Purchasing life insurance is one of the most important investments one can make during their lifetime.
Equitrust life insurance company with a strong focus on annuities and single premium life insurance.
When examining the life insurance products available, it’s also important to ensure that you select the appropriate type of policy, as well as the proper amount of coverage for your particular situation. You will find that Equitrust is very well known in the industry for their single premium indexed universal life insurance policies.
It’s wise to research the life insurance carriers that you are contemplating purchasing your policy through. The life insurance company needs to be financially stable and reliable, and it should also have the reputation of paying its policyholders’ claims. One such company that meets these standards is EquiTrust Life Insurance Company.
About EquiTrust Life Insurance Company
EquiTrust is considered one of the smaller life insurance and annuity providers in the insurance industry today. The life insurance company works alongside Guggenheim Partners, which is a global advisory and investment company that purchased EquiTrust in October 2011 and manages the portfolio of EquiTrust Life Insurance products.
Headquartered in West Des Moines, Iowa, EquiTrust has over $14 billion in invested assets, most of which are regarded as investment grade (investment class of A or better) . However, there are a small percentage of assets that are not considered investment grade. This in itself can cause insurance rating agencies to be concerned with the company’s financial strength, especially during a decline of the market.
Ratings and The Better Business Bureau
EquiTrust Life Insurance Company is regarded as financially stable, and has therefore been awarded a “B++” by A.M. Best, and a “BBB+” by Standard & Poor’s. EquiTrust’s comdex rating is 43. Despite the fact that these ratings are considered “good”, many consumers prefer a company that’s rated “A” or better. Additionally, the Better Business Bureau (BBB) has given the life insurance company an “A+” grade despite not being accredited.
EquiTrust Life Insurance Products
The life insurance policies provided by EquiTrust are all permanent in nature, which means that there is both a death benefit and a cash value component and include some type of accelerated benefits. The cash value has the ability to grow and compound tax-free.
The following is a brief overview of the products available through EquiTrust:
This life insurance policy is a single premium policy that provides both multi-asset index-linked and stock market earnings. With competitive rates, the cash value is able to grow substantially over time. Additionally, the policyholder is able to borrow against or withdraw from the cash value at anytime in order to take a vacation, supplement retirement, or even pay off any existing debt.
WealthMax Bonus Life®
This life insurance policy provides the insured the ability to get multi-asset index-linked earnings, as well as stock market earnings in the cash value. It’s considered a single premium index life insurance policy, which means only one lump-sum payment is required for the policy to be deemed paid in full. Additionally, there’s a 12% bonus added on top of all premiums.
This is another single premium life insurance policy offered by EquiTrust. However, there is a specified rate of return which is set by the provider, EquiTrust themselves.
This is a fixed premium life insurance policy, which means the premiums will be paid either annually or monthly by the insured. As with the other policies mentioned, this policy’s return is based on the performance of the stock market or the underlying market index.
Other Products and Services Offered
In addition to life insurance, EquiTrust also offers retirement annuities. Annuities allow the policyholder to save money on a tax-deferred basis, as well as provide a guaranteed lifetime stream of income. The four types of annuities offered by EquiTrust include:
The return on the funds with an index annuity is dependent on the performance of the underlying market index like the S&P 500. When the index performs kindly, an excellent return is provided. However, if the underlying market index performs not as well, the cash value will be credited 0%. This is great because it allows for continuous principal protection regardless of how the market performs. There are several index annuities available through EquiTrust.
Considered a multi-year annuity, EquiTrust’s Certainty Select allows the policyholder to lock in a rate of interest for 3, 5, 6, 8, or 10 years. The interest rate is quite competitive to other annuities on the market.
Traditional Fixed Rate
Referred to as ChoiceFour® Annuity, this is a single premium tax-deferred annuity with a one-year reset interest rate annually. There are four different contract variations available.
Known as the Confidence Income Plan, EquiTrust’s immediate annuity allows the policyholder to either receive their income now or later. Additionally, it can be given over a specified number of years, or for the rest of your life.
When searching for the best premium rates on life insurance, whether from EquiTrust or any other carrier, it’s always recommended that you work with an independent advisor who can assess your needs and find the best solution for you.
Frequently asked Questions
Does Equitrust get high ratings from the national rating services?
EquiTrust Life Insurance Company is regarded as financially stable and has therefore been awarded a “B++” by A.M. Best, and a “BBB+” by Standard & Poor’s. EquiTrust’s Comdex rating is 43. Despite the fact that these ratings are considered “good”, many consumers prefer a company that’s rated “A” or better.
Does Equitrust offer low-cost term insurance?
The life insurance policies provided by EquiTrust are all permanent in nature, which means that there is both a death benefit and a cash value component and include some type of accelerated benefits. Currently, there is no convertible term life insurance available.
Does Equitrust offer any annuity products?
Along with several permanent cash value insurance products, Equitrust offers four types of annuities to assist consumers with retirement planning:
Fixed Rate (Traditional)