SILAC Insurance Company
SILAC Insurance Company is Utah’s oldest active life insurance company and a leader in the annuity industry. The company’s fixed index and multi-year guaranteed annuities help consumers meet their financial needs as they prepare for retirement.
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Jennifer Schell
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Jennifer Schell joined Annuity.org in 2022. She is a professional writer with more than three years of experience creating content for a variety of industries ranging from travel to tax accounting. She combines her strong writing skills and her passion for educating others to write engaging and informative financial content for Annuity.org.
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About SILAC Insurance Company
SILAC Insurance Company was originally founded as Equitable Life & Casualty Insurance Company in 1935. As Utah’s oldest active life insurance company, SILAC has provided products to meet the financial needs of retiring Americans for decades.
In the 1960s and 1970s, Equitable Life pioneered the development and marketing of Medicare supplement insurance and other supplemental health products. The company began selling annuity products in 2018, first offering fixed annuities and later offering fixed index annuities.
In 2020, the company changed its corporate name to SILAC Insurance Company in an effort to emphasize the greater variety of products it offered. Today, SILAC is licensed to sell insurance in 47 states and the District of Columbia and has grown its revenue to over $2 billion in annual sales.
Fixed Indexed Annuities
888-352-5122
Multi-Year Guaranteed Annuities
888-889-0910
Credit Ratings
Companies that sell annuities receive credit ratings, also known as financial strength ratings, based on their overall financial stability. Independent credit rating agencies like A.M. Best give scores to annuity providers to give consumers an idea of how likely it is that the company will be able to meet its insurance obligations.
SILAC has a financial strength rating from only one major credit rating agency. AM Best gives SILAC a B+ score, which indicates a “good” rating of the company’s overall financial stability. However, the rating agency placed SILAC’s B+ status under review in 2021 and is currently reviewing the rating as of April 2022.
Annuities Offered by SILAC Insurance
SILAC Insurance Company offers two types of annuities to help their customers grow their retirement savings. The company’s fixed index annuities offer greater potential for accumulation, while its multi-year guaranteed annuity products provide predictable, steady returns.
Fixed Index Annuities
The majority of SILAC’s annuity offerings are fixed index annuities (FIAs). This type of annuity helps consumers reach their retirement savings goals while insuring their savings against financial risks like market volatility. The interest an FIA accumulates is tied to the growth of an equity market index, but the product still pays a minimum fixed rate no matter how the index performs.
SILAC offers three groups of FIA products to help consumers choose an annuity that best suits their needs. The Vega series is focused on the accumulation of retirement income, with a variety of income and benefit options annuity owners can customize for their unique situation.
SILAC’s Denali series offers both accumulation and guaranteed lifetime income but still provides flexibility. Denali annuity owners can choose from seven-, 10- and 14-year accumulation periods depending on their needs.
Finally, the SILAC Teton series provides up to eight indexed crediting options along with a fixed interest rate, meaning that annuity owners can strategize which index will provide the greatest return on their investment. Teton FIA products also come with annual free withdrawal, cumulative withdrawal, wealth transfers and other benefits automatically included at no extra charge.
Multi-Year Guaranteed Annuities
For consumers who want an even more reliable rate of return, SILAC offers multi-year guaranteed annuity (MYGA) products. These annuities offer a guaranteed fixed rate of return for a set number of years. They’re not tied to the performance of the equity market like an index annuity, and many MYGAs allow the owner to withdraw a certain amount from the contract each year.
SILAC’s Secure Savings and Secure Savings Elite MYGA products offer competitive fixed interest rates. Customers can choose a two-year or five-year rate guarantee period when purchasing the annuity. These MYGA products also come with annual free withdrawals, plus the benefits of full account value at death and spousal continuation included free of charge.
Client Resources
To help address their clients’ unique needs, SILAC employs a team of what they call Annuity Customer Experience Specialists (ACES). These specialists provide personalized services to SILAC customers and can be reached via phone, by e-mail or in writing.
- Request to Change Beneficiary Form
- Annuitant-Ownership Service Form
- Annuity Death Claim Form
- Systematic Withdrawal Form
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8 Cited Research Articles
Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.
- Business Wire. (2022, March 10). AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of SILAC Insurance Company. Retrieved from https://www.businesswire.com/news/home/20220310005948/en/AM-Best-Maintains-Under-Review-with-Developing-Implications-Status-for-Credit-Ratings-of-SILAC-Insurance-Company
- Business Wire. (2020, August 31). Equitable Life & Casualty Insurance Company Changes Corporate Name to SILAC Insurance Company. Retrieved from https://www.businesswire.com/news/home/20200831005649/en/Equitable-Life-Casualty-Insurance-Company-Changes-Corporate-Name-to-SILAC-Insurance-Company
- SILAC Insurance Company. (n.d.) Common Forms. Retrieved from https://www.silacins.com/po-services/forms/
- SILAC Insurance Company. (n.d.) Contact Us. Retrieved from https://www.silacins.com/contact/
- SILAC Insurance Company. (n.d.) Fixed Index Annuities. Retrieved from https://www.silacins.com/products/fixed-index-annuities/
- SILAC Insurance Company. (n.d.) Multi-Year Guarantee Annuities. Retrieved from https://www.silacins.com/products/multi-year-guarantee-annuities/
- SILAC Insurance Company. (n.d.) Policyowner Services. Retrieved from https://www.silacins.com/po-services/po-services-home/
- SILAC Insurance Company. (n.d.) Product Offerings. Retrieved from https://www.silacins.com/products/product-overview/
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