United Life Insurance Company
4.8
based on complex data
Annuity Educator Rating
Annuity review

WealthChoice 7

The WealthChoice 7 Annuity is a fantastic tool for retirement planning, ensuring steady income that lasts a lifetime - a retiree's dream come true! Your hard-earned savings can finally pay off comfortably.

What's more, with features like the 7-year guarantee period, your money's safe and growing, whether the market rises or falls. Say yes to stress-free, golden years with WealthChoice 7!

WealthChoice 7-brochure WealthChoice 7-brochure

WealthChoice 7

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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
90
Types Of Funds
Non-Qualified, 401k, IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, IRA-Roth, SIMPLE IRA, 457 plan, 1035 Exchange, and TSP
Launch Date
05/01/2020
As a Fixed Indexed Annuity, WealthChoice offers you many financial perks. 
  • Diversified Savings Tool. You have competitive alternatives designed to perform well in different financial environments with a variety of interest rates. 
  • Tax-Deferred Compounding. The growth power of an annuity may increase significantly throughout the life of your contract. 
  • Protection from Declines. If indexes do decrease, your WealthChoice annuity will not be affected, because our guarantees will mitigate that risk. 
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, 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
45% Participation
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.5% Cap
1-Year S&P 500 PTP Cap with Bailout
Point to Point
Annual
10% Cap
1-Year Horizon Ascend 5% PTP Participation Rate
Point to Point
Annual
150% Participation
1-Year Barclays Global Quality PTP Participation Rate
Point to Point
Annual
165% Participation
1-Year S&P 500 Dynamic Intraday TCA PTP Cap
Point to Point
Annual
13% Cap
1-Year S&P 500 Performance Trigger
Performance Triggered
Annual
6.6% Performance triggered

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 9% 8% 7% 6% 5% 4% 3%

Hypothetical Projection

Comparison against S&P 500 using current rates
indexed chart
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Riders

Name Inbuilt Fee
United Wealth Choice GLBR - Level No 0.95% annually
United Wealth Choice GLBR - Increasing No 0.95% annually

Waivers

Bail-Out

If the next declared cap rate for the Annual Point-to-Point Cap crediting strategy falls below the bailout rate during the surrender charge period, the surrender charges and Market Value Adjustment are waived for the total Account Value for a 30-day window.

Nursing Home

Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued. The nursing home waiver does not include home health care.

Terminal Illness

Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued.

Confinement

Charges waived due to diagnosis of terminal illness and/or confinement to nursing home after contract is issued.

Premium Notes

Additional premium allowed in first year only to fixed account, which may be reallocated at the next anniversary. Minimum additional premium is $5,000.

Maximum Age
If adding GLBR, the maximum issue age is 80.

Note: TSP funds have to be rolled into an IRA.

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. Systematic Withdrawals Depending on your withdrawal preference, you can elect to be paid on an annual, semi-annual, quarterly or monthly basis. Required Minimum Distributions The amount that the IRS requires you to withdraw annually after age 73 is always available without a surrender charge penalty, even if the amount is greater than your free annual withdrawal amount. 

Company Founded: 1962
Excellent Rated Company
United Life Insurance Company
Company Ratings
4.1
  • A.M. Best A-
  • Comdex 59
Assets: $5,045,179,622
Iowa

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