![]() Life income: Keep getting payouts for the rest of your life, or for the rest of your life with a backup period certain of 5, 10, 15 or 20 years.Period certain: You or your beneficiaries will receive payments for a period ranging from 5 to 30 years, with beneficiaries continuing to receive payments after your death for the remainder of the period.This contract comes with a few different income options, including: At contract issue, you can pick from monthly, quarterly, semi-annual or annual payment schedules. The Liberty Bankers Life SPIA offers regular income payments based off a minimum initial premium of at least $25,000. Here’s what Liberty Bankers Life is offering as of Feb. The longer the contract you choose, the better the interest rate you’ll receive. This is in addition to your standard income tax rate. If you withdraw from your annuity before age 59.5, you’ll incur a 10% income tax penalty. While this series of annuities doesn’t have any annual fees, there are withdrawal charges if you take out any money before the conclusion of your interest rate guarantee period: Withdrawal Fee Schedule If you have a surviving spouse, they can elect to carry on your contract as the new annuitant. The death benefit for this contract is equal to your account’s value at the time of your passing. ![]() These work similar to certificates of deposit (CDs).Īll four contracts have a $10,000 minimum initial premium, but the maximum issue ages vary: Each of the numbers associated with these annuities refers to the length of the interest rate guarantee period for the contract, as well as the withdrawal charge schedule. The Bankers Elite Series comes in four variations: Bankers Elite 3, Bankers Elite 5, Bankers Elite 7 and Bankers Elite 9. Best, one of the top ratings companies on the market, recently rated the company’s strength at a B++, which is the fifth-highest score on its scale and corresponds to “Good-Excellent.” If you have questions, SmartAsset’s financial advisor matching tool can pair you with knowledgeable advisors in your area.Īnnuity TypeSingle premium immediate annuityĪs part of their evaluation processes, insurance companies receive financial strength ratings from outside sources. The company can trace its history back to 1958, when it was originally founded under the name Royal Oak Life Insurance Company.Īnnuities are a complicated topic, so don’t be afraid to ask for help if you don’t know what’s best for you. There are a wide range of insurance and annuity products available through Liberty Bankers Life, including fixed and immediate annuities, Medicare supplemental health insurance and whole life insurance.
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