Company Information
Company Name
Baltimore Life
Product Name
Baltimore Life IQumulate 7
Description
The Baltimore Life IQumulate 7 is a single premium, fixed annuity with a seven-year rate lock. After seven years, owners have a 45-day window to withdraw, transfer, or renew their deposit for a new term. If no action is taken, a new guarantee period will begin.
This policy is designed primarily for tax-deferred growth. It offers two withdrawal features that, if added, will reduce the yearly interest rate. Surrender penalties apply at death unless the Enhanced Death Benefit rider (.15% cost) is added. Spousal continuances are allowed, however, and will avoid surrender penalties.
A 10% partial withdrawal rider can be added and it reduces the yearly rate by .20%. Nursing Home and Terminal Illness riders are included at no cost.
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
5.85%
Term
7 Years
Minimum Investment
$5,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 5%, 5%, 0%
What We Like About This Annuity
Only $5K needed to start the contract and the policy is available up to age 90. Interest rates are very competitive nationally. Additional liquidity features can be added if desired.
Notable Features
Four liquidity features are available. The Enhanced Death Benefit (.15%) and 10% Partial Withdrawal (.20%) riders each reduce the annual interest rate by the listed percentage. The Nursing Home Waiver and Terminal Illness are included at no cost.
Other Popular Products
Baltimore Life is known primarily for offering competitive life insurance products in the individual and business marketplaces. Their term, whole, single premium, and universal life policies are popular in several demographics.
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About Baltimore Life Insurance Company
Since 1882, Baltimore Life has offered insurance solutions and served several markets. They started primarily focusing on life insurance, but have more recently branched out into fixed annuities (IQumulate MYGA) and business solutions.
Located in Owings Mills, Maryland, they operate in 49 states and insure more than 300,000 interests nationwide. Their mission is to make a positive difference through openness, honesty, integrity, and respect for the consumers they serve.