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
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.
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 Trust
If 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
However, even though these claims do sound very appealing, it is really important that you know whether or not they are actually true. But with the help of Annuity Gator, you will be much better able to sort the BS from the truth.
In fact, if you’ve landed here on our site in search of more details on the new Symetra Stride annuity, then you are definitely in the right place. Dare we even say that our website is the only place where you can find out all of the information – the good, the bad, and yes, even the ugly. Knowing the whole picture, though, can help you in determining whether this product will be right for you.
Just to be perfectly clear, here, a fixed indexed annuity can provide 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, let’s dive in!
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 Company
United 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
The company is considered to be strong and stable financially, and it has a good reputation for paying out its policy holder’s claims. For the full year of 2019, United Heritage Life Insurance Company took in nearly $102 million in insurance and annuity premium for a net income in excess of $5 million.
At year-end, United Heritage Life Insurance held nearly $627 million in assets and nearly $71 million in capital and surplus. With more than 58% of United Heritage’s overall business in life insurance, the company held more than $22 billion in overall insurance value in force.
With so many employers getting rid of their defined benefit pension plans, it has really become the responsibility of individuals to make sure that they convert their savings over into an income stream – and that the income continues to last throughout the remainder of their lifetime.
Given the extremely volatile stock market over the past decade or so, fixed annuities have become quite popular – especially with those who are keeping an eye on their principal and don’t want to lose it in a market “correction.” So, if you have money that you’re counting on to still be there when you need it, then a product like a fixed annuity can be highly appealing.
But, even though you can ensure that your principal is safe – and that you can receive a lifetime incoming cash flow – before you move forward with purchasing the United Heritage Eagle 8 fixed annuity, there are some details that you should know. This is especially the case because once you get into an annuity, it can be fairly costly if you decide to get out of it any time soon.
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 8
On 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 Annuity
Because 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 Life
Many 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 Annuity
This annuity can work best if you are seeking benefits like:
- Principal protection
- Guaranteed lifetime income stream
- Guaranteed interest rate protection for one year
Where it works worst:
- 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
If you’ve been thinking seriously about purchasing a fixed annuity like the Eagle 8 from United Heritage Life Insurance Company, but you’ve been hesitant about moving forward, then you may need to get a more in-depth understanding of how these products work, how they can work for you, and why they may or may not actually be the ideal financial option for you.
In any case, though, you should always consider an annuity to be a longer-term financial endeavor – especially because these products will typically have multiple years of surrender charges if you want to take out more than just 10% of your contract value.
The good news is that, if you are considering going with a fixed annuity, you can be assured that you will have principal protection and safety, as well as a set, ongoing income stream for life that you can count on.
With that in mind, when it comes to the United Heritage Eagle 8 fixed annuity, there are some nice features that are offered. Yet, this particular annuity could also fall somewhat short – especially if you’re hoping for a higher return.
If you have any questions about whether or not this annuity would fit into your financial plan – or, even if you just have a general question about annuities and how they work – please feel free to contact us. Our annuity geek team will be happy to help.
Need Additional Info? Did You See Any Mistakes?
While we know that this review of the United Heritage Eagle 8 annuity was a bit on the lengthy side, our feeling is that we would rather give you too much information about annuity options than not enough. So, if you do feel that you gained some good insight about this annuity here, please feel free to forward this review to anyone else who you think may benefit from it.
Also, we know that because information about annuities can, and often does, change, that there may be some details here that require updating. With that in mind, if you did happen to notice anything at all in this review that needs revision, please let us know here via our secure online contact form.
Likewise, if you would like to see any other annuities reviewed, please let us know that, too as we are always looking for suggestions on products to review.
In addition, if you are interested in seeing personalized figures plugged into Eagle 8 fixed annuity, we would be happy to run a spreadsheet and share the information with you, at no charge.
We look forward to helping you with any questions that you may have.
The Annuity Gator
P.S. If you would like to read more of our United Heritage Life Insurance Company annuity reviews here are some links to check out.