Why You Should Consider SILAC Insurance Company for Your Retirement Needs
Are you looking for a reliable and trustworthy insurance company that can help you with your retirement needs? If so, you might want to consider SILAC Insurance Company, Utah’s oldest active life insurance company and a leader in the annuity industry.
What is SILAC Insurance Company and what does it do?
SILAC Insurance Company is Utah’s oldest active life insurance company and a leader in the annuity industry. The company’s fixed index and multi-year guaranteed annuities help consumers meet their financial needs as they prepare for retirement.
SILAC Insurance Company was originally founded as Equitable Life & Casualty Insurance Company in 1935. In 2020, the company changed its corporate name to SILAC Insurance Company to emphasize the greater variety of products it offered. Today, SILAC is licensed to sell insurance in 47 states and the District of Columbia and has grown its revenue to over $2 billion in annual sales.
SILAC stands for Security-Income-Legacy-Annuity-Care, which reflects the company’s mission to provide secure income solutions for retirement planning, legacy protection for families, annuity products for savings and income generation, and care solutions for long-term care needs.
The company’s vision is to remain an industry leader by providing clean, simple, and competitive products; delivering best-in-class service; and propelling the success of its agents, clients, business partners, and employees.
What are the company details of SILAC Insurance Company?
SILAC Insurance Company has a long history of serving its customers with integrity and excellence. Here are some of the company details that you might want to know:
History and founding year: SILAC Insurance Company was founded in 1935 by George E. Stoddard with a borrowed $20 bill during the Great Depression. The company started as a small life insurance provider in Salt Lake City, Utah. Over the years, the company expanded its product portfolio to include Medicare supplement insurance, long-term care insurance, life insurance, and annuities.
CEO and leadership team: The current CEO of SILAC Insurance Company is Martin R. Snow Jr., who joined the company in 2017. He has over 30 years of experience in the insurance industry and has held various senior leadership positions at other companies such as Transamerica Life Companies and Protective Life Corporation. The other members of the leadership team include Dan Acker (President), Scott Lunt (Chief Financial Officer), David Judd (Chief Marketing Officer), Jeffery Smith (Chief Information Officer), John Hines (Chief Actuary), Michael Sorensen (Chief Compliance Officer), David Hales (Chief Legal Officer), and David Stoddard (Chief Operating Officer).
Market share: SILAC Insurance Company is one of the fastest-growing life insurance companies in the United States. According to S&P Global Market Intelligence, SILAC was ranked as the third fastest-growing life insurance company in 2019 based on total life premiums written.
The company also received WINK’s Trailblazer Award for Total Multi-Year Guaranteed Annuity sales in 20193. In addition, SILAC was named as one of the regional top workplaces by The Salt Lake Tribune for four consecutive years from 2017 to 20203.
What are the partnerships and affiliates of SILAC Insurance Company?
SILAC Insurance Company has established various partnerships and affiliates to enhance its products and services. Some of the notable ones are:
Barclays: SILAC Insurance Company partnered with Barclays, a global financial services provider, to launch its proprietary global index, Barclays Atlas 5, on all SILAC fixed index annuities in 2020. The index is designed to provide stable and consistent returns by dynamically allocating across five asset classes: US equities, international equities, commodities, fixed income, and cash.
Credit Suisse: SILAC Insurance Company also partnered with Credit Suisse, a leading global wealth manager, to launch its proprietary top US sector index, CS RavenPack AI Index, on all SILAC fixed index annuities in 2021. The index leverages artificial intelligence and big data analytics to identify the most attractive sectors in the US equity market based on sentiment signals from news articles and social media posts.
Salt Lake Chamber: SILAC Insurance Company is a member of the Salt Lake Chamber, Utah’s premier business leader that supports statewide prosperity. The chamber provides networking opportunities, advocacy services, and business resources for its members.
Utah Business Magazine: SILAC Insurance Company is a recipient of the Best Companies to Work For award by Utah Business Magazine, a leading source of business news and information in Utah3. The award recognizes companies that create a positive work environment and culture for their employees.
What services does SILAC Insurance Company offer?
SILAC Insurance Company offers a variety of insurance products and services to meet the diverse needs of its customers. Some of the main services are:
Annuities:
Annuities are contracts between an insurance company and an individual that provide guaranteed income for a specified period or life. SILAC Insurance Company offers two types of annuities: fixed index annuities and multi-year guaranteed annuities.
Fixed index annuities allow customers to earn interest based on the performance of an external index, such as Barclays Atlas 5 or CS RavenPack AI Index while protecting their principal from market losses. Multi-year guaranteed annuities offer customers a fixed interest rate for a predetermined number of years, ranging from three to ten years. Both types of annuities have optional riders that can provide additional benefits, such as lifetime income, death benefit, long-term care benefit, or terminal illness benefits.
