Company Information
Company Name
Wichita National Life
Product Name
Wichita National Life Security 10
Description
The Security 10 is a single premium, fixed annuity with a ten-year rate guarantee. After 10 years, owners can withdraw, transfer, or reinvest their entire account balance. If no action is taken, then a new 10-year term with a new surrender schedule will begin.
This policy is designed primarily for tax-deferred growth. It offers a higher interest rate, but does not include liquidity features like free withdrawals or a surrender-free death benefit. A 10% Free Withdrawal Rider and an Enhanced Death Benefit Rider are both available. Adding either rider will reduce the interest rate by 0.15% annually.
A spousal continuance option is allowed and can avoid surrender penalties upon owner passing. This policy is only available in AL, AR, DC, FL, GA, MS, NV, OK, TX, UT, & WY.
AM Best Rating
B+ Good (6th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
6.05%
Term
10 Years
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
89
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 5%, 5%, 5%, 5%, 5%, 0%
What We Like About This Annuity
At times, this will be one of the higher rates available on a 7 year MYGA. Those looking for the highest rate of return may find it with this product in certain states. It's issued now up to age 89.
Notable Features
This annuity does not offer automatic free withdrawals or a waiver of surrender charges at passing. Adding those features reduce the yearly rate of return by 0.15% for each.
Other Popular Products
Wichita Life is primarily known for their guaranteed fixed annuity accounts, but they do offer individual life, credit products and various ancillary insurance coverage.
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About Wichita National Life Insurance
This niche insurance company with over 60 years of experience is located in Lawton, Oklahoma. More recently, they began offering multi-year guaranteed fixed annuities under their Security series of MYGAs.
They are guided by industry experts and look to offer solutions for a worry-free retirement. They aim to be a stable company evolving to meet the modern needs of consumers with innovative life, annuity, credit, and ancillary insurance products.