What will we cover in this annuity review?
In this annuity review, we will be covering the following details regarding the Upstream Life Secure Legacy MYGA Annuity:
- Product type
- Current rates
- Realistic long term return expectations
- How this annuity is best 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’re considering the purchase of an annuity – or you already happen to have one and you’re wondering whether or not it is the right product for you – it is important to know all of the facts about the features and benefits that are available, as well as whether or not these will work for you, given your specific financial needs.
Throughout the past decade or so, fixed annuities have become quite a bit more popular with those who are retired, as well as those who are approaching this time in their life. This is because these types of annuities can provide you with principal protection, along with a guaranteed amount of growth. They can also provide you with a guaranteed stream of lifetime income that will last for as long as you need it – regardless of how long that may be.
Due to the increased popularity of annuities, the number of financial and insurance agents who offer these financial products has also expanded a great deal. This, however, may not necessarily be considered a positive thing.
Although insurance and financial professionals will typically work hard to do what’s in the best interest of their clients, they may not always be able to provide you with the more specific answers to the questions that you have about annuities – and because of that, you could be making a key decision without all of the intricate details that you should have.
Also, due primarily to annuities’ heightened popularity, there are many more to choose from today, as insurance companies continue to add to their product line. Some of these products can be a bit confusing, though – even for well-informed consumers (and in some cases, for financial and insurance professionals!).
Therefore, it is important for you to take the added steps that may be required to really understand what it is you are buying – especially because an annuity purchase could require a fairly large percentage of your overall retirement savings.
That’s where the Annuity Gator comes in.
Annuity and Retirement Income Planning Information that You Can Trust
If this is the very first time you have landed on our website, please allow us to personally welcome you here to AnnuityGator.com. We are a team of experienced annuity specialists who focus on offering very in-depth – and unbiased – reviews on fixed, indexed, and variable annuity products.
We have been doing this for quite a few years now – far longer than our competitors. And, because of the in-depth reviews that we provide, we have become a highly trusted source of annuity information on the Internet.
There are hundreds of annuities of all shapes and sizes that you can find in our comprehensive Annuity Review database, which is accessible directly from a tab on our website.
Over the past decade or so, however, there have been a number of similar websites that have sprung up on the Internet. Even though some of these sites can give you information about annuities, what you are likely to find is that they are oftentimes just simply reiterating what our information already shows.
If you have researched annuities on the Internet any time lately, it is likely that you also have run across some highly conflicting information regarding these financial vehicles. That really is not surprising to us, though, as there are many annuities out there in the marketplace, and just about everyone has a differing opinion about them.
But, as nice as some of the annuity benefit claims might sound, it is really important that you verify their validity first before you decide to move forward with a long-term financial commitment. Otherwise, it could end up costing you.
Given that, if you are looking for more in-depth information about the Secure Legacy MYGA annuity from Upstream Life, you are in the right place. In fact, dare we say that the AnnuityGator.com website is the only place online where you can get all of the key details about this annuity (and many others) so that you can make a well-informed buying (or non-buying) decision about it.
It is important to note here that in addition to providing you with all of the nice keen benefits of this product, we are also going to lay out the product’s drawbacks. This is so that you will be in a better position to make a truly well-informed decision as to whether or not this is really the annuity for you.
We truly believe that annuities can add a beneficial element and they can be a great addition to a portfolio for some people – but this is true only as long as the annuity fits in with your overall financial objectives. This Upstream Life Secure Foundation annuity review is here to provide you with what you need to know.
So, with that being said, let’s go ahead and get started!
The Upstream Life Secure Legacy Annuity at a Glance
|Product Name||Secure Legacy|
|Type of Product||Multi-Year Guarantee Annuity (MYGA)|
|A.M. Best Rating||B++ (Good)|
|Phone Number||(833) 850-8198|
Opening Thoughts on the Secure Legacy Annuity from Upstream Life
Upstream Life traces its history back to 1912, and it has grown significantly over the years through additional product offerings, as well as via acquisitions. The company offers life insurance and annuities to individuals who are looking to secure their financial future and avoid the financial risks that are oftentimes associated with the financial markets.
The annuities offered include multi-year guarantee (MYGA) products that have various interest rate guarantees available – in some cases, up to 20 years. With these fixed-rate annuities, individuals and couples can also expect a set amount of future income – no matter what happens in the stock market.
Upstream Life is headquartered in Dallas, Texas. Considered strong and stable financially, Upstream has been assigned a B++ rating from A.M. Best and a Long-Term Issuer Credit Rating of bbb+.
Fixed annuities like the Secure Legacy MYGA product offer a great deal of certainty, even in an uncertain financial world. And, while they typically offer a lower fixed rate of return – they can also be enticing for those who want to ensure that their principal is protected and that they have guarantees when it comes to growth in the account, as well as a future income stream.
Because of that – due in large part to the constant ups and downs of the stock market – the demand for fixed annuities has increased substantially. This includes multi-year guarantee annuities, or MYGAs.
One key reason for this is because, in addition to keeping principal safe (in any market condition,) these financial vehicles can also provide you with a guaranteed rate of growth for a specific period of time, as well as a set amount of income that could last you for the remainder of your lifetime.
Yet, even though this might sound like a win-win-win situation, the reality is that if something sounds like it may be too good to be true, then it typically is – so you should ideally get as much in-depth detail as possible if you are considering committing to it for the long term.
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. Upstream Life 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 Upstream Life Describes the Secure Legacy MYGA Annuity
On the company’s website, Upstream Life describes the Secure Legacy annuity as a single premium fixed annuity that offers a multi-year guaranteed interest period.
