Security Benefit Strategic Growth 7 Annuity Review
Security Benefit Strategic Growth 7 Annuity has been a popular choice among people who want to accumulate their retirement savings without too much risk. But is this fixed index annuity as good of an investment as many claim? If you’re considering investing in Strategic Growth 7 Annuity from SBL, this review will answer all your burning questions.
About Security Benefit Life Insurance Company
The Security Benefit Strategic Growth 7 Annuity is a modified, single premium deferred fixed annuity provided by Security Benefit Life Insurance Company, a leading annuity provider in the U.S. with a long history of offering premium savings products since the late 19th century. As a pioneer in the U.S. retirement sector, Security Benefit has established a robust reputation, offering individuals a wide portfolio of premium annuities and mutual funds.
SBL Financial Rating
Rating Company
Rating
DBRS Morningstar
A (Good)
S & P
A- (Strong)
A.M. Best Rating
A- (Excellent)
FitchRatings
A- (Strong)
Security Benefit Strategic Growth 7 Annuity Highlights
-
7-Year Fixed Index Annuity
TSBL’s Strategic Growth 7 Annuity is a standard deferred fixed index annuity with a 7-year term and a Guaranteed Minimum Interest Rate (GMIR). -
Free Withdrawal
Starting from the contract’s second year, 10% of the Account Value from the previous Contract Anniversary is available each year without incurring a Surrender Charge or being subject to a Market Value Adjustment (MVA). However, unused Free Withdrawal amounts from one contract year cannot be carried over to the next year. -
Rate Buy-Up Feature
The Rate Buy-Up Feature, applicable to each index crediting option, allows for potentially higher interest credits through enhanced terms like higher caps, participation rates, or lower spreads in exchange for a monthly fee. If, at the end of the surrender charge period, the total costs of this feature exceed the earned index interest credits (including those from non-Buy Up options), the difference will be refunded to the contract's Fixed Account. -
Death Benefit
If the Owner (or the Annuitant if the Owner isn't an individual) or a Joint Owner who is the spouse of the Annuitant passes away, the death benefit will be the higher of the Guaranteed Minimum Cash Surrender Value or the Account Value minus any applicable premium tax. If a Joint Owner who isn’t the spouse of the Annuitant dies, the death benefit will equal the Cash Surrender Value.
Security Benefit Strategic Growth 7 Annuity Overview
🔔 Important Information
Annuity Term
7 Years
Type of Annuity
Fixed Index
Interest
4.75% (fixed)
Premium Type
Single Premium
Maximum Issue Age
85 years
Withdrawal Charge Schedule
9%, 8.1%, 7.2%, 6.3%, 5.4%, 4.5%, 3.6%, 0%
Minimum Premium
Maximum Premium
$1,000,000
RMD
No
Market Value Adjustment
Yes
SBL Strategic Growth 7 Annuity Historical Rate of Return
The hypothetical historical performance provided herein showcases the annualized return of allocation strategies, representing the investment's annual growth rate considering compounding effects. Similar analyses can be found for each account in official fixed index annuity illustrations provided by insurance carriers.
What's not reflected:
The annualized return does not encompass rider charges, strategy fees, or applicable premium bonuses.
Notes on rates:
The information presented assumes the annuities' current caps, spreads, participation rates, and other related rates, without guarantee.
No guarantees:
These actual elements are subject to change over time, resulting in potentially higher or lower outcomes. Additionally, no single index consistently outperforms in every scenario. It is advisable to consult with a properly licensed and educated annuity professional before making any decisions....
Fees and Charges
Security Benefit doesn’t charge any fees or expenses for this annuity unless you opt for an income rider.
Index Options
When choosing the SBL Strategic Growth 7 Annuity, you’ll be able to choose from multiple index crediting options, including:
- 1-Year Morningstar Wide Moat Focus Barclay's VC 7%
- 1-Year UBS Market Pioneers
- 2-Year Morningstar Wide Moat Focus Barclay's VC 7%
- 2-Year S&P 500 Low Volatility Daily Risk Control 5%
- 2-Year UBS Market Pioneers
- S&P 500 Point-to-Point w with Cap
- S&P 500 Point-to-Point with Participation
- S&P 500 Point-to-Point with Participation and Spread
- UBS Market Pioneers Index Account
- UBS Multi Asset Inflation Aware Index Account
- Morgan Stanley Global Equity Allocator Index Account
Crediting Methods
Crediting methods use mathematical formulas to determine the indexed interest an annuity earns based on index changes over the 'crediting period.' For the Security Benefit Strategic Growth 7 Annuity, the available crediting strategies are:
- Annual with cap
- Annual with a participation rate
- Annual with a participation rate and spread
- 2-year with a participation rate and spread
Annuity Surrender Charge Schedule
Like many annuity providers, SBL imposes penalties on early withdrawals from annuity contracts, known as annuity surrender charges. These charges are a percentage of the withdrawal amount and gradually decrease to zero over the contract term, which is also the case with the Strategic Growth 7 Annuity.
