Independent Review of the Integrity Life MultiVantage Fixed Deferred Annuity
What We Will Cover in this Annuity Review
In this review, we will be discussing the following information regarding the Integrity Life MultiVantage Fixed Deferred Annuity:
- Product type
- Current rates
- Realistic long-term investment 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 want assurance that you’ll have a guaranteed stream of income in retirement and that your money will be safe up until that time, then the Integrity Life MultiVantage Fixed Deferred Annuity could be a good option for you.
This is because the MultiVantage annuity from Integrity Life offers an initial rate guarantee period, as well as lifetime income in retirement. – and if you choose the lifetime income option, you’ll receive this income stream for the remainder of your lifetime, no matter how long that may be.
Over the past several years, annuities have become more popular – especially with retirees and those who are approaching retirement. One reason for this is because they provide a guaranteed income stream, and they (deferred annuities) offer tax-deferred growth of your principal. With a fixed annuity, you also have the added bonus of assurance that your money will be safe – no matter what occurs in the stock market. This can help to alleviate the worry of a market correction impacting your future savings.
Before you sign on the dotted line, however, it is always a good idea to take a closer look at the annuity’s “fine print.” This is because annuities can often have hidden charges and fees. And, while most insurance and financial companies do a great job of giving you all of the nice, rosy benefits that annuities offer, there can also be a few downfalls. With that in mind, it is much better to know these drawbacks now, as versus after you have already committed a large chunk of your savings to it.
That’s where the Annuity Gator comes in.
Annuity and Retirement Income Planning Advice that You Can Trust
If this is the first time you have been to 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.
While there are a number of very good websites on the Internet that are focused on offering their annuity products, 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
Yet, although these claims can be very enticing, it is all the more essential that you find out whether or not they are actually true. This is where the Annuity Gator can help. In fact, if you have come here in search of more details regarding the Integrity Life MultiVantage Fixed Deferred Annuity, then you are certainly in the right place.
In fact, we can tell you with a high degree of certainty that the website you are on right now 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 clear here, we want to state for the record that there can be a long list of benefits that can be attained when you purchase an annuity – provided that the product fits in with your overall financial needs and goals.
That being said, if you are ready to start the review, let’s go ahead and dive in!
The Integrity Life MultiVantage Fixed Deferred Annuity at a Glance
|Issuer||Integrity Life Insurance Company|
|Type of Product||Fixed Deferred Annuity|
|Standard & Poor's Rating||AA (Very Strong)|
|Phone Number||(800) 325-8583|
Opening Thoughts on the Integrity Life AnnuiQuest Fixed Annuity with 1 Year Guarantee
Integrity Life Insurance Company’s products are today issued by W&S Financial Group Distributors – which is a member of Western & Southern Financial Group. This company dates all the way back to 1888. As of mid-2015, this company had assets in excess of $70 billion and is considered to be one of the strongest life insurance groups in the world.
Western and Southern has very good ratings from the insurer rating agencies, including an AA from Standard & Poor’s an A+ from A.M. Best, an AA from Fitch Ratings, and an AA3 from Moody’s Investor Services. The company also has a Comdex Ranking of 96 out of 100. This can be a very good thing, as an annuity is really only as strong as the claims-paying ability of the underlying insurance carrier.
Back in the early 1900s, average life expectancy was only in the neighborhood of 41 years old. Over the past 110 years, though, things have changed. In fact today, many people are living well into their 80s, 90s, and beyond. But, while this can allow you to spend more time enjoying your retirement years, it can be quite difficult to do without enough income.
A fixed deferred annuity can, however, help you to solve for this problem because this type of annuity will continue to pay out an income stream for the remainder of your lifetime, as well as that of a loved one if you choose. Yet, even with these nice features, you really need to know more about how the annuity actually works, and what you may need to give up in return for attaining these guarantees.
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. Integrity 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. 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 more details on how to compare fixed 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 Integrity Life Describes the MultiVantage Fixed Deferred Annuity
The MultiVantage Series of annuities from Integrity Life offers both flexibility and guarantees. This single premium deferred annuity with market value adjustment gives you the option of either 4 year, 5 year, 7 year or 10-year interest rate guarantees, along with a 1% first year interest rate enhancement.
