Company Information
Company Name
CL Life
Product Name
CL Life Sundance 3
Description
The CL Life Sundance 3 is a single premium, fixed annuity with a three-year rate guarantee. After three years, the account is completely liquid and owners have a 30-day window to withdraw, transfer, or reinvest their entire account balance. If no action is taken, the contract will be renewed for a new term.
This policy allows for free accumulated interest withdrawals that can begin after 30 days. Qualified and non-qualified funds are accepted. There are no surrender penalties for IRA Required Minimum Distributions.
Accounts can be established with deposits of $10K for qualified contracts and $20K for non-qualified funds. Policies include an MVA provision and there are no surrender penalties at death.
AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA
Free Withdrawals Yr1 / Yr2+
Int / Int
Rate
5.65%
Term
3 Years
Minimum Investment
$20,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 0%
What We Like About This Annuity
This short term three year annuity offers very competitive returns. Accounts can be set up with as little as $10K for qualified funds and $20K non-qualified and still receive the highest available rate. The policy is IRA friendly for yearly RMDs.
Notable Features
This contract allows for penalty-free withdrawal interest withdrawals beginning after 30 days of deferral. There are no surrender penalties charged at passing.
Other Popular Products
CL Life specializes in several types of annuity products. They offer bonus annuities, income accounts, policies with bailout options, and floating rate accounts.
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About CL Life
CL Life is headquartered in Fort Worth, TX and has offered insurance products since 1978. They are an affiliate of Crestline Management & Investors which is an asset manager boasting over $18 billion dollars under management.
Their Sundance guaranteed fixed annuities are their flagship offering. They were founded on a commitment to deliver insurance and annuities ethically, honestly and fairly to the consumers they serve.