Company Information
Company Name
Atlantic Coast Life
Product Name
Atlantic Coast Life Safe Haven 20
Description
The Atlantic Coast Life Safe Haven 20 is a single premium, fixed 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.
This policy has a gradually increasing rate that results in the compounding level rate listed below. The contract allows consumers to choose which liquidity riders they want added to the contract. Surrender free interest withdrawals, 10% account value distributions, and full death benefit upon passing each have their own cost and will reduce the yearly rate if added to the contract.
Owners with issue ages of 70-75 must add the death benefit rider. This policy does include a Market Value Adjustment.
Qualified and non-qualified funds are accepted. By rule, all Florida contracts automatically include the death benefit rider and have a slightly lower interest rate.
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
75
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
This is the longest term fixed annuity on the market. Good for younger savers who want to lock in a competitive rate for several years. Small minimum amounts needed to start. Spousal continuance allowed. There are several liquidity riders available.
Notable Features
Several withdrawal riders available, including: Accumulated Interest (cost = .05%), Preferred 10% distributions of the contract value (cost =.15%), Surrender-free death benefit (cost = .25%). Any riders can be added and will reduce the annual rate by stated amount.
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 the longest term available on the market today and is great for younger, long-term savers who want to lock in competitive returns.