These interest rate guarantee periods include a:
- 3 year
- 5 year
- 7 year
- 10 year
- 15 year
This annuity accrues compound interest in a tax-deferred manner and offers income and death-friendly features and riders. This means that the interest on this annuity is calculated on a compound interest 365 day year basis (i.e. it compounds annually, and it computes and accrues daily).
The interest rates on the Secure Legacy MYGA annuity can change regularly (prior to purchasing and locking into an interest rate guarantee period.) To check the current rates, you can do so on the Upstream Life website by going here.
Note that the Secure Legacy MYGA annuity from Upstream Life is not yet available in all 50 of the U.S. states. To determine whether or not this annuity can be purchased in your area, check here.
How an Insurance or Financial Advisor Might Present this Annuity
If you’ve discussed this option with an insurance or financial advisor, it is likely that they keyed in on a couple of areas. As an example, if you are like most people, you like to know that you have a guarantee – especially when it comes to your money.
So, given that the Secure Legacy MYGA annuity from Upstream Life offers several interest rate guarantee period options, many people consider this to be a plus – particularly because the annuity can be “fitted” to match short or long-term financial objectives.
It is also beneficial that, regardless of what happens in the stock market during that time – as well as throughout the remainder of the annuity’s life – your principal will be safe. So, you don’t have to endure sleepless nights worrying about the loss of your hard-earned savings.
On top of that, the fact that you can get a guaranteed income stream for life (provided that you choose the lifetime income option) is definitely another key point. And, you may also choose to add a second income recipient, such as a spouse or partner, who can receive income for the rest of his or her lifetime, too.
But, just like most anything else in life, there is no such thing as a “free lunch.” So, in getting all of these guarantees, you also need to be mindful of just exactly what it is that you’re giving up. In this case, fixed annuities are known for offering painfully low rates of interest – and because of that, owning this annuity could make it difficult for you to meet, much less beat inflation. In turn, this could result in a dwindling purchasing power over time that could cause you to have to cut back on buying the items and services that you need in the future.
Is that something you really want to worry about during your retirement years?
We didn’t think so.
And then there are the fees….
Fees Associated with the Secure Legacy MYGA Annuity from Upstream Life
Although many MYGA and fixed annuities don’t usually charge an up-front sales commission to pay the agent or broker who sold you the annuity, there is still a possibility that you could have to pay various fees.
As an example, with the Upstream Life Secure Legacy MYGA annuity, there is an additional 25 basis points added to the premium for the death benefit – and while this might not seem like a lot, over time this can have a pretty big impact on your overall gain in the contract value.
Also, following the first full year of purchasing the Secure Legacy annuity, you are allowed to withdraw up to 10% of the contract’s value in any year penalty-free. But, if you take out more than that, you could incur a surrender charge of 15 basis points.
The length of the surrender charge period corresponds with the length of the rate guarantee period on the Secure Legacy MYGA annuity. So, if your interest rate is guaranteed for three years, the surrender charge period will also be three years. If your rate is guaranteed for 15 years, your money will be locked up for 15 years, too.
The surrender charge is in addition to any taxes that you owe on the gains that are withdrawn. Plus, if you are under age 59 ½ when you make such withdrawals, you could also have an additional 10% IRS “early withdrawal,” too.
With that in mind, it is important to be sure that the money you contribute to the Upstream Life Secure Legacy annuity won’t be needed for emergencies or any other financial obligations in the near future.
The Annuity Gator’s End Take on the Secure Legacy MYGA Annuity
If you own the Secure Legacy MYGA annuity and you are wondering if this particular product is still right for you, here’s our end take on it.
Where this annuity works best:
- If you are seeking protection of principal
- If you want a set rate of growth
- If you want the security of knowing you’ll have a guaranteed income in retirement
Where this annuity works worst:
- If you want the opportunity for a higher return
- If you do not plan to use the lifetime income feature
The list of available annuities out there in the marketplace is long – and getting ever-longer every day. Because these financial vehicles can, and often do, come with a lot of different features and benefits, it is important for you to know just exactly what it is that you are getting into. And, if you already own an annuity, you should also frequently review it to ensure that it’s performing the way you anticipated it to.
With the Upstream Life Secure Legacy MYGA annuity, you can be assured that it can offer you principal protection, along with an ongoing and guaranteed income in retirement. This is the case, regardless of how long you may live. So, it does offer some nice benefits.
That being said, though, depending on what it is that you’re looking for in an annuity, it could also fall a bit short – and quite frankly, there could be a better alternative out there for you. This is especially true if you are seeking the opportunity for additional growth potential.
So, if you still have any additional questions regarding whether this particular annuity is the right one for you, or even if you just simply need some additional assistance in guiding you in the right direction, please feel free to reach out to us directly through our secure contact form here.
Any Additional Questions or Concerns About the Upstream Life Secure Legacy MYGA Annuity? Did You Notice Any Mistakes in this Review?
We realize that this annuity review went a bit on the long side, so for that, we truly appreciate you sticking with us thus far. In providing this annuity review, though, we would much rather give “too much” information, as versus not enough.
So, if you felt that this review was helpful, please feel free to forward it and share it with anyone else who you think may benefit from it – especially if they own the Secure Legacy annuity from Upstream Life and are now having second thoughts about it.
We also realize that annuity information can change on a regular basis. So, if you happened to see any information in this review that may need to be revised or updated, please let us know and we will be happy to make any of the necessary corrections.
Are there any other annuities that you would like to have us review?
If so, just let us know and our team of annuity “geeks” will get to it. That being the case, be sure to check back soon, and often, in order to see annuity product updates and new reviews.
The Annuity Gator