WealthChoice 7
The Guaranty Income Life Insurance Company, often abbreviated to GILICO and founded in 1926, has been creating best-in-class wealth solutions that generate income and financial well-being for almost a century. A subsidiary of Kuvare US Holdings, a multi-billion dollar enterprise backed by investors, GILICO is known for its variety of annuities for sale, be it fixed, fixed-indexed, or variable annuities. The company also allows clients to further customize their purchases, offering riders like long-term care protection. This is proof of its vision to offer customer-focused solutions and reflected by a positive industry standing.
WealthChoice 7
Ratings:
- A.M. Best A-
- Comdex 59
About Product
Allocation Accounts
Name | Type | Rates |
---|---|---|
1-Year Fixed Account |
Fixed
|
3%
Fixed
|
1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
3%
Cap
|
1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
1-Year Horizon Ascend 5% PTP Participation Rate |
Point to Point
Annual
|
160%
Participation
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
---|---|---|---|---|---|---|---|
Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
Name | Inbuilt | Fee |
---|---|---|
Wealth Choice GLBR - Increasing | No | 0.95% annually |
Wealth Choice GLBR - Level | No | 0.95% annually |
Waivers
Terminal Illness
A health condition or injury experienced, which to a reasonable degree of medical certainty, confirmed by a Physician, will result in that person’s death within one year.
Confinement
Receiving continuous care for at least 30 days from a hospital or long-term care facility.
Premium Notes
GILICO only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Maximum Age
If adding GLBR, the maximum issue age is 80.
Withdrawal Provisions
10% of the prior anniversary’s Accumulation Value is available free of surrender charge and MVA, applies in all years. During the first year, it is 10% of the initial premium.