Life insurance:
Life insurance is a contract between an insurance company and an individual that pays a lump sum of money to the beneficiary upon the death of the insured person. SILAC Insurance Company offers two types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period, usually between 10 and 30 years, and pays a death benefit only if the insured person dies within that term. Whole life insurance provides coverage for the entire life of the insured person and pays a death benefit regardless of when the insured person dies. It also accumulates cash value that can be accessed through loans or withdrawals.
Medicare supplement insurance:
Medicare supplement insurance is a type of health insurance that helps cover some of the costs that Medicare does not cover, such as deductibles, coinsurance, and copayments. SILAC Insurance Company offers Medicare supplement plans A, F, G, and N in most states where it is licensed. These plans have different levels of coverage and benefits depending on the customer’s needs and preferences.
Long-term care insurance:
Long-term care insurance is a type of health insurance that helps pay for the cost of long-term care services, such as nursing home care, assisted living facility care, home health care, or adult day care. SILAC Insurance Company offers long-term care insurance plans that provide flexible benefits and options for customers who need long-term care assistance due to chronic illness or disability.
How can you contact SILAC Insurance Company?
If you have any questions or concerns about SILAC Insurance Company or its products and services, you can contact them through various channels. Here are some of the basic information you need to know:
| Contact Information | Details |
|---|---|
| Phone | 1-800-352-5150 |
| Address | 299 South Main Street, Suite 1100, Salt Lake City, UT 84111 |
| Customer Service Contact Email Address | customerservice@silacins.com |
| Operating Hours | Monday-Friday, 8:00 a.m. to 5:00 p.m. (Mountain Time) |
| Fax | 1-801-579-0500 |
| Website | Silac Insurance Website |
What are the financial details of SILAC Insurance Company?
SILAC Insurance Company is committed to providing affordable and competitive insurance products and services to its customers. Here are some of the financial details that you might want to know:
Premium costs: The premium costs of SILAC Insurance Company vary depending on the type of product, the amount of coverage, the age and health of the customer, and other factors. You can get a free quote online or by contacting a licensed agent to find out the exact premium cost for your specific situation.
Payment options: SILAC Insurance Company offers various payment options for its customers, such as monthly, quarterly, semi-annual, or annual payments. You can pay by check, money order, credit card, debit card, electronic funds transfer, or automatic bank draft. You can also choose to pay online, by phone, by mail, or in person.
Discounts and promotional offers: SILAC Insurance Company occasionally offers discounts and promotional offers for its customers, such as lower rates for preferred health classes, loyalty discounts for existing customers, referral bonuses for new customers, and special deals for certain products or events. You can check their website or contact their customer service for the latest discounts and offers available.
Why should you choose SILAC Insurance Company, and what makes it unique?
SILAC Insurance Company is a reputable and reliable insurance company that has been serving its customers for over 85 years. Here are some of the reasons why you should choose SILAC Insurance Company and what makes it unique:
Experience and expertise:
SILAC Insurance Company has a wealth of experience and expertise in the insurance industry, especially in the annuity market. The company has a proven track record of providing innovative and competitive products that meet the changing needs of its customers. The company also has a team of highly qualified and experienced professionals who are dedicated to delivering excellent service and support.
Security and stability:
SILAC Insurance Company is financially strong and stable, with over $2 billion in assets under management. The company has an A- (Excellent) rating from A.M. Best, a leading independent rating agency that evaluates the financial strength and performance of insurance companies. The company also has a Baa2 (Stable) rating from Moody’s, another prominent rating agency that assesses the creditworthiness and risk of insurance companies. These ratings indicate that SILAC Insurance Company has a strong ability to meet its ongoing obligations to its customers.
Customer satisfaction and loyalty:
SILAC Insurance values its customers and strives to provide them with the best possible service and experience. The company has a high customer satisfaction and retention rate, with over 90% of its customers renewing their policies. Moreover, the company also has a low complaint ratio, with only 0.06 complaints per $1 million in premiums in 2019, according to the National Association of Insurance Commissioners (NAIC). The company also has a loyal network of agents who are committed to helping their customers achieve their financial goals.
Innovation and differentiation:
SILAC Insurance is constantly innovating and differentiating itself from its competitors by offering unique and exclusive products and services. The company has partnered with leading global financial institutions, such as Barclays and Credit Suisse, to launch proprietary indices that provide customers with access to diversified and dynamic investment strategies. The company also offers special packages and options for customers who want to customize their insurance plans according to their needs and preferences.
