What’s Covered In This ReviewIn this annuity review, we will be covering the following details about the Eagle Life Eagle Platinum MYGA Annuity:
- Product type
- Current rates
- Realistic long-term return expectations
- How it is used
- How it 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 are considering the purchase of an annuity because you would like to build up your savings on a tax-deferred basis – and you are also seeking a lifetime income in retirement – then the Eagle Life Eagle Platinum MYGA annuity could be a viable option for you. But, prior to diving in head first and purchasing this annuity, it can be beneficial if you know all of the key facts, especially those that relate to how this product works, and how it may (or may not) help you in attaining your future financial goals. Throughout the past decade or so, annuities have become much more popular. One reason for this is due to the guaranteed stream of lifetime income they can provide. And, because of the appeal of annuities, there are many more financial advisors who are offering these vehicles to their clients. But the reality is that this may or may not necessarily be a positive thing. Why? Because even though insurance and financial professionals will typically work hard to do what is right for their clients, they may not always be providing you with the whole story when it comes to annuities. This can oftentimes be due in large part to the fact that annuities can be highly complex products – and, over the years, with the new array of annuity offerings that are being introduced into the marketplace, these financial vehicles can be extremely confusing, even for well-educated consumers. With that in mind, it is always recommended that you fully understand what it is that you are buying. This is particularly the case, as an annuity may comprise a substantial portion of your overall retirement savings. In addition, once you have made the commitment to purchase an annuity, it can be extremely difficult – and costly – if you want to get out.
Annuity and Retirement Income Planning Information that You Can TrustIf this is the very first time that you have visited our website, then we would like to personally welcome you here to AnnuityGator.com. We are a team of experienced financial professionals, and we are highly dedicated to offering you in-depth, and unbiased, annuity reviews. We have been providing these annuity reviews for a number of years, and because of that, we have actually become a well-known and trusted source of all types of annuity information. If you’ve been in search of more details about annuities, and you have been looking for this information on the Internet, it is likely that you have run across a wide range of details about these products – some of which can be quite conflicting. This is not surprising, as there are not only a large number of annuities out there in the marketplace to choose from, but also, each one of these can offer you differing features and benefits. Plus, these products tend to include a great deal of “small print” in the contract. It is possible that you may also have recently attended a seminar where a financial advisor will offer you dinner or lunch while presenting you information about the benefits of owning an annuity. That seminar may even be what has led you here seeking more information about the Eagle Platinum MYGA annuity from Eagle Life Insurance Company. Even though there are a number of good websites out there today that focus on marketing their annuities online, some of these can also work hard at luring you in so that you’ll provide your contact information with promises such as:
- Fast Annuity Quotes
- Lowest Fees
- Top-Rated Annuity Carriers
- Highest Income Payouts
- Guaranteed Income for Life
Eagle Life Eagle Platinum MYGA Annuity at a Glance
|Product Name||Eagle Platinum|
|Issuer||Eagle Life Insurance Company|
|Type of Product||Single Premium MYGA (Multi-Year Guarantee) Fixed Annuity|
|A.M. Best Company Rating||A- (Excellent)|
|Phone Number||(866) 526-0995|
Opening Thoughts on the Eagle Platinum MYGA Annuity from Eagle Life Insurance CompanyEagle Life Insurance Company is a relative newcomer to the life insurance industry, initially opening its doors in 2008. However, its parent company, American Equity Investment Life Insurance Company, as a long-term, well-established name in the marketplace, and is financially stable with more than $48 billion in assets. Headquartered in West Des Moines, Iowa, Eagle Life has a focus on the broker-dealer and bank distribution channels. So, it may be that you have been presented the Eagle Select 10 fixed indexed annuity from a bank or your stockbroker. The company also has a key focus on offering annuities – primarily its Eagle Select Series of fixed indexed annuities. Eagle Life Insurance Company is also considered financial stable, with an A- (Excellent) rating from A.M. Best Company. After building up a lifetime of savings, no one wants to be subject to the continuous ups and downs of the stock market – yet, even after retiring, it is essential that your savings grow in order to help stretch out retirement income that is received, and to keep pace with the rising cost of goods and services that you need. For that reason, over the past decade or so, fixed index annuities have become much more sought after by consumers as a way to obtain a guaranteed income for life, as well as an opportunity to keep principal safe regardless of what the market does. However, even though this all might sound really enticing, the reality is that when something sounds “too good to be true”, it probably is – and in this case, you need a bit more information in order to discover the whole story. This is particularly the case if your decision about an annuity could ultimately result in you committing a large chunk of your hard-earned retirement savings.
Before we get into the gritty details, here are some necessary legal disclosures…This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Eagle Life Insurance Company 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. For additional information on how to compare annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report.
How Eagle Life Insurance Company Describes the Eagle Platinum AnnuityEagle Life describes the Eagle Platinum MYGA annuity as a product that can offer a long list of advantages, such as:
- Avoidance of Probate
- Guaranteed Income
- One is that you could simply renew the contract for another guarantee period
- You could alternatively apply the contract value to a settlement option that is available
- You could take a partial withdrawal, and then apply the remaining contract value to another guarantee period, or
- You could surrender the entire contract (without incurring a surrender charge)
How an Insurance or Financial Advisor Might “Pitch” this AnnuityAs an MYGA annuity, the Eagle Platinum from Eagle Life Insurance Company offers a number of attractive features, starting with a guaranteed rate of interest for a set amount of time. As with other annuities, you are allowed to grow the funds in this product tax-deferred – and, if you choose the lifetime income option, you’ll be able to count on an income stream that lasts for the remainder of your lifetime, regardless of how long that may be. When it comes to all things financial, it can be nice to have guarantees. However, it is also important to keep in mind that it is usually necessary to give up something in order to get something these days – and this is definitely the case with the Eagle Life Eagle Platinum MYGA annuity. In this case, given that interest rates have been painfully low over the past ten years or so, you’d be lucky to meet – much less beat – inflation with this annuity. And this can create a snowball effect of sorts in that you could have trouble keeping your purchasing power on pace in the future. In turn, this may even mean having to cut back on spending in retirement on the items that services that you need to purchase. Is this really how you want to spend your retirement years?
What About any Fees on the Eagle Platinum Annuity from Eagle Life?There are also certain fees that you may incur with the Eagle Platinum annuity from Eagle Life Insurance Company – one of which is a surrender charge that you could be faced with for quite some time. This is because, with most MYGA annuities, you will have a surrender charge that lasts for the same number of years as the interest rate guarantee period. And, should you elect to renew your contract for another guarantee period, guess what happens. Yep, a brand new surrender period will start. (And, unless you specifically select one of the options given at the end of your guarantee period, Eagle Life will automatically renew your contract for another guarantee period at a new guaranteed interest rate…as well as a new surrender charge period).
The Annuity Gator’s End Take on the Eagle Life Insurance Company’s Eagle Platinum AnnuityWhere it works best: This particular annuity will typically work the best if you are looking for:
- A set interest rate guarantee
- Safety of principal
- Guaranteed lifetime income
- Want access to most or all of your funds during any of the surrender charge periods
- Do not intend to use the lifetime income feature