/news/home/20260618212738/en/AM-Best-Maintains-Under-Review-With-Developing-Implications-Status-for-SILAC-Insurance-Company
• https://www.businesswire.com/news/home/20251212421379/en/AM-Best-Places-Credit-Ratings-of-SILAC-Insurance-Company-Under-Review-With-Developing-Implications

Financial Ratings: How Stable Is SILAC?

Evaluating financial ratings is one of the most critical steps before trusting any insurance company with long-term savings. Here’s how SILAC ranks:

• A.M. Best – B (Fair): Downgraded from B+ (Good), this rating reflects concerns over risk-adjusted capitalization and reliance on unrated reinsurance companies. This is below the industry benchmark for “safe” long-term partnerships.
• Fitch Ratings – BBB-: This is the lowest level of investment-grade credit and suggests that while the company is stable today, it’s more susceptible to changes in economic conditions.
• Kroll Bond Rating Agency – BBB: Indicates moderate financial strength and a stable outlook, but does not meet the A-rated threshold that most conservative investors seek.

What this means: SILAC’s B rating does not mean the company will fail or cannot pay its obligations. It does mean the company falls below the financial strength standard we use when recommending annuities. We believe there are stronger alternatives for both guaranteed growth and lifetime income.

SILAC Annuity Reviews

• Savings Elite MYGA
• SILAC Denali Annuity
• SILAC Evolve
• SILAC Teton
• SILAC Vega

Products Offered by SILAC

SILAC’s shift in recent years has focused almost exclusively on annuities. Here’s what they currently offer:

• Fixed Indexed Annuities (FIAs): These offer principal protection with interest credits based on index performance (typically the S&P 500 or custom indexes). They are designed to help savers grow their money without market downside, and they often include features like premium bonuses, roll-up rates, and Guaranteed Lifetime Withdrawal Benefit (GLWB) riders.
• Multi-Year Guaranteed Annuities (MYGAs): Fixed-rate annuities that guarantee an interest rate for a set number of years (usually 3, 5, 7, or 10 years). They’re similar to bank CDs but offer tax-deferred growth and higher rates in most cases.
• Single Premium Deferred Annuities (SPDAs): These are funded with a one-time lump sum and allow your money to grow tax-deferred until you’re ready to start taking withdrawals, often later in retirement.
• Flexible Premium Annuities: You can make multiple contributions over time, which works well for clients who want to build retirement savings gradually rather than fund the policy with a single deposit.

SILAC does not currently offer life insurance or long-term care insurance. It is strictly focused on income and accumulation annuities, with some products featuring riders for illness or long-term care-type events.

Why Comparing Premium Rates, Interest Rates, and Income Payouts Is Essential

• Premium Rates: What you pay upfront for an annuity or insurance product varies widely. A higher cost doesn’t always mean better benefits. Overpaying without extra value puts a drag on your returns.
• Interest Rates: MYGAs and the fixed accounts inside FIAs come with declared interest rates. Some companies offer higher guaranteed rates over multi-year periods. A seemingly small difference—say, 0.50%—can create thousands of dollars in lost opportunity over 5 to 10 years.
• Income Payouts: If your goal is lifetime income, the most important number to compare is how much income you’ll receive from your annuity’s income rider. Some companies offer stronger Guaranteed Lifetime Withdrawal Benefit (GLWB) payouts at age 65+, while others perform better at later ages like 70 or 75. Failure to compare this can mean less monthly income, for life, from the same dollar amount invested.

Compare Annuity Income Between SILAC and 25+ Companies

Pros of Choosing SILAC

• Industry Longevity: Over 85 years in business builds credibility and suggests long-standing operational capacity.
• Bonus and Rider Features: SILAC offers optional bonus credits and income riders that may appear more generous than competitors—but the tradeoff may be lower financial strength or higher internal costs.
• Diverse Annuity Portfolio: SILAC provides both accumulation and income annuities, making it flexible for various planning needs—whether you’re growing assets or converting them to income.
• Index Strategy Options: Their fixed indexed annuities offer multiple crediting methods tied to different index strategies. This gives investors flexibility in how they want to earn interest.
• Income Rider Liquidity: Unlike annuitization, income riders allow lifetime income while preserving access to the remaining account balance. If you pass away early, unused funds go to your heirs.

Cons of Choosing SILAC

• Weaker Financial Ratings: A “B” from A.M. Best is not considered investment-grade by many financial professionals. If you’re depending on the insurer to pay out income for 20–30 years, that rating adds risk.
• Customer Service Issues: SILAC has a higher-than-average complaint index with the National Association of Insurance Commissioners (NAIC), especially in the annuity category. Complaints range from lack of clarity in contract terms to delays in claim processing.
• Limited Insurance Portfolio: If you’re looking for a broader insurance solution that includes life, health, or long-term care coverage, SILAC isn’t a one-stop shop. You’ll need to supplement elsewhere.
• Complex Product Design: Some products may include bonus features or complex crediting strategies that are difficult for the average consumer to understand. Without proper education, buyers may be disappointed with performance or liquidity limits.

What If You Already Own a SILAC Annuity?

Owning a SILAC annuity does not mean you need to get out immediately. An early surrender could trigger charges, a market value adjustment, or recovery of bonuses and interest. Depending on your contract, those costs could be substantial.

Before making a decision, review your current benefits, surrender value, remaining term, and available alternatives. A stronger insurance company may be worth considering, but the cost of moving matters too.

Who Should Consider Other Companies and Why

• Conservative Investors: If your primary concern is safety and stability, you should strongly consider companies with A or A+ ratings from multiple agencies. You’re not just buying a product—you’re buying the company backing it.
• Retirees Who Rely Heavily on Annuity Income: If your annuity is your main retirement income source, using a higher-rated insurer adds protection. A weaker company could impact your income if conditions worsen.
• Those Looking for Comprehensive Planning: If you want life insurance, long-term care protection, or estate planning in one place, you’ll need to work with a more diversified insurer.

Other Types of Insurance to Consider

• Long-Term Care Insurance: Even if your annuity provides income, it won’t be enough if you face $100K+ in annual nursing home costs. Standalone LTC policies or hybrid life and long-term care products can help.
• Life Insurance: If your goal is to create a tax-free legacy, cover debts, or replace income for loved ones, consider term or permanent life insurance. Annuities don’t replace this type of protection.
• Disability Insurance: If you’re still working, a disability insurance policy ensures you continue to receive income if you’re unable to work due to illness or injury. Annuities do not serve this purpose.

Can Annuities Help With Retirement Income?

• Guaranteed Lifetime Income: GLWB riders allow you to take income for life without annuitizing your contract. That means you maintain access to your account and can pass any remaining balance to heirs. This type of income is revocable, flexible, and offers protection against outliving your money.
• Tax-Deferred Growth: Whether you use a Traditional IRA, Roth IRA, 401(k) rollover, or non-qualified funds, annuities provide tax-deferred growth, which can lead to higher long-term balances when compared to taxable accounts.
• Liquidity Provisions: Most annuity contracts from SILAC offer 10% free annual withdrawals, and some include waivers for terminal illness, nursing home confinement, or home healthcare—though exact terms vary by product.

Should You Buy an Annuity from SILAC?

We would not recommend buying a SILAC annuity. Some of its products have attractive bonuses and income features, but the company’s B (Fair) AM Best rating falls below our standard. We would look for a similar solution from an insurer rated A− or higher.

If you already own a SILAC annuity, review the costs and benefits before making a change. Contact The Annuity Expert for a free contract review or a comparison of alternatives.

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