What will we be discussing in this review of the Americo Platinum Assure annuity?
In this review, we will be going over in detail the following information regarding the Platinum Assure annuity from Americo:
- Type of annuity
- How this annuity works
- Charges and fees
- How the annuity is best used
- Where this annuity might not be a good fit
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
At Annuity Gator, we make the complex, simple.
If you’re looking for a way to grow your savings while also keep your money safe, the Americo Platinum annuity could be a good fit for you. This annuity can also provide you with a guaranteed income stream in retirement.
But even though this might sound like a “best of all worlds” financial vehicle, don’t make a commitment to purchase it until you know how it works and what you can anticipate from it in terms of performance.
Over the past dozen years or so – since the 2008 economic recession – the U.S. has been stuck in a historically low interest rate environment. The stock market has also been exceptionally volatile. So, if you want growth, you typically also have to take on a certain amount of risk – and that’s not good if you are quickly approaching retirement.
There are many financial “gurus” out there who will tell you that they have the right “solution” for you. Unfortunately, though, all they want to do is offer you the next “hot stock,” and then move on to the next customer.
Planning for growth and planning for income are two separate things, though. With that in mind, unless you work with a specialist that is well-versed in converting savings to income, you could be selling yourself short in terms of maximizing your retirement income.
That’s where Annuity Gator comes in!
Annuity and Retirement Income Planning Advice that You Can Trust
If this is the first time you’ve visited our website, we would like to personally welcome you here to AnnuityGator.com. We are a team of experienced financial professionals who are dedicated to providing non-biased and in-depth reviews of annuity products.
We’ve been at this for a number of years now – far longer than most of our “copycat” competitors – and because of this, we have come to be known as a highly trusted source of annuity information.
If you’ve been seeking information about annuities online, it is likely that you have come across many conflicting details about these financial vehicles. This isn’t really very surprising, though, because there are a lot of opinions (both positive and otherwise) about these products floating around the Internet.
There are also many new “hybrid” annuity products coming to market. These will oftentimes offer a long list of benefits, such as penalty-free access to your money if you’re diagnosed with an illness and/or other situations. But you really have to familiarize yourself with the “fine print” on these products to determine what the “tradeoff” is for receiving those perks.
Just to be perfectly clear, here, the Platinum Assure annuity can provide you with some nice benefits. This, however, is really only the case if the product fits in with your specific financial plans. With that in mind, you should also know why you’re going with the annuity – and why you are choosing it over a long list of other potential annuities that may be available to you.
So, if you’re ready to learn more, then let’s jump in!
The Americo Platinum Assure Annuity at a Glance
| Product Name | Ultra-Premier 6 |
|---|---|
| Issuer | United of Omaha / Mutual of Omaha Insurance Company |
| Type of Product | Single Premium Deferred Annuity |
| A.M. Best Rating | A+ |
| Phone Number | (800) 646-7592 |
| Website | https://mutualofomaha.com/ |
Opening Thoughts on the Americo Platinum Assure Annuity
Americo traces its roots back more than a century – and today it is one of the largest independent and privately held insurance companies in the U.S. The family of Americo companies includes Americo Financial Life and Annuity Insurance Company, Great Southern Life Insurance Company, and United Fidelity Life Insurance Company.
The company is strong and stable financially and has earned the rating of A (Excellent) from A.M. Best. Americo offers fixed and fixed indexed annuities, along with life insurance, Medicare Supplement, and vision insurance coverage.
Before we get into the in-depth details, we have some legal disclosures to present…
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Americo has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners.
Want to more about how annuities really work? to receive our updated annuity report.
How Americo Describes the Platinum Assure MYGA Annuity
Americo describes the Platinum Assure MYGA annuity as a financial planning tool that offers safety, growth, and guarantees. All of the earnings in the annuity grow income tax-deferred and are not taxed until the time of withdrawal. In turn, this allows your money to compound over time.
As a multi-year guarantee annuity, or MYGA, the Platinum Assure provides a guaranteed fixed interest rate for a specific period of time – in this case, for five years. After this period has elapsed, you have the option to withdraw all of your money from the annuity penalty-free.
This annuity will also offer you the opportunity to convert your savings to an ongoing income stream that lasts for a set period of time, or even for the remainder of your lifetime. This can reduce worry in the future about running out of income in retirement.
There are some added features that could make the Platinum Assure MYGA annuity a bit more enticing. For instance, if the annuitant (i.e. income recipient) dies before receiving all of the contribution back (either via withdrawal or income payments,) the remaining account value will be paid out to a named beneficiary in the form of a death benefit. (Unlike life insurance death benefits, though, this one could be taxable).
If the annuitant is confined to a nursing home for at least 90 consecutive days, funds may also be taken out of the account without penalty – even during the annuity’s surrender charge period.
To take a look at the Americo Platinum Assure annuity brochure go here.
