This is a sample of what an annuity quote looks like from a 24 year veteran of the annuity services industry. There are 8 types of annuity benefits available. You choose the type(s) you like. A Safe Money Singer Annuity Quotation might be the most thorough annuity quote to be found on the internet!
SILAC DENALI™ SERIES
THE SILAC DENALI™ SERIES
SIC-DENALI-B-050321
THE SILAC DENALI ™ SERIES
It’s almost impossible not to.
Most don’t.
It’s ok if you don’t. We are here to help!
Of Americans are concerned about not having a lifetime income 1
Of Americans are nervous about retirement 1
Of Americans are concerned about the risk of a financial surprise 1
SILAC’s Denali ™ Series provides guarantees where you need guarantees and flexibility where you need flexibility. The right combination ensures you are ready for life’s uncertainties and leads to a
1 https://insurancenewsnet.com/innarticle/80-of-americans-nervous-about-retirement-nest-egg-study#.XqtNBmhKiUk
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
SILAC DENALI ™ SERIES
You can choose the certainty of a fixed interest rate that is annually declared and subject to minimum guarantees. Your annuity also has a Minimum Guaranteed Value.
A lifetime withdrawal benefit is automatically included and ensures that you can generate a lifetime income that will last for your life.
To help prepare for the unexpected, the Denali ™ Series can offer higher withdrawals for a period of time if certain health conditions are met.
You also have the choice of interest based on the performance of an external market Index.
Your savings are always protected from market fluctuations and are 100% principal protected. There is no direct downside market risk to your funds.
Multiple liquidity options are available to help you when life throws a curveball. After the withdrawal charge term, you can always access the full account value of your annuity. Leave a legacy for your loved ones and avoid probate. The full account value is available after your death. If your spouse is the beneficiary, then he or she can always choose to continue the policy.
Save more for retirement with tax- deferred growth. The Denali ™ Series allows you to keep more of your retirement savings working for you by deferring taxes until you choose to access the funds in your annuity.
You can select the withdrawal charge period that best suits your financial goals. The longer the period, the higher the interest crediting adjustments. Withdrawal charge periods offered with the Denali ™ Series include 7-, 10- and 14-years.
The Denali ™ Series offers you flexibility to place your money in different crediting strategies tied to different external market indexes. By placing your money in multiple interest crediting strategies or indexes, you can have diversification within your annuity.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
Multiple crediting strategies are available for you to choose from. The crediting strategies are used to determine how much interest, if any, will be credited to your annuity. You can allocate your funds among one or more of the available crediting strategies. You can reallocate at the end of each crediting strategy term. Gain comfort knowing your money is working for you and is protected from market fluctuations. The Denali ™ Series’ crediting strategies provide the following benefits: 1. Annual floor protection of 0% No matter what happens with the underlying index, you will never earn an interest credit less than 0%. 2. Interest credit lock-in Once interest has been credited, it is locked in and cannot be lost due to future market changes. 3. Choices You have multiple crediting strategies to choose from and can change your mind each strategy term.
The fixed interest strategy provides a guaranteed rate of interest. Interest is credited daily, and the fixed interest rate will be declared annually.
Indexed crediting strategies provide interest credits that are tied to the performance of an external market index. Interest is credited at the end of the crediting strategy’s term. You are guaranteed to never earn less than 0% interest for the strategy term – even during market downturns. This is one of the key features of a fixed indexed annuity. In order to provide the annual floor protection of 0%, indexed crediting strategies limit the total interest you can receive. This limit is in the form of an adjustment – a cap, participation rate or spread. Next year’s adjustments will be declared at the end of each crediting strategy’s term.
LIFETIME WITHDRAWALS The Denali ™ Series allows you to create your own pension. You can begin taking Lifetime Withdrawals after 1 year. Your lifetime withdrawal amount depends on your current Account Value and your age when you start lifetime withdrawals.
Lifetime withdrawals are guaranteed for life as long as you don’t take any excess withdrawals – even if your account value falls to zero. An excess withdrawal will lead to a recalculation of the lifetime withdrawal.
