Company Information
Company Name
Atlantic Coast Life
Product Name
Atlantic Coast Life Safe Harbor 20
Description
The Atlantic Coast Life Safe Harbor 20 is a single premium, simple interest annuity with a twenty-year rate guarantee. After twenty years, owners have a 30-day window to withdraw, transfer, or renew their full policy value. If no action is taken, a new term will begin.
With an increasing interest rate schedule, this contract is designed primarily for long-term growth. The rate below reflects the compounding equivalent rate for easier comparisons.
There are no free withdrawal riders offered. If income or regular withdrawals are desired, their Safe Haven 20 annuity can be a better choice.
A Death Benefit Feature that reduces the yearly rate by 0.25% and allows for a surrender-free annuity value upon passing can be added. Ownership between the ages of 70-75 is permitted, but the death benefit feature must be added and will reduce the rate reference below.
Rates are slightly lower in Florida where the Death Benefit rider must be included in all contracts.
AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rate
5.90%
Term
20 Years
Minimum Investment
$5,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
69
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 5%, 0%
What We Like About This Annuity
Very small minimums to start the contract. A competitive guaranteed rate for a simple interest annuity. Spousal continuances are allowed. This policy is designed for those most interested in long term tax-deferred growth. Great option for younger annuity buyers.
Notable Features
No free withdrawals are offered or included in this policy. For an annual cost, a death benefit feature can be added to avoid the potential for surrender charges at passing. This annuity is designed for growth.
Other Popular Products
ACL specializes in annuities and final expense life insurance. Their funeral needs policies are competitively priced. Their fixed-indexed annuities are popular for bonus opportunities, growth, and income.
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About Atlantic Coast Life Insurance Company
ACL was founded in 1925 and is headquartered in Charleston, SC. Through the years, they’ve evolved from a small life insurance company primarily offering final expense insurance to a much larger, billion dollar preneed life and annuity-focused carrier. Together with their sister company, Sentinel Life, they offer annuities in most of the US.
They strive to be a beacon of integrity in all of their dealings with clients, agents, and producers. They maintain their B++ rating with AM Best which reassures consumers about their ongoing ability to meet their obligations.
Compounding and Simple Interest Annuities
Atlantic Coast Life is unique in that they offer compounding and simple interest rate annuities. Their 20-year fixed annuity is one of the longest terms available on the market today and is great for younger, long-term savers who want to lock in competitive returns.