EquiTrust Life
1.38%
9 Year Term
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company Information
Company Name
EquiTrust Life
product Name
Choice Four
Description
Equitrust feels you should look for a company that has integrity, strength, and innovation. They feel they are that company. Their goal is to put you first. They try to design products that are client friendly and competitive. Their products are sold through a national network of independent insurance agents. Magic Johnson Enterprises purchased a controlling interest in Equitrust in 2015. Equitrust began selling products through independent insurance agents in 2003.
am best rating
B++ Good (5th of 13 ratings)
Product Type
Fixed
Product description
Fixed annuities are for conservative investors who want safety, security, and guarantees.
You will preserve your principal and earn a fixed rate of return.
You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's).
If you are sensitive to loss and don't want to lose a penny, a fixed annuity might be a good fit for some of your savings.
Read our educational articles on fixed annuities to learn more.
term
9 yrs
minimum investment
$ 10,000
maximum investment
$ 1,000,000
maximum age
85
withdrawal allowance
After the first contract year, you can withdraw interest only of the account penalty-free.
what we like
- Interest withdrawals
- Competitive interest rate
- RMD Friendly
- No Market Value Adjustment
what we don’t like
- The rate is only locked in for 1 year
- Years 2 - 9 the company sets the renewal rate
- Over 80% of the money invested in fixed annuities flow into MYGA's, not traditional fixed annuities like these
- Higher Rated companies exist
- or -
Guaranteed Returns
Choose an investment amount and we’ll show you how much you can earn.
| YEAR | RATE | EARNINGS | CUMULATIVE EARNINGS | BALANCE |
|---|---|---|---|---|
| 1 | 3.50% | $ ? | $ ? | $ ? |
| 2 | 0.00% | $ ? | $ ? | $ ? |
| 3 | 0.00% | $ ? | $ ? | $ ? |
| 4 | 0.00% | $ ? | $ ? | $ ? |
| 5 | 0.00% | $ ? | $ ? | $ ? |
| 6 | 0.00% | $ ? | $ ? | $ ? |
| 7 | 0.00% | $ ? | $ ? | $ ? |
| 8 | 0.00% | $ ? | $ ? | $ ? |
| 9 | 0.00% | $ ? | $ ? | $ ? |
| Total | $ ? | $ ? | $ ? | |
Surrender Charge Schedule
Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.
percentage charged to withdrawal
market-value adjustment (MVA)
A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.
They allow companies to pay a higher rate and make longer-term investments.
MVAs only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.
other Information
| S&P rating | BBB+ Good (8th of 21 ratings) |
|---|---|
| phone number | (866) 598-3692 |
| Product brochure |  |
| agent commission | 4.125- 5.50%. We are paid from the insurance company general fund. It is not deducted from your account value. 100% of your money is working for you from day one. We could earn a higher commission based on sales volume and taking a more active role in the application process. |
| LOGIN FOR | equitrust.com |
| Rate Effective Date | June 22nd 2022 |
| premium Type | Single Premium Annuity |
|---|---|
| account Type | Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b). |
| Not available in | NY, PR, VI |
| options at maturity | At the end of your contract term, you have the following options. 1. Withdrawal any amount free of charges and fees. |
| death benefit provision | If you pass away before the end of your annuity contract, your beneficiaries will receive the accumulated policy value. This value will include all interest you have earned and be passed without any charges or fees. |
| taxes | Annuities typically grow tax-deferred. If you withdrawal money that has never been taxed, withdrawals are 100% taxable. Non-qualified withdrawals have been taxed already, so only interest is taxed. This is called an exclusion ratio. Interest would be taxed, but the principal would not. Please work with a qualified specialist. |
| surrender schedule | 12%, 11%, 10%, 9%, 8%, 7%, 6%, 4%, 2% |
|---|---|
| free-look period | 10 Days |
| RMD | Yes |
| market value adjustment | No |
