Among the carriers consumers likely aren’t familiar with is EquiTrust Life Insurance Company, but this shouldn’t be a deterrent when considering to do business with them.
EquiTrust, while not a large insurance company by industry standards, has a unique set of products to fit investment-minded individuals approaching or in retirement.
Of course, with so many different life insurance carriers in the marketplace (in the hundreds these days), you should be evaluating the carrier you plan to work with way before signing any paperwork.
So, is this a brand you and your family can trust for years to come? Should you feel confident pursuing EquiTrust for your insurance needs?
The following is our unbiased EquiTrust Life Insurance Company Review, and it is solely based on our own opinion.
Our EquiTrust Life Insurance Company Review
Although not a giant, household name, EquiTrust Life Insurance Company has held a steady place within the life insurance industry since 1996, namely for its suite of indexed products.
Consumers can utilize these products to not only protect themselves, but to also potentially grow and leverage their cash. Many customers also trust EquiTrust to handle retirement income or wealth transfer.
EquiTrust, which was recently bought in October of 2011 by Guggenheim Partners, LLC., a global investment and advisory institution, is a growth-minded retirement and legacy-focused life insurance company.
Guggenheim Partners, LLC., purchased the company from FBL Financial Group, which EquiTrust was a subsidiary of since its establishment in 2003.
In 2015, Magic Johnson Enterprises (MJE) became a controlling shareholder of the insurance provider.
This partnership has broadened EquiTrust’s reach when it comes to diversity in the workplace and corporate community impact initiatives. EquiTrust Cares is an excellent example of how this company values giving back and contributing to philanthropic organizations through paid time off for volunteering.
Unlike most of the top ten best life insurance companies we’ve rated thus far, EquiTrust Life is more of a niche insurer, meaning they definitely have a specialty and don’t stray far from it.
For this reason, they’re not suitable to meet everyone’s insurance needs.
Since EquiTrust’s products are distributed exclusively through independent insurance agents, clients can ensure they’re getting the best coverage at the best rate possible.
However, for those who fit the bill, EquiTrust Life Insurance Company could be an excellent financial resource and tool.
EquiTrust is a smaller carrier in relation to competitors, yet still has more than $17 billion in assets under management.
A vast majority (over 95%) of these assets are considered investment grade, though more than 40% are not invested in “A” or better investment classes.
These ratings are considered “Good,” but many consumers become wary of insurance companies not rated a minimum of “A” or better.
However, EquiTrust was recognized as among the Ward’s 50 for their top-notch financial performance from 2013-2017. To earn this prestigious title, the company must successfully ace a variety of screenings and aim for superior execution during the years specified.
Product Lines Available
EquiTrust has primarily focused on two main product lines:
- Fixed Annuities
- Life Insurance
These are the two most common products with any life insurance carrier, since annuities and life insurance somewhat go hand-in-hand.
When it comes to annuities, EquiTrust offers one-year renewable, multi-year, and index-linked accumulation products along with a single premium immediate payout annuity. Most clients invest in an annuity to pursue accumulation or cash-flow goals.
For this particular review, we’ll focus just on the life insurance side of things:
Life Insurance Products
With a focus on accumulation and leverage, EquiTrust’s life insurance products are aligned to help consumers utilize their current cash or cash flow for growth with the future in mind.
These are the three product options currently available on the market:
- WealthSure LifeTM
- WealthMax Bonus Life®
- WealthPay LifeTM
The first, named WealthSure LifeTM, is a single premium life insurance policy, meaning the premiums for the entire duration of the policy are due upon approval.
What this does, in effect, is give EquiTrust and its investment division the ability to begin growing capital immediately. In return, the client receives an instantly leveraged death benefit with long-term growth potential.
Growth is based on current interest. Applicant ages generally range between 55-85, and an Accelerated Death Benefit Rider is also available at no additional charge.
The second, named WealthMax Bonus Life®, is similar to the WealthSure Life product, but the growth is tied to stock market indices instead of current interest rates.
In addition, premiums paid into the policy at approval see a 12% bonus immediately. Applicant ages generally range between 50-85, and a Return of Premium Rider is also available at no additional charge.
The third, named WealthPay LifeTM, is really a combination product. It’s a single premium payment, just like the others, but the premiums paid go toward an annuity, which, in turn, will pay out the life insurance premiums over time.
The life insurance side is a fixed premium IUL insurance product, and growth is tied to the stock market indexes.
Applicant ages generally range between 60-80.
You can also review index-linked life insurance offerings, such as EquiTrust’s Secure SuiteLifeTM and Growth SuiteLifeTM products.
For those concerned about the underwriting process, EquiTrust’s UnderWRITE-NOW Processing doesn’t require applicants to undergo a medical exam to secure coverage.
At a minimum, applicants would only need to answer medical-related questions or complete a short phone interview. You won’t have to worry about an extensive or invasive underwriting process when you choose EquiTrust for your insurance needs.
For any applicants suffering from an illness or worrying about their current state of health, you can breathe a sigh of relief.
As you can see, because of the advanced nature of their life insurance products, EquiTrust is not commonly used for basic life insurance coverage, such as term life insurance. The carrier is rather viewed as a financial tool for asset accumulation and estate or legacy planning.
Our Final Thoughts on EquiTrust Life Insurance Company
EquiTrust Life Insurance Company is likely suitable for a very small number of consumers, but can be a great company for applicants to work with if the shoe fits.
Size and financial strength aren’t big stand-out factors for this provider, but their unique line of insurance products gives this specialty company a solid niche market to work with for years to come.
With solid core values of integrity, leadership, accountability, teamwork, and passion, EquiTrust is certainly worth looking into if their product suite aligns with your financial needs and lifestyle.
If you’re wanting something more short-term, such as a term life insurance policy, save some money by finding another insurance provider to work with, such as Banner, SBLI, Assurity, or American National.
As always, conduct your own research on a variety of carriers before signing any paperwork.
Identify what your insurance needs are and how EquiTrust could meet them for you and your family.
|Company Name (and Subsidiaries)||FBL Financial Group|
Guggenheim Partners, LLC
EquiTrust Life Insurance Company
|Company Ratings||A.M. Best (B++)|
Moody’s Investors Services (N/A)
Standard & Poor’s (BBB+)
|Headquarters (Address, Phone, Web)||222 W. Adams Street, Ste. 2150|
Chicago, IL 60606
|Policy Types Available||Indexed Universal Life|
Single Premium Life