Headquartered in Lexington, Kentucky, Mountain Life Insurance was founded in 1972 as a subsidiary of the Bank of Maryville in Maryville, Tennessee. The company sells its products through independent insurance agents in a number of states, including Alabama, Arizona, Arkansas, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.
The company specializes in annuities and life insurance.
Key Facts About Mountain Life Insurance
- Mountain Life launched its only annuity, Secure Select, a multi-year guaranteed product, in 2024.
- You may choose from multiple payouts, including life income only, life income with guaranteed income certain and period certain only.
Annuity Products Offered by Mountain Life Insurance
Currently, Mountain Life offers one annuity option: a multi-year guaranteed annuity (MYGA) called Secure Summit. It’s a newer product that was introduced in 2024.
Multi-Year Guaranteed Annuities (MYGAs)
Secure Summit offers tax-deferred growth and a predictable income stream to support your retirement goals. You can choose from two, three, five, seven or 10 years and may take a portion or all of the funds during the first 30 days without paying a surrender fee or worrying about a Market Value Adjustment (MVA). Secure Summit, which is available to anyone between the ages of 0 and 90, requires a minimum deposit of $5,000.
Features and Benefits
If you withdraw up to 5% of your accumulation value from the Secure Summit after the first contact year, Mountain Life will waive the surrender charge. To customize your coverage, you can add optional riders, such as the RMD Free Withdrawal and 10% Free Withdrawal Rider. A waiver of surrender charge for nursing home confinement or terminal illness rider will be included at no extra cost.
Plus, you can choose from several payout options:
- Life income only
- Life income with guaranteed income certain
- Period certain only
Also, Mountain Life guarantees that, upon your passing, your beneficiary will receive the current value of your annuity with no delays or expenses.
Current Rates and Performance
Mountain Life Insurance is transparent about its current rates for its multi-year guaranteed annuity product. You can check its website at any time for updated rate information. Below, you’ll find the most recent figures effective as of October 14, 2024. Please note that they are subject to change.
Two-Year | 5.40% |
Three-Year | 5.85% |
Five-Year | 5.85% |
Seven-Year | 5.70% |
10-Year | 5.60% |
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Historical Performance
The performance of Mountain Life’s annuity is tied to the company’s interest rates. Fortunately, its annuity rates have historically gone up and, in turn, have provided better returns for policyholders. Since you may calculate your returns in advance and compare them to what you may earn with other annuity products, you can make an informed decision about whether Secure Summit is a good fit.
Financial Strength and Stability
Since Mountain Life is a newer annuity company, it doesn’t have many ratings. However, it does have a rating with AM Best.
Credit Ratings
Credit ratings are important to consider when you explore annuity providers as they indicate a company’s financial strength and stability. Mountain Life Insurance has only been rated by AM Best. It received a “B” or “Fair” score. While this isn’t necessarily a poor rating, you’ll find that other, more established insurers have higher ratings that may provide you with greater peace of mind.
Rating Company | Credit Rating |
AM Best | B |
S&P | Not Rated |
Fitch | Not Rated |
Company Stability
Although Mountain Life Insurance is a smaller life insurance and annuity company, it has been around for more than 50 years. It was purchased by the Kentucky National Insurance Group in 2018 and sold to its current Lexington, Kentucky based team in August 2024. Mountain Life has a fairly large agent network that serves customers in eleven states. However, its stability is unclear as there are limited ratings and reviews regarding the company.
Customer Reviews and Satisfaction
It’s difficult to gauge Mountain Life’s customer satisfaction as there are limited reviews of the company on reputable platforms, such as Better Business (BBB). Mountain Life did, however, earn a 3 out of 5 stars, based on two reviews on Google. The reviewers had issues with delayed payouts.
Mountain Life was not included in J.D. Power’s 2023 and 2024 individual annuity studies, likely because it’s only been in the annuity space since 2024.
Complaint Index and Resolution
The National Association of Insurance Commissioners’ (NAIC) Complaint Index compiles an annual report to measure client satisfaction in the insurance and annuity industries. It compares each company’s complaints against the rest of the industry. Mountain Life Insurance scored a 0.00 complaint score on all policy types and individual annuities, but this doesn’t have much value as Mountain Life hasn’t sold annuities for very long.
Pros and Cons of Mountain Life Insurance Annuities
Advantages
- Personalized Service: Since Mountain Life sells its annuity through an agent network, you can expect a personal service experience from a trained professional.
- Rate Transparency: Mountain Life clearly lays out its current annuity rates on its website, so you don’t have to call the company directly to find out.
- Optional Riders: You can add on a few riders to your annuity contract, including the RMD Free Withdrawal Rider and 10% Free Withdrawal Rider.
Disadvantages
- One Annuity Offering: Unlike other annuity providers with a diverse annuity lineup, Mountain Life only offers one option — Secure Summit, a multi-year guaranteed annuity.
- Average Financial Strength: Mountain Life earned a B by AM Best, meaning its financial strength could be better.
- Limited Availability: The company sells annuity and life insurance products to customers in select states, including Alabama, Arizona, Arkansas, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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Final Thoughts
Mountain Life Insurance is a new player in the annuity space. Its Secure Summit might be worthwhile if you’re seeking a multi-year guaranteed annuity with flexibility and competitive interest rates. However, proceed with caution as the company only received a B rating from AM Best for financial security and there are minimal reviews from current and former customers online. Depending on your situation and preferences, you may be better off with an annuity from a more established provider.
Frequently Asked Questions
Mountain Life offers one annuity product. Secure Summit is its multi-year guaranteed annuity that made its debut in 2024.
Yes, you may be able to withdraw annuity funds early. Mountain Life will allow you to withdraw up to 5% of your accumulation value after the first contract year, without a surrender charge. You may also enjoy penalty-free withdrawals through optional riders, such as the RMD Free Withdrawal Rider and 10% Free Withdrawal Rider.
Mountain Life has flexible age requirements for its Secure Summit annuity. It’s offered to those between the ages of 0 and 90.
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Editor Norah Layne contributed to this article.