Company Information
Company Name
Wichita Life
Product Name
Wichita National Life Security 7
Description
The Security 7 is a single premium, fixed annuity with a five-year rate guarantee. After 7 years, owners can withdraw, transfer, or reinvest their entire account balance. If no action is taken, then a new 7-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 at death. 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
6.10%
Term
7 Years
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
79
Surrender Schedule
9%, 8%, 7%, 6%, 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.
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
A niche insurance company with over 60 years of experience, it is located in Lawton, Oklahoma. More recently, it began offering fixed annuities.
A stable company evolving to meet the modern needs of consumers with innovative life, annuity, credit, and ancillary insurance products.