What Will Be Covered in this Annuity ReviewIn this annuity review, we will be going over the following details regarding the Advantage Growth Annuity from The Standard Insurance Company:
- Product Type
- Current Rates
- Realistic long-term expectations
- How the annuity is best used
- How the annuity is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in. We make the complex, simple.
If you’ve been considering the purchase of an annuity because you want to ensure that you won’t run out of income in the future – especially if you live a nice, long life – then purchasing the Advantage Growth Annuity from the Standard Insurance Company could be a great way to accomplish that. One reason for that is because this annuity allows you the opportunity to avoid the constant ups and downs of the market. It also offers a fixed interest rate, along with a first-year bonus in order to help kick-start your earnings. In addition, when it comes time for you to convert the annuity over into an income stream, that income can last throughout the remainder of your lifetime, regardless of how long that may be. However, before you go out an purchase this annuity, or for that matter any annuity, it is really important that you first have a thorough understanding of the benefits that it may provide, as well as any possible drawbacks, as annuities can be very difficult to get out of once you get in. Over the past decade or so, fixed-rate annuities have become much more popular with people who are retired, as well as those who are approaching that time in their lives, as they can help to alleviate the concern about running out of money in retirement. However, due in large part to this increased demand, many insurance carriers have been introducing new products – and unfortunately, this can make a product that is already somewhat confusing even more so. This can be the case for well-informed consumers, as well as many insurance and financial advisors! With that thought in mind, unless the insurance or financial advisor whom you work with has a primary focus on selling annuity products, you really should do some additional research on these products, as they will oftentimes require that you deposit a large chunk of your savings into them. That’s where the Annuity Gator can come in!
Annuity and Retirement Income Planning Advice You Can TrustIf this is your very first visit to our website, please allow us to officially welcome you here to Annuity Gator. We are a team of annuity professionals who are focused on providing in-depth (and unbiased) annuity reviews. We’ve been at this for quite a while not – far longer than our competitors – and because of that, we have come to be known as a highly trusted source of annuity information online. Our success has also spurred a number of “copycat” websites out there on the Internet – many of which are not nearly as interested in educating you as they are about luring you in and obtaining your contact information They will oftentimes do so by offering some pretty bold claims about the annuities, they offer, such as:
- Lowest Fees
- Highest income payouts
- Guaranteed lifetime income
- Top-rated companies
The Standard Advantage Growth Annuity at a Glance
|Product Name||Advantage Growth Annuity|
|Type of Product||Fixed Annuity|
|S&P Rating||A+ (Strong)|
|Phone Number||(800) 247-6888|
Opening Thoughts on the Standard Advantage Growth AnnuityWith more than a century in the insurance and financial services business, The Standard offers products that can help clients grow and enhance their wealth. The company began with a focus on those who worked in the logging and timber industry, where a serious injury or death could quickly wreck a family’s finances, and in turn, their future. Throughout the years, the company has grown and expanded a great deal, and as of year-end 2016, The Standard held in excess of $22 billion in total assets. The Standard has also earned high ratings from the insurer rating agencies, including a(n):
- A+ from Standard & Poor’s
- A2 from Moody’s
- A from A.M. Best
Before we get into the gritty details, here is some legal disclosures…This is an independent product review, not a recommendation to buy or sell an annuity. The Standard Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. Prior to purchasing any type of investment or insurance product, it is important that you do your own due diligence and that you consult a properly licensed professional if you should have any specific questions that relate to your individual circumstances. All names, marks, and materials that were used for this review are the property of their respective owners. For more information on how to compare annuities in order to determine which one may be right for you, click here to obtain our free annuity report.
How The Standard Describes the Advantage Growth Annuity ProductThe Standard describes the Advantage Growth Annuity as a single premium, deferred annuity that offers a 2.00% first-year bonus to help with getting a jump on earnings. Also, you can attain a higher rate of interest if you deposit $100,000 or more. (Although this is a single premium annuity product, you are allowed to make additional contributions to the annuity during the first 90 days). At issue, you will have a choice of surrender periods – either five or seven years. (Your interest rate can also be dependent on the surrender charge that you choose – with a higher rate going to those who opt for the longer surrender period). There are some additional features on this annuity, including a death benefit, and a waiver of surrender charges if you are diagnosed with a qualifying terminal illness and/or if you are admitted to a nursing home. For a full list of the benefits that can be found on the Standard Advantage Growth Annuity you can go directly to the company’s full product details HERE.
How an Insurance or a Financial Advisor Might Pitch this AnnuityGiven that life is filled with so many uncertainties, when you have the opportunity to receive a guarantee, it can be a nice benefit – particularly when it has to do with your financial options. With that in mind, when it comes to the Standard Advantage Growth annuity, it is likely that an insurance or financial advisor will key in on the set rate of interest that you can attain, as well as the safety of your principal. Likewise, knowing that you will have the income to last throughout the remainder of your lifetime – no matter how many years that may be – can also be comforting. So, insurance and financial advisors will also likely tout the guaranteed lifetime income that this annuity can provide you with. However, whenever any type of guarantee is presented to you – particularly when it involves your money – when you look a little more closely, you may find that there are certain “tradeoffs” that you need to accept in order to attain those benefits. This can be the case with the Standard Advantage Growth annuity product.
What About the Fees on this AnnuityWhile there are no annual contract fees associated with the Standard Advantage Growth Annuity, don’t let that lull you into thinking that there are no fees whatsoever, because that is not necessarily the case. For instance, if you withdraw 10% or more of your contact’s value during the surrender period, then you will be hit with a withdrawal penalty. The amount of the fee, and the duration of the surrender charge period will be dependent on whether you choose the five or the seven-year option. The surrender fees are as follows:
5-Year Surrender Fee Schedule
|Contract Year||Surrender Fee Percentage|
7-Year Surrender Fee Schedule
|Contract Year||Surrender Fee Percentage|
The Annuity Gator’s End Take on the Standard Insurance Company’s Advantage Growth AnnuityWhere it works the best: The Standard Advantage Growth Annuity, while not for everyone, could be a good option if you are seeking:
- A guaranteed rate of growth
- Safety of principal, regardless of what happens in the market
- A lifetime income that you can count on
- Want the potential for higher growth
- Need to access your money during the annuity’s surrender period
- Do not plan to use the lifetime income feature