When you begin lifetime withdrawals, you can decide if the withdrawals will last for your life (single) or as long as you or your spouse is alive (joint). Withdrawals can be taken monthly, quarterly, semi- annually or annually.
Wellness Withdrawals are automatically included with your annuity. After the 2nd policy year, you can receive a wellness withdrawal if you cannot perform two of six Activities of Daily Living. If you elected single lifetime withdrawals, then the wellness withdrawal will be double the amount of the lifetime withdrawal. Wellness withdrawals can last for five years.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
Each year after the first policy year, you may withdraw up to 5% of your account value (as of the most recent policy anniversary). Free withdrawals will not be subject to withdrawal charges, market value adjustments or bonus recovery percentages, if applicable.
Required minimum distributions (RMDs) are mandatory withdrawals from qualified contracts. RMDs can begin immediately and are considered a free withdrawal, even if they exceed 5% of the account value.
In the event your health declines after you purchase your annuity, you may withdraw funds without being assessed a withdrawal charge, market value adjustment or bonus recovery percentage, if applicable. These riders are provided at no additional cost: Nursing Home Benefit* After the first policy year, you can withdraw up to 100% of your annuity’s account value if you become confined to a qualified care facility for at least 90 consecutive days and meet the eligibility requirements. There is a waiting period of 1 year after policy issue date, and you cannot be confined at the time the policy is issued. Terminal Illness Benefit After the first policy year, you can withdraw up to 100% of your annuity’s account value if you are diagnosed with a terminal illness that results in you have a life expectancy of 12 months or less and you meet the eligibility requirements. You cannot be confined at the time the policy is issued. Home Health Benefit* After the first policy year, you can withdraw up to 20% of your annuity’s account value each for 5 years if you need home health care services and meet the eligibility requirements.
*Not available in South Dakota.
In addition to withdrawals, The Denali ™ Series can provide a guaranteed income stream of your choosing. You may elect to receive your income monthly, quarterly, semi-annually or annually.
After the income waiting period, the payment amount will be based on the account value. Before the income waiting period, it will be based on the cash value.
The Denali ™ Series automatically includes a death benefit to help leave a legacy for your loved ones. Your beneficiary(ies) will receive the annuity’s full account value. Your loved ones will avoid the delays and hassle of probate. The death benefit will be paid as long as an annuitization option has not been elected.
If your spouse is an owner or beneficiary, then he or she can always choose to continue the policy.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
The Denali ™ Series is designed to help meet your long-term retirement savings needs. It includes a withdrawal charge period. If you withdraw more than the free amount allowed during the withdrawal charge period, a withdrawal charge, market value adjustment and bonus recovery, if applicable, will be applied. These charges do not apply to lifetime withdrawals, wellness withdrawals, free withdrawals, RMDs, nursing home withdrawals, terminal illness withdrawals, home health care withdrawals, income payments or death benefits. For more information, please see your Certificate of Disclosure. If you withdraw an amount that exceeds the free withdrawal amount during the withdrawal charge period, you will incur a withdrawal charge. Withdrawal charges do not apply after the withdrawal charge period ends. In part, withdrawal charges allow us to invest your money on a long- term basis and generally credit higher interest than possible with a similar annuity of shorter term. A Market Value Adjustment (MVA) applies to any withdrawal to which a withdrawal charge applies. It can either increase or decrease the amount you will receive. It does not apply after the withdrawal charge period ends. INTEREST BONUS RECOVERY Interest bonus recovery will apply to any withdrawal to which a withdrawal charge applies. The interest bonus recovery schedule is a percentage of the annuity’s interest credits. The amount recovered is equal to the account value less any premiums and includes interest credits. Interest bonus recovery percentages decline with time, meaning that less is recovered over the annuity’s withdrawal charge period. It does not apply after the withdrawal charge period ends. In part, interest bonus recovery allows us to credit higher interest than would have been possible otherwise and offer a lifetime withdrawal benefit.
