What will we be covering in this review of the United Heritage Eagle 8 Fixed Annuity?In this annuity review, we will be going over the following details regarding the Eagle 8 Fixed Annuity from United Heritage Life Insurance Company:
- Type of annuity
- Charges and Fees
- Current Rates
- Realistic Short and Long-Term Performance Expectations
- Who This Annuity May Be a Good Fit For
- Who Should Consider Other Alternatives
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Over the past several years, annuities have become a much more popular component of retirement planning. One reason for this is because, as people are living longer, having a retirement income that lasts much longer is necessary – and unlike any other insurance or financial product in the marketplace, an annuity is the only vehicle that can guarantee you an income for the remainder of your lifetime, regardless of how long that is. Annuities aren’t just some newly-developed financial vehicle, either. In fact, annuities have actually been in existence ever since the Roman empire, although some believe that they were initially created in Egypt, somewhere between the year 1100 BC and 1700 BC. Later on, when the Great Depression hit the U.S. in the 1930s, annuities gained popularity as a safe place from volatile markets. They again became a go-to product during the Great Recession in 2008 and 2009 – primarily fixed and fixed indexed annuities – because they don’t lose value, even in a downward spiraling market. The same holds true with the more recent Coronavirus pandemic that had a significant impact on the stock market (as well as markets around the globe). Many investors lost years’ worth of savings within just a few weeks’ time. But those who held fixed and/or fixed indexed annuities were able to sleep much better at night, knowing that their principal was protected and that they could still count on a reliable income stream in the future. Fixed annuities have become particularly favored by those who are at or approaching retirement time, as people are getting much leerier about entrusting their savings to an extremely volatile stock market. So, if you’ve been considering a fixed annuity like the United Heritage Eagle 8 fixed annuity because you want to ensure that your money is safe and that you’ll have a lifetime income that you can count on, this product could be a viable option for you. But, before you go and plunk down a large chunk of your savings into this (or any) annuity, it is highly recommended that you first obtain an understanding of what a fixed annuity will and won’t do for you. That’s where the Annuity Gator comes in!
Annuity and Retirement Income Planning Advice that You Can TrustIf this is the first time that you have been to our website, we would like to personally welcome you here to AnnuityGator.com. We make up a team of experienced financial professionals who are dedicated to providing in-depth reviews of annuity products. We’ve been doing this for a number of years now – far longer than most of our “copycat” competitors – and because of that, we have come to be known as a highly trusted source of annuity information online. If you’ve been looking for information about annuities via the Internet, then 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. Although there are actually many different websites online that focus on providing annuity products and information, there are some that will attempt to lure you in with some pretty bold claims like:
- Lowest fees
- Highest income payouts
- Guaranteed lifetime income
- Top-rated companies
The Eagle 8 Fixed Annuity from United Heritage Life Insurance Company at a Glance
|Product Name||Eagle 8|
|Issuer||United Heritage Life Insurance Company|
|Type of Product||Fixed Annuity|
|A.M. Best Rating||B++ Good|
|Phone Number||(208) 493-6100|
Opening Thoughts on the Eagle 8 Fixed Annuity from United Heritage Life Insurance CompanyUnited Heritage offers a wide range of financial products, including life insurance, annuities, and group life and disability income insurance. The company offers its products in 49 states, as well as the District of Columbia. This company actually traces its roots back to the year 1896, when the Farmers Fire Relief Association of Sublimity began operations. Throughout the years, the company grew and expanded, and also increased its product lines to include property and casualty coverage. Today, United Heritage Mutual Holding Company owns an intermediary holding company, United Heritage Financial Group (UHFG), which in turn, owns the stock of three separate companies, including:
- United Heritage Life Insurance Company
- United Heritage Property and Casualty Company
- Sublimity Insurance Company
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. United Heritage 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. Before purchasing any type of insurance and/or investment 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 situation. All of the names, marks, and materials that were used for this annuity review are the property of their respective owners. For more information on how to compare annuities in order to determine which one may be the best for you and your financial circumstances, click here to obtain our free annuity report.