Once you initial rate guarantee period has ended, you have more options to choose from. Here, for instance, you could either renew for a new guaranteed period (which could be at a different rate), or you could instead keep your money in place and your account value will then transfer to the one year guarantee period at the current interest rate with the following:
- The option to move to a longer-term rate and guarantee period
- No market value adjustment (MVA) or withdrawal charge
- Partial annuitization
This annuity also allows you to choose scheduled lifetime income payments with 10-year period certain, either as a single payee, or as a joint payee with either your spouse or other individual as the second income recipient.
For additional in-depth details, you can take a peek at the product literature for the Integrity Life MultiVantage Fixed Deferred Annuity HERE.
How an Insurance or Financial Advisor Might “Pitch” this Annuity
Because life can oftentimes be filled with many uncertainties, whenever you have an opportunity to receive a guarantee, it can be a nice benefit – particularly if it has to do with your financial situation.
With that in mind, when it comes to the Integrity Life MultiVantage Fixed Deferred Annuity, it is likely that a financial or insurance advisor who is offering this product to you will focus on the fact that you can get a guaranteed rate of interest for a set period of time, and that you can also count on a set amount of income from this annuity in retirement.
However, whenever you have a guarantee presented to you, you could also find that there are certain “tradeoffs” that you need to accept in order to attain those benefits. This can also be the case with the MultiVantage Fixed Deferred Annuity from Integrity Life.
For example here, the longer your interest rate guarantee period, the longer you will also be subject to surrender charges on the annuity. So, for instance, a five-year rate guarantee will also have five years of surrender charges. Likewise, tem years of interest rate guarantee will equate to ten years of surrender charges if you should take more than 10% of your contract value out of the annuity.
One of the biggest drawbacks, though, is that should you decide to renew your annuity – following its initial guarantee period – and you opt to go with another period of guaranteed interest rate lock-in, then a surrender period will begin all over again.
What Fees are Associated with the MultiVantage Fixed Deferred Annuity?
You should also be aware of any fees that might be associated with the MultiVantage Fixed Deferred Annuity from Integrity Life. In this case, for instance, know that the interest rate guarantee period that you select will also determine the length of the surrender period.
Therefore, if you withdraw more than 10% of the contract’s value during the surrender period, you’ll be charged with a fee. And, if you make such a withdrawal before you turn age 59 1/2, you can also be hit with an additional 10% early withdrawal penalty from the IRS.
Integrity Life MultiVantage Surrender Charge Schedule – For Initial Rate Guarantee Period AND Renewal Period
The Annuity Gator’s End Take on the Integrity Life MultiVantage Fixed Deferred Annuity
Where it works the best:
The Integrity Life MultiVantage Fixed Deferred Annuity could be a good option for those who are seeking the following:
- A guaranteed rate of interest for a set period of time
- Safety of principal, regardless of what happens in the market
- A lifetime income that you can count on
Where it works the worst:
On the other hand, this annuity might not be a viable option if you:
- Want the potential for higher growth
- Need to access your money during the annuity’s surrender period
- Do not plan to use the lifetime income feature
There are a number of important criteria that you should really consider if you are thinking about purchasing an annuity. These factors should ideally include – but are by no means limited to – how the annuity produces its return, how safe your money will be while inside of the contract, how the income will pay out, and whether or not there are any other features that will be beneficial to you now and/or in the future.
If you’ve been considering the purchase of a deferred fixed annuity like the Integrity Life MultiVantage Fixed Deferred Annuity, you can be assured that your money will be safe (no matter what happens in the market), and that you will also be able to count on a steady stream of income for the rest of your life – regardless of how long that may be.
However, there may also be some additional items that you have not considered – and the only way to really know if a particular annuity is going to be right for you is to have it tested. We can provide this testing for you and can offer you a free, no obligation, spreadsheet with the results. So, if this is something that is of interest to you, then all you need to do is simply reach out to us here via our secure online contact form.
Have Any More Questions Regarding the MultiVantage Fixed Deferred Annuity from Integrity Life? Did You Happen to Notice Any Mistakes in this Review?
We realize that this annuity review went a bit on the lengthy side, and for that, we do appreciate you sticking with us through it thus far. That being said, though, we feel like it is much more beneficial to provide readers with “too much” information than with not enough. So, if you found that this annuity review was beneficial to you, then please do feel free to forward it on and to share the review with anyone else that you think could also benefit from it.
We also understand that the many, many details regarding annuities can, and often do, change. Therefore, if you did happen to notice any information in this annuity review that is in need of updating, then please let us know that, too, and we will get on the revisions right away.
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