The Way an Insurance or Financial Advisor Might “Pitch” the Platinum Assure
If you are approaching retirement, it is possible that you are torn between going with financial vehicles that have more risk in order to increase your opportunity for growth, or instead going with something “safer” so that you don’t lose any of your hard-earned principal in the event of a market “correction” like the ones that occurred in the 2008 recession, and more recently during the start of the COVID-19 outbreak in the United States.
With so many pre-retirees being concerned about not losing what they’ve already saved, having certain guarantees can be comforting – so if you have been presented with the Americo Platinum Assure MYGA annuity by an insurance or financial advisor, it is likely that they zeroed in on the safety features of this product, along with the ability to earn a higher return if/when rates rise in the near future. So, in many ways, this annuity can allow you to potentially increase the returns on your “safe money.”
But, as the late radio host Paul Harvey would say, you need to know “the rest of the story.”
Just like with most other either/or scenarios, the benefits that you attain with an annuity will often require some type of “tradeoff” (like risk vs reward.) In this particular case, once the five-year interest rate period has elapsed, if you wish to renew another lock-in period, you could be stuck with the then-current rate…which may be higher but may also be lower than the previous rate.
Also, any time you are locked-in to a financial product for a set period of time, you also run the risk of lost opportunity to participate in other, better investments that may come along (at least with those particular dollars that are inaccessible).
And then there are the potential fees…
Fees Associated with the Platinum Assure Annuity from Americo
Although you won’t be charged with an up-front agent or broker commission with Americo’s Platinum Assure annuity, there are other areas that you have to look out for – particularly if you want to access your money before the surrender period, and for reasons other than being confined to a nursing home.
For instance, taking out more than 10% of the contract value per year during the first six years of owning the Platinum Assure will cost you a surrender penalty. In addition, if you are under the age of 59 ½ when you make such a withdrawal, you might also incur an ADDITIONAL 10% IRS “early withdrawal” penalty. This is on top of any taxes that may also be due. So be sure that any money contributed to this annuity won’t be needed for emergencies within the first six years.
Americo Platinum Assure Annuity Surrender Charge Schedule
| Product Name | Ultra-Premier 7 |
|---|---|
| Issuer | United of Omaha / Mutual of Omaha Insurance Company |
| Type of Product | Single Premium Deferred Annuity |
| A.M. Best Rating | A+ |
| Phone Number | (800) 646-7592 |
| Website | https://mutualofomaha.com/ |
The Annuity Gator’s End Take on the Americo Platinum Assure Annuity
Where this annuity may work best:
While the Platinum Assure annuity may not be right for everyone, it could be a good option for those who are seeking the following:
- Fixed, guaranteed interest rate (at least for the first five years)
- Principal protection
- Income for life (or for a specific period of time)
How this annuity should not be used:
Even given all of the nice benefits on the Americo Platinum Assure, this annuity may not be right for you if:
- You want the opportunity to earn an even higher rate of return in order to keep better pace with future inflation
- You want to access more than just 10% of the contract’s value each year during the surrender period
- You do not plan to use the lifetime income feature
In Summary
There are many factors that should ideally be considered when you are thinking about purchasing an annuity. In any case, an annuity should always be considered as a long-term financial decision – and because of that, it is truly important that you are confident about how the product may or may not fit in with your specific financial goals.
With all of that in mind, if you are still considering a purchase of the Americo Platinum Assure MYGA annuity, then you can rest assured that your money will be safe, no matter what goes on with the stock market, or even in the economy overall. You can also count on an ongoing income stream in the future, alleviating the concern about running out of money before you essentially “run out of time.”
On the other hand, however, even though this annuity can provide you with a nice array of features, the truth is that it might still fall somewhat short, and quite honestly, there could be a better alternative out there for you. This is particularly the case if you have been looking for a way to keep your principal safe, yet still have the opportunity to earn a higher amount of return.
In any case, the only way to really know how this MYGA annuity (or any other annuity, for that matter) may perform – based on your specific situation – is to have it tested. We can do this for you by running the numbers through our annuity calculator, and we can then provide you with a spreadsheet of the results. In order to receive this information, just simply contact us through our secure online form here and let us know.
Still Have Questions About Americo’s Platinum Assure MYGA?
We realize that this annuity review went a bit long, so we appreciate you sticking with us. However, in this regard, we would much rather that you have too much information on this product that to not have enough. So, if you found this annuity review to be beneficial, please feel free to pass it on and to share it with other people who could also find value in it.
We also understand that, just like with most other financial vehicles, the information on annuities can change frequently. Therefore, if you did happen to notice information in this annuity review that may been to be updated or revised, then please let us know and we will happily make the necessary updates.
On the other hand, if this review of the Platinum Assure annuity from Americo has caused you to be more confused about how it works, please let us know that, too, and we’ll make any changes that are necessary.
If there are other annuities that you would like to see reviewed in our annuity review database, just provide us with their names and we’ll get on it asap.
Best,
The Annuity Gator
