Among the carriers consumers likely don’t often already know is EquiTrust Life Insurance Company, but it 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 the investment minded individuals.
Of course, with so many life insurance carriers in the marketplace (in the hundreds), you should be evaluating the carrier you plan to apply to. So, is this a brand you can trust?
Here is our unbiased EquiTrust Life Insurance Company review, and it is our own opinion.
Our EquiTrust Life Insurance Company Review
Although not a giant, household brand, EquiTrust Life Insurance Company does hold a steady place within the life insurance industry, namely for it’s suite of indexed products for consumers to utilize to not only protect themselves, but potentially grow and leverage their cash as well.
EquiTrust, who was recently bought by Guggenheim Partners, LLC., a global investment and advisory institution, in October of 2011, is a growth minded retirement and legacy focused life insurance company.
Unlike the 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 for everyone.
However, for those who fit the bill, EquiTrust Life Insurance Company could be an excellent resource and tool.
EquiTrust is a smaller carrier, yet still has more than $14 billion in invested assets. 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. Therefore, despite its positive surplus and solvency, it’s been rated just “B++” by A.M. Best, as well as “BBB+” by Standard & Poor’s Company.
These ratings are considered “Good,” but many consumers become weary of companies not rated, at minimum, of “A” or better.
Product Lines Available
Equitrust has two main product lines:
- Fixed Annuities
- Life Insurance
These are the two most common with any life insurance carrier, as they go somewhat hand-in-hand, and we’ll focus just on the life side of things.
Life Insurance By Equitrust Life
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 into the future.
Here are the three product options you have currently:
- WealthSure LifeTM
- WealthMax Bonus Life
- WealthPay LifeTM
The first, named the 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 it’s investment division the ability to begin growing capital immediately, and in return the client receives an instantly leveraged death benefit with long term growth potential. Growth is based on current interest.
The second, named the WealthMax Bonus Life®, is similar to the WeathSure Life product, but the growth is tied to stock marked indices instead of current interest rates. In addition, premiums paid into the policy at approval see a 12% bonus immediately.
The third, named the WealthPay LifeTM, is really a combination product. It’s a single premium payment, just like the others, however the premiums paid go towards 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.
As you can see, because of the advanced nature of their life insurance products, they are not commonly used for basic coverage, but rather tools for asset accumulation, estate plans, and legacy.
Our Final Thoughts on Equitrust Life Insurance Company
EquiTrust Life Insurance Company will likely be most suitable for a very small number of consumers, but can be a great company to work with if the situation fits. Size and financial strength aren’t big positive factors, however unique products give this specialty company a solid niche market to work with.
|Company Name (and Subsidiaries)||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)||7100 Westown Parkway Ste. 200|
West Des Moines, IA 50266-2521
|Policy Types Available||Indexed Universal Life|
Single Premium Life