Silac At a Glance: Rates, Products and Reviews

Today’s Best Silac Annuity Rates

Term	Product	AM Best Rating	Rate
3 Years	Secure Savings Elite	B+	5.40%
3 Years	Secure Savings Elite	B+	5.34%
3 Years	Secure Savings Elite	B+	5.30%

Compare Silac Annuity Rates

Get the most up-to-date rates for Silac’s fixed annuity products.

Additional Products Offered by Silac

Silac’s annuity products include two multi-year guaranteed annuities and three indexed annuities.

Silac’s MYGAs

The two MYGAs Silac offers are the Secure Savings^TM and the Secure Savings^TM Elite. Both products require a $10,000 minimum premium and have available guarantee periods of two, three or five years.

• Secure Savings^TM features free withdrawals of the greater of 5% of the account value, credited interest or the required minimum distribution. This annuity also includes a death benefit guaranteeing the full account value will be paid to the beneficiary after the owner’s death.
• Secure Savings^TM Elite offers a more competitive interest rate than Secure Savings^TM; however, this increased growth comes with a few drawbacks. The death benefit on this annuity only includes the cash value, not the account value, and the liquidity options that Secure Savings^TM includes for free must be added as riders with a fee on the Secure Savings^TM Elite.

Silac’s Indexed Annuities

Silac sells three series of indexed annuities: the Teton^® series, the Vega^® series and the Denali Series^TM. Each series is designed to prioritize accumulation, lifetime income or both. Silac’s indexed annuities come with terms of seven years, 10 years or 14 years.

• The Teton^® and Teton^® Bonus annuities prioritize accumulation, with crediting strategies that lock in credited interest and annual floor protection, ensuring that the annuity will never lose value. This series also features cumulative free withdrawals of up to 30%.
• Silac’s Vega^® and Vega^® Bonus annuities focus on retirement income. This series allows owners to choose one of three Enhanced Withdrawal Benefits, including a first-of-its-kind accelerated withdrawal benefit that enables owners to receive their annuity’s benefit value over some time rather than a lifetime. 
• The Denali^TM series of indexed annuities is designed for both accumulation and lifetime income. These annuities combine the interest credit lock-in of the Teton^® annuities, as well as a lifetime withdrawal guarantee.

About Silac

Founded in 1935 in Salt Lake City, Silac is the oldest active life insurance company in Utah. The company was originally known as Equitable Life & Casualty Insurance Company and officially changed its name to Silac Insurance Company in 2020.

Silac sells annuities in 47 states and the District of Columbia. According to the National Association of Insurance Commissioners (NAIC), Silac sold over $2.5 billion in individual annuity premiums in 2022, owning 0.89% of the U.S. annuity market.

Credit Ratings

Credit ratings for annuity providers indicate the company’s overall financial strength and stability. Annuity customers should consider the financial stability of any provider they consider, as these ratings can also point to how likely the provider is to meet their end of an annuity contract.

While SILAC currently holds a rating of B+ from AM Best, that may soon change for the worse. The credit rating agency announced in February that both SILAC’s financial strength rating and long-term issuer credit rating had been placed under review with negative implications.

According to AM Best, the new review is a result of a decline in the quality of one of SILAC’s reinsurance counterparties along with the quality of investments held as collateral.

This means that SILAC’s AM Best score may soon decline.

Silac’s Credit Ratings

Rating Company	Credit Rating
AM Best	B+
Fitch	Not Rated
S&P	Not Rated

What Customers Are Saying About Silac

Silac has a relatively high number of customer complaints reported to state insurance commissions. According to the NAIC, Silac had nine annuity customer complaints in 2022 and six in 2021. 

The NAIC tracks consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market..

NAIC Complaint Index for Silac

All Policy Types	0.39
Individual Annuities Only	2.64

These numbers indicate that Silac receives significantly more complaints than the annuity industry average, but fewer complaints than the overall insurance industry average.

Silac did not appear in the 2022 or 2023 editions of the J.D. Power Customer Satisfaction Index Ranking, which measures the overall customer satisfaction of annuity providers.

Silac Pros & Cons

Purchasing an annuity from Silac has advantages and disadvantages like any other annuity provider. Consider the pros and cons before choosing an annuity company.

Pros

• Cumulative free withdrawals: Silac’s Teton^® indexed annuities allow cumulative free withdrawals up to 30%, a beneficial feature for customers who want more flexibility with their withdrawals.
• Premium bonus available for all indexed annuities: Each of Silac’s indexed annuities can be purchased with a premium bonus to kickstart your annuity’s growth accumulation.
• Wide availability: Silac sells annuities in 47 states plus the District of Columbia.

Cons

• Lack of product variety: Silac only sells two MYGAs and three indexed annuities.
• Limited liquidity for MYGAs: The Secure Savings^TM MYGA only allows up to 5% free withdrawals or the credited interest for that year, and Silac’s Elite MYGA requires purchasing a rider to even get those liquidity options.
• High number of consumer complaints: Silac has had a disproportionate number of consumer complaints with state insurance commissions in the last few years.

Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the number of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

Top-Ranked Annuity Providers

Provider	Annuity.org Star Rating
Mass Mutual
New York Life
Pacific Life
Midland National
North American
Western & Southern

Our Rating Panel

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.