How United Heritage Life Insurance Company Describes the Eagle 8On the company’s website, the Eagle 8 fixed annuity is described as a product that allows you to build funds for retirement, as well as to defer income taxes, and transfer wealth. The Eagle 8 fixed annuity can help to provide a more financially secure future and a comfortable retirement. It offers a competitive interest rate, as well as a first-year bonus. In the case of this particular fixed annuity, there is a one-year rate guarantee. So, once your interest rate is declared, your annuity contract is guaranteed to hold that rate until the following policy anniversary. Based on information from United Heritage, the Eagle 8 fixed annuity is a safe, secure financial vehicle that can fit into a variety of areas – including a rollover from an IRA (Individual Retirement Account) or employer-sponsored retirement plan such as a 401(k). As with other deferred annuities, your money in the account will grow on a tax-deferred basis, meaning that no tax will be due on the gain until the time of withdrawal. There are some added “bells and whistles” offered with this annuity, too, such as a death benefit. In this case, if the annuity owner passes away during the “accumulation” period (i.e., the time period when the funds are still growing), a named beneficiary will receive death benefit proceeds – usually free from the cost of probate. The beneficiary can decide whether he or she would like to take the death benefit in one single lump sum, or instead as a series of payments over time. There are also penalty-free withdrawals allowed from the Eagle 8 annuity if you must receive hospitalization or nursing home facility care for a period of time that exceeds 90 days. (This waiver of surrender charges can differ based on your state of residence). Even with these nice benefits, though, there isn’t really anything stellar that stands out about this particular annuity – and quite frankly, depending on your short and long-term goals, there could very well be a better alternative for you.
How an Insurance or Financial Advisor Might “Pitch” the Eagle 8 Fixed AnnuityBecause so many people today are concerned about keeping their money safe, it is likely that a financial or insurance advisor would pitch the Eagle 8 fixed annuity from United Heritage Life Insurance Company, based on its safety features, along with its guaranteed growth. But even though these may sound appealing, there is always going to be some kind of “trade-off” for the upside on a financial product. In this case, it is that the return can be painfully low – so low, in fact, that it may not even come close to meeting – much less beating – inflation. Added to that is the fact that the guaranteed rate on this annuity will only last for one year, after which you take the chance that it could go down. So much for guaranteed interest rates! Given that, it is highly likely that there are some better alternatives out there for you – especially if you are seeking the safety of your principal, as well as the opportunity to earn a higher rate of return. With that in mind, unless you are 100 percent convinced that the United Heritage Eagle 8 fixed annuity is for you, it could be quite beneficial to take a look around at some alternative options. It can also be helpful if you first run the numbers based on your particular situation via our annuity calculator. That way, instead of getting a vague “hypothetical” scenario based on how this annuity may perform in general for an anonymous investor, you can plug in some actual numbers that relate to you. In addition to that, if you would like some additional tips on what you need to know before you buy an annuity, you can also click here to immediately access our free report on shopping for annuities.
Fees Associated with the Eagle 8 Fixed Annuity from United Heritage LifeMany fixed annuities won’t charge an up-front agent or broker commission. Therefore, 100% of your contribution to the Eagle 8 annuity will go to work immediately for you. But that doesn’t necessarily mean that you won’t ever incur any charges or fees with this particular financial vehicle. For instance, if you withdraw more than just 10% of the annuity contract value in any of the first 10 years, you will incur a surrender charge. This is in addition to any of the taxes that are due, as well as an additional 10% IRS “early withdrawal penalty” if you make such a withdrawal before you have turned age 59 ½.
The Annuity Gator’s End Take on the United Heritage Eagle 8 Fixed AnnuityThis annuity can work best if you are seeking benefits like:
- Principal protection
- Guaranteed lifetime income stream
- Guaranteed interest rate protection for one year
- For those seeking the opportunity to get a higher rate of return
- For those seeking a longer-term interest rate guarantee
- For those who do not intend to use the guaranteed lifetime income feature