SILAC has been an annuity leader here at New Horizons for quite some time. Their rates are very competitive, and their MYGA product has tons of built-in features that don't have rider deductions. It's also RMD friendly.
In addition, SILAC has a great, simple FIA that's simple to understand and is a huge hit with our agents out in the field.
SILAC dates back to the Great Depression of the 1930s. It started in Utah where members helped contribute to grieving families upon the death of a society member. Today, SILAC offers a complete line of senior market products including Medicare Supplement, home care recovery, annuities, and more.
Three product lines: a MYGA line, a FIA line, and a FIA with lifetime withdrawal benefit
A.M. Best Rating of B
Webinar training is available in the agent portal!
NOTE: SILAC used to be Equitable Life & Casualty. As of January 1, 2021, their new name is SILAC Insurance Company.
SILAC offers products in the following states:
SILAC Annuity Webinars
You can access recordings of SILAC annuity training webinars here.
Webinar recordings include:
Part 1: Teton vs Low Volatility Strategies
Part 2: Teton vs Low Volatility Strategies
Teton/Teton Bonus Deep Dive
Secure Savings Deep Dive
Teton FIA Crediting vs. Low Volatility Strategies
Part 1: Teton Crediting vs. Vol. Control Index
Teton Annuity Training w Kylie
Teton Product Training
SILAC Secure Savings™ and Secure Savings™ Elite
As we mentioned above, this MYGA is one of our most popular annuities here at New Horizons. This product has tons of built-in features that other MYGAs charge for via rider deductions. With SILAC, you get:
5% free withdrawal after Year 1
Free accumulated interest withdrawal after 30 days
Full account value at death
Plus, it's RMD friendly.
Issue Ages: Secure Savings™ 18 to 90 and Secure Savings™ Elite 18 to 85
Minimum Single Premium: $10,000 Qualified or Non-Qualified
Maximum Single Premium: $500,000 (Larger amounts will be considered with Home Office Approval)
Guarantee Period: 2-year or 5-year terms
Guaranteed Growth: Premium will earn a guaranteed rate of interest for the guarantee period chosen. This guarantee period can be 2 years or 5 years.
No Long Term Commitment: After the initial 2-year or 5-year guarantee period, a policyowner will have the opportunity to access the full value of their annuity. If pleased with the growth of the annuity, a policyowner can choose to continue the contract.
Principal Protection: Funds in the Secure Savings annuity series are 100% principal protected. As long as the annuity is held for the guarantee period, the principal and interest earned are fully guaranteed.
Tax Deferred Growth: All interest earned is tax deferred. Until funds in the annuity are accessed, no taxes are due on the interest earned.
Access To Funds For Life's Curveballs: The Secure Savings annuity series was designed for maximum flexibility depending on the customer's needs. With the Secure Savings™ annuity series, liquidity options may be available depending on the product and guarantee period chosen. After the guarantee period, the full account value of the annuity can be accessed.
Income Options: Upon maturity and at the end of each guarantee period, a policyowner can convert the annuity into a guaranteed income benefit.
Wealth Transfer: The annuity series includes a death benefit upon the death of the owner. The Secure Savings™ death benefit is equal to the account value. The Secure Savings™ Elite death benefit is equal to the cash surrender value. It will be paid as long as an income option has not been elected.
The Teton series is very exciting, because we finally have a Fixed Index Annuity that is simple and easy to understand!
"There's always a potential for growth with Fixed Index Annuity (FIA) products," says Dan Acker, President & Chief Marketing Officer at SILAC. "We use that mountain range to help associate the growth possible with our Teton series." Here are some of the product highlights:
Fixed indexed annuity specializing in accumulation
There, we cover everything including the index crediting strategies, interest rates, nursing home benefit, death benefit, the RMD benefit, the target audience, marketing pieces, the e-app, the commission, the illustration software, and more!!
The Teton Bonus has the same features as the Teton Series above, and:
Fixed indexed annuity pairing upfront premium bonus with accumulation
Denali Series (No fees!)
SILAC set out to do retirement differently. They wanted a simple, understandable product that offered lifetime withdrawals, one account, and no fees. Spoiler alert: they did it!
Denali offers your client:
No fees!! (most income products have a fee)
If you're familiar with the Teton product, you already know 90% of Denali.
Denali is a great fit for clients who are focused on the long-term. They need regular income but also want their money to grow. Unlike competitor products, SILAC's Denali provides both accumulation and lifetime income.
The Denali Series is available in many states including Illinois and Indiana.
Term: 7, 10, and 14 years
Issue ages: 0-90 for the 7-year; 0-85 for the 10-year; 0-80 for the 14-year
Minimum premium: $10,000
Lifetime withdrawal benefit after the first year
Wellness withdrawals available after 2 years; increases withdrawals for up to 5 years if client can't perform 2 of 6 ADLs
Clients can choose their own interest crediting strategy, including fixed or indexed crediting strategies.
New to Annuity Sales?
Annuity sales are a huge opportunity for independent agents in the senior market. If you want to learn how to sell annuities to seniors, you've come to the right place!