Chart 1 compares the account value of a Denali ™ 7 policy to a traditional accumulation-focused indexed annuity that does not recover interest credits and to an indexed annuity that offers a guaranteed lifetime withdrawal benefit for a fee. The account value is the policy value that interest credits, death benefits, lifetime withdrawals, wellness withdrawals, free withdrawals, RMDs, nursing home withdrawals, terminal illness withdrawals and home health care withdrawals are tied to. It also provides the cash value after the withdrawal charge period has ended. A few key points: • Denali ™ 7 has the higher account value throughout because it provides the larger interest credits and doesn't have a fee dragging down the account value. • FIA with GLWB and Fee has the lower account value because it provides the lower interest credits and has a fee that reduces the account value.
It is important to remember that annuities are intended to be
Consider the information in this brochure before deciding to purchase one.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
Chart 2 compares the cash value of the sample Denali ™ 7 policy to a traditional accumulation-focused indexed annuity that does not recover interest credits and to an indexed annuity that offers a guaranteed lifetime withdrawal for a fee. A few comments: DENALI ™ 7 vs TRADITIONAL FIA • Denali ™ 7 has a lower cash value during the withdrawal charge period and higher cash value thereafter. • The lower cash value during the withdrawal charge period allows us to offer stronger interest credits as well as a lifetime withdrawal benefit for no charge. DENALI ™ 7 vs FIA with GLWB & Fee • Many indexed annuities on the market offer a lifetime withdrawal benefit for a charge. This charge may lead to lower cash values in almost every policy year than what Denali ™ provides. • The FIA with GLWB and Fee offers significantly lower interest credits than what Denali ™ can provide.
Key assumptions include: issue age 60 and $100,000 initial premium. Traditional assumes a fixed interest rate of 2.35%. Denali ™ Bonus 7 assumes a fixed interest rate of 2.50%. FIA with GLWB and Fee assumes a 1% fixed interest rate and 1.15% fee.
Minimum Issue Age
0
0
0
Maximum Issue Age
90
85
80*
Minimum Premium
$10,000
Additional Premiums
Allowed first 12 months
Maximum Total Premium**
$1,000,000
*Maximum issue age is 64 in Florida. **Without home office approval.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
x x x x x x x x x x x x x x
Fixed Interest
Indexed Interest
Annual Floor Protection
Annual Lock-in of Interest
Lifetime Withdrawals
Wellness Withdrawals
Free Withdrawals Years 2+
Required Minimum Distributions Years 1+
Nursing Home Benefit*
Terminal Illness Benefit
Home Health Care Benefit*
Income Options
Full Account Value Death Benefit
Spousal Continuation at Death
*Not available in South Dakota.
SILAC INSURANCE COMPANY A COMMITMENT TO CARING SINCE 1935 . ABOUT US
CUSTOMER SERVICE IS ALWAYS OUR #1 PRIORITY
PROVIDE SAFETY & SECURITY FOR OUR POLICY HOLDERS
CONTINUOUSLY EXPANDING OUR PRODUCT PLATFORM
PROUDLY SERVING CUSTOMERS FOR OVER 80 YEARS
The character of the SILAC family sets us apart. Over the past 85 years, we’ve earned a national reputation for caring. Its value cannot be measured in dollars; and we passionately guard and preserve it. The heritage of SILAC Insurance Company and our commitment to caring dates back to the Great Depression of the 1930s. SILAC Insurance Company is Utah’s oldest active life insurer, licensed to conduct business in 48 states and the District of Columbia.
SILAC DENALI™ SERIES
SILAC DENALI™ SERIES
We know that our policy holders all have options, and we are focused on SILAC being your #1 choice.
This brochure is for informational purposes only. Review the Certificate of Disclosure document for product details and benefits. Restrictions apply. Neither SILAC Insurance Company nor its representatives provide legal or tax advice. Consult with your attorney or tax advisor for additional information. Product is NOT: 1) a deposit; 2) FDIC or NCUA insured; 3) insured by any federal government agency; or 4) guaranteed by a bank, savings association or credit union. Guarantees are based on the financial strength and claims-paying ability of SILAC Insurance Company. Policy form numbers and product availability vary by state.
A PROUD MEMBER OF THE SILAC, INC. FAMILY
SILAC DENALI™ SERIES SILAC Insurance Company 299 South Main Street #1100, Salt Lake City, Utah 84111 P: 888-352-5120 F: 888-352-5126
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