Clear Spring Life and Annuity Company

Formerly Guggenheim Life and Annuity Company, Clear Spring Life and Annuity Company, or CSLAC, was founded in 1985 as Kansas City Variable Life Company. The Indianapolis-based corporation changed its owners and names multiple times throughout its history. The most recent name change occurred in August 2022.

It was then that Group 1001 Insurance Holdings, of which CSLAC is a subsidiary, renamed the company and also rebranded its marketing arm from GL Marketing, LLC to Clear Spring Life Marketing, LLC. Group 1001 controls $58 billion spread across several financial assets. Group 1001 says it is “on a mission for setting a new standard in the insurance industry by making insurance more useful and intuitive for everyone.”

Clear Spring Life offers several annuity products, including fixed indexed and multi-year guaranteed annuities.

Credit ratings evaluate the dependability of an annuity provider or insurer. A high financial strength rating typically means that the company can maintain its assets and financial obligations. It often signals to investors that a firm has a healthy balance sheet

Clear Spring Life and Annuity enjoys a solid standing with rater AM Best, which elevated the corporation’s financial strength rating to an A- (Excellent). The company also received a credit score of “A-” (Excellent).

AM Best attributes the latest rating upgrade to CSLAC’s acquisition by Group 1001 Insurance Holdings in November 2021. Before CSLAC was acquired, AM Best put its assessment for CSLAC under review.

An annuity is an agreement with an insurance company wherein you invest premiums for a guarantee of steady income for a specific period or the rest of your life. Investing in an annuity can provide peace of mind in case you’re worried about outliving your regular income or retirement savings. Most annuity products from Clear Spring Life allow you to earn tax-deferred interest at a stable rate, which can fast-track the growth of cash value. Clear Spring Life specializes in fixed indexed and multi-year guaranteed annuities.

Fixed indexed annuities let investors earn interest on an amount of money at a uniform rate over time. These annuities are linked to an external market index. The accumulated earnings don’t attract taxes until their owners withdraw them and the principal investment is protected. Clear Life offers several fixed indexed annuities.

With the Highlander fixed indexed annuity, tax-deferral, fixed interest and surrender/withdrawal terms apply once you make your lump sum deposit into the account.

The Highlander 7 is a fixed indexed annuity that’s funded with a single premium to build cash value tax-free. Clear Spring Life designed this product to appeal to the diverse financial needs of consumers at different stages in life, ranging from college graduation to retirement. The product protects your initial cash investment while creating a potential to grow your money in tandem with market growth.

With the Clear Spring ViStar annuity, you deposit a single sum of money into your account to accumulate tax-deferred interest over time, unless you make a cash withdrawal before you’re 59 years old. You may deposit additional premiums into the annuity within the first year of the contract, after which owners must reinvest into an indexed account. By linking your funds to a market index like the S&P 500, the ViStar annuity provides stable cash value growth without risking the premiums you put into it.

Clear Spring Life multi-year guaranteed annuities (MYGA) have multiple terms, or periods of time, during which you can earn interest at a fixed rate (and tax-free) on a single premium payment. You’ll start receiving annuity payments after your chosen term (known as the surrender charge period). Clear Spring Life offers multiple MYGAs.

The Preserve multi-year guaranteed annuity offers up to eight guaranteed-interest periods from three to 10 years. Your funds increase at a fixed rate over the guaranteed period, which you can extend 30 days before the expiration date if you want to accumulate more money before receiving the first return payment on your investment. This annuity allows you to schedule regular payouts for a specific period or your entire lifetime.

Like the Preserve annuity, the ProOption multi-year guaranteed annuity offers multiple term options to grow cash accounts at a fixed rate while deferring any taxes. You can also personalize the payout phase to receive earnings monthly or annually.

One feature of this annuity is that you can surrender it to recover your original principal.

The Clear Spring Life Provider Single Premium Immediate Annuity (SPIA) lets you invest a single large premium to generate an immediate income stream, usually 30 days after activating the contract. You can leverage the SPIA to get supplemental income in your retirement years in one of several ways:

Clear Spring Life and Annuity provides many digital resources to help investors with annuity account management. The company has more than a dozen e-forms that investors can fill out online for purposes such as annuity withdrawal, changing a beneficiary and online premium deposits. Investors and agents receive an online account with the company.

Customers can also contact Clear Spring Life by phone or email.