SILAC (formerly Equitable Life & Casualty) Secure Savings Elite 5 multi-year guarantee annuity may be a good fit:
GROWTH YOU CAN COUNT ON
Your premium will earn a guaranteed compound rate of interest for the guarantee period you choose, regardless of how the stock market performs. This guarantee period is 5 years.
WITHOUT A LONG COMMITMENT
After the initial 5-year guarantee period, you will have the opportunity to access the full value of your annuity. If you are pleased with your growth, you can continue your contract for another guarantee period.
Are you tired of stock market ups and downs? Your funds in the Secure Saving annuity are 100% principal protected. As long as you keep your annuity for the guarantee period, your principal and interest earned are fully guaranteed.
All interest earned is tax-deferred. You won’t pay taxes on any interest until you access the funds in your annuity.
ACCESS TO FUNDS FOR LIFE’S CURVEBALLS
Liquidity options may be available depending on the product and guarantee period chosen. After the guarantee period, you can always access the full account value of your annuity.
Upon maturity and at the end of each guarantee period, you can convert your annuity into a guaranteed income benefit.
If Secure Savings is elected, the full account value is available to your loved ones after your death. If Secure Savings Elite is elected, the cash surrender value is available after your death. Under both versions, if your spouse is your beneficiary, then he or she can always choose to continue the policy.
GET STARTED IN THREE EASY STEPS:
Step 1. Determine how much you would like to save.
You can purchase the annuity with a minimum single premium of $10,000. Contributions larger than $500,000 require home office approval.
Step 2. Decide if you would like the Secure Savings or the Secure Saving Elite.
The Secure Savings offers strong guaranteed interest crediting paired with built-in liquidity options and full account value payable at the death of the owner. The Secure Savings Elite offers a higher credited rate than the Secure Savings and allows you to customize the product to best fit your unique needs. Cash surrender value is payable at the death of the owner. Depending on the guarantee period chosen, it may offer liquidity options for a lower credited rate.
Step 3. Choose your guarantee period.
You can select the guarantee period that best suits your financial goals. The longer the guarantee period, the higher the guaranteed compound interest rate
The Higher Interest Rate
The Secure Savings Elite is the right choice for you if you already have access to funds in times of emergency and are looking for:
- The highest guaranteed interest rate
- Full control & the ability to choose only the withdrawal features you need
ACCESSING YOUR SAVINGS
OPTIONAL LIQUIDITY RIDERS
With the Secure Savings Elite, you may choose to purchase the following optional liquidity riders:
- Accumulated Interest Rider: Beginning in the first policy year, the interest credited may be withdrawn.
- Required Minimum Distribution Rider: Beginning in the first policy year, RMDs may be withdrawn.
- 5% Penalty-Free Withdrawal Rider: Beginning in the second policy year, 5% of the account value can be withdrawn.
All, none, or any combination of the above riders may be added to the Secure Savings Elite.
AFTER THE GUARANTEE PERIOD
At the end of your guarantee period, you will have the option to renew your annuity.
You will have a 30-day window to select a new guaranteed interest rate.
During this window, you can:
- Continue the policy
- Apply the account value to an income option
- Take a partial withdrawal, with no surrender charges or MVA, and continue the policy with the remaining account value
- Surrender your annuity with no surrender charges or MVA
SILAC Secure Savings can provide a guaranteed income stream of your choosing.
You may elect to receive your income monthly, quarterly, semi-annually, or annually.
During the 30-day window, the payment amount will be based on your account value.
At any other time, it will be based on your cash surrender value.
Once you elect to receive a guaranteed income stream, the payment schedule and amount cannot be changed.
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.