Ratings:

A.M. Best A-
Comdex 59

James Alden

Experienced Financial Advisor

25 years

experience

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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.

15 customer reviews

WealthChoice 7

Your Email

Ratings:

A.M. Best A-
Comdex 59

About Product

Type

Fixed Index

Purpose

Lifetime Income

Term

7 Years

Surrender schedule

9%8%7%6%5%4%3%

Fee withdrawal:

10%

Market Value Adjustment

Yes

Return Of Premium

Yes

Minimum Contribution

$20,000

Maximum Contribution

$1,000,000

Max Age Qualified

Types Of Funds

Non-Qualified, IRA, IRA Rollover, IRA Transfer, and IRA-Roth

Launch Date

10/01/2019

WealthChoice is a tax-deferred Fixed Index Annuity (FIA) designed with competitive growth options with protection from market downturns. Premiums may be added during the first contract year.

Available in states: AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

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

WealthChoice can be purchased for a 5-, 7- or 10-year period with a single premium payment from $20,000 to $1,000,000. Throughout the first contract year, additional premiums may be applied (at a minimum of $5,000 and not to exceed $1,000,000 total). Additional premiums can be reallocated at the next contract anniversary.
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

Free Partial Withdrawals
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.

Other GILICO Products

Guaranty Rate Lock (3-4-5)

Guaranty Rate Lock (6-7-8-9-10)

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