SBL Strategic Growth 7 Annuity Key Features
The Strategic Growth 7 Annuity from Security Benefit has several interesting features one should consider when choosing this investment. The three essential characteristics are:
Market-Value Adjustment (MVA)
- Market Value Adjustment (MVA) is charged on withdrawals that exceed the Free Withdrawal amount, on full surrenders, or on the death benefit issued when a Joint Owner who is not the spouse of the Annuitant dies.
- MVA fees are only incurred by annuity beneficiaries who opt for early withdrawal; no MVA fees are charged if you wait until the contract's maturity date.
- MVA fees aren’t charged in California.
Rate Buy-Up Feature
- The Rate Buy-Up feature can potentially increase the contract value allocated to each Index Account, which can lead to a higher interest credit rate through improved caps, participation rates, or reduced spreads.
- If, by the end of the surrender charge period, the total costs associated with this feature surpass the accumulated index interest credits (including those from non-buy-up options), the excess will be refunded to the contract’s Fixed Account.
- This refund does not apply if there is an excess withdrawal, which is defined as any withdrawal exceeding the annual free withdrawal limit.
Rate Lock
- SBL will secure the most favorable caps, spreads, and rates for the Interest Crediting options, selecting from those available either when the application is received or when the contract is issued.
- The rate lock is contingent upon the paperwork being complete and submitted within a 60-day window.
Pros and Cons
- No extra charges
- Over 33 index crediting options available
- Stellar ratings from industry-leading companies
- RMD-friendly
- The Rate Lock and Rate Buy-Up features
- A minimum subsequent premium of $1,000 is available before the first contract anniversary
- High minimum investment ($25,000)
- 7-year surrender charge
- Possible market value adjustments on withdrawals
Key Takeaways
Security Benefit Strategic Growth 7 Annuity is a great option for individuals who want to grow their retirement savings without exposing themselves to too much risk. The annuity offers multiple benefits and interesting features, including the Rate Buy-Up feature or Rate Lock, which can be particularly advantageous to the annuity beneficiaries.
Not sure if the Security Benefit Strategic Growth 7 is the right annuity for you? Take our Annuity Quiz or schedule a meeting with one of our professional advisors.
Company information
Company Name
Security Benefit Life Insurance
Website
Phone Number
800-888-2461
A.M. Best Rating
A- (excellent)
S&P'S BEST RATING
A- (strong)
About the Product
Product Name
Security Benefit Strategic Growth 7 Annuity
Product Type
Fixed Index Annuity
Launch Date
2023
Product Information
The SBL Strategic Growth 7 Annuity is a deferred fixed annuity that combines features of both indexed and fixed annuities. It provides the potential for returns similar to those of indexed annuities but at a fixed interest rate.
Fixed index annuities offer a guaranteed income, with growth potential tied to market performance. This makes them particularly attractive to conservative investors seeking stable returns and assured income during retirement.
Account Types
IRA, Non-qualified, Roth IRA, SEP IRA
Not Available In
N/A
Annuity Expert
Jeremiah Konger
PS - Here's 3 ways we can help you learn more about annuities.
1. Watch Videos on How to Identify The Highest Paying Protected Income & Growth Annuities.
2. Watch Videos That Reveal What to Look For When Buying A Protected Growth Annuity.
3. Click Here To Access Our Annuity Review Vault To Compare The Pro's and Con's of Dozens of Annuities.
Other Security Benefit Company Annuity Products
Security Benefit Strategic Growth Annuity
A standard deferred fixed index annuity with a 10-year surrender charge period.
Security Benefit Foundations Annuity 5
A fixed annuity from Security Benefit with a guaranteed interest rate for 5 years.
Security Benefit Strategic Growth Plus Annuity
A modified single premium, deferred fixed index annuity with a longer surrender charge period.
Security Benefit ClearLine Annuity
A deferred fixed annuity that offers a death benefit and the potential for tax-deferred growth.
Security Benefit Foundations Annuity 7
A standard fixed annuity that provides a guaranteed interest rate for 7 years.
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