Social responsibility and community involvement:
SILAC Insurance is not only a business, but also a social enterprise that cares about its community and the environment. The company supports various charitable causes and organizations, such as the American Cancer Society, the Alzheimer’s Association, the Make-A-Wish Foundation, the Utah Food Bank, and the Salvation Army. Moreover, the company also encourages its employees to volunteer their time and skills to help those in need. The company also strives to reduce its environmental impact by implementing green practices, such as recycling, energy conservation, paperless transactions, and electronic communications.
What are the customer experiences of SILAC Insurance Company?
SILAC Insurance Company has received many positive feedbacks and testimonials from its customers who have benefited from its products and services. Here are some of the customer experiences that you might want to read:
“I have been a customer of SILAC Insurance Company for over 10 years and I am very happy with their service and products. They have always been responsive, helpful, and professional. Their annuities have helped me secure my retirement income and protect my family’s future. I would highly recommend SILAC Insurance Company to anyone who is looking for a reliable and trustworthy insurance company.” – John D., Utah
“SILAC Insurance Company has been a lifesaver for me and my husband. We purchased a long-term care insurance policy from them a few years ago and it has been a great investment. When my husband was diagnosed with Alzheimer’s disease, we were able to use our policy benefits to pay for his care at a quality facility. We are very grateful to SILAC Insurance Company for providing us with peace of mind and financial security.” – Mary S., Texas
“I am very impressed with SILAC Insurance Company’s products and services. I bought a fixed index annuity from them last year and I am very satisfied with the returns I have received so far. The index they use is very innovative and diversified, and it has performed well even in volatile market conditions. I also like the fact that I can access my account online anytime and anywhere. SILAC Insurance Company is a leader in the annuity industry.” – Robert L., Florida
What are the financial strengths of SILAC Insurance?
SILAC Insurance Company is financially strong and stable, with over $2 billion in assets under management. The company has an A- (Excellent) rating from A.M. Best, a leading independent rating agency that evaluates the financial strength and performance of insurance companies.
The company also has a Baa2 (Stable) rating from Moody’s, another prominent rating agency that assesses the creditworthiness and risk of insurance companies. These ratings indicate that SILAC Insurance Company has a strong ability to meet its ongoing obligations to its customers.
SILAC Insurance also has a high level of capitalization, liquidity, and profitability. The company has a risk-based capital ratio of 493%, which is well above the regulatory minimum of 200%. Furthermore, the company also has a liquid asset ratio of 105%, which means that it has enough liquid assets to cover its liabilities. The company also has a return on equity of 11%, which reflects its efficient use of its shareholders’ funds.
How does the claim process of SILAC Insurance work?
SILAC Insurance Company aims to make the claim process as easy and convenient as possible for its customers. Here are some of the steps involved in the claim process:
Notify SILAC Insurance Company: If you need to file a claim, you should notify SILAC Insurance Company as soon as possible by calling their toll-free number 1-800-352-5150 (option 3) or by sending an email to claims@silacins.com. You will be assigned a claim representative who will guide you through the process and answer any questions you may have.
Submit the required documents: Depending on the type of claim you are filing, you may need to submit certain documents to support your claim, such as a death certificate, medical records, bills, receipts, or police reports. You can submit these documents by mail, fax, or email. You can also upload them online through your account portal.
Receive your payment: Once your claim is approved, you will receive your payment by check or direct deposit within 10 business days. You can check your claim status online through your account portal or by calling your claim representative.
How can you file a claim with SILAC Insurance Company?
If you need to file a claim with SILAC Insurance Company, you can follow these simple steps:
Visit their website at https://www.silacins.com/ and log in to your account portal. If you do not have an account, you can register for one by providing your policy number and personal information.
Click on the “Claims” tab and select the type of claim you want to file, such as annuity, life, Medicare supplement, or long-term care.
Fill out the online claim form and provide the necessary information, such as your name, policy number, contact details, and claim details.
Upload or attach any required documents, such as death certificates, medical records, bills, receipts, or police reports. You can also mail, fax, or email these documents to SILAC Insurance Company.
Submit your claim and wait for confirmation. You will receive an email or a phone call from your claim representative within 24 hours. You can also check your claim status online through your account portal or by calling your claim representative.
What are the renewals and cancelations Policy of SILAC Insurance Company?
SILAC Insurance Company offers flexible and convenient options for its customers to renew or cancel their policies. Here are some of the details that you need to know:
Policy renewal process:
Depending on the type of policy you have, you may need to renew your policy periodically or automatically. For example, term life insurance policies need to be renewed every 10 or 20 years, while whole life insurance policies are automatically renewed for life. Annuity policies are also automatically renewed for the same term as the original contract. Medicare supplement insurance policies are guaranteed renewable as long as you pay your premiums on time. Long-term care insurance policies are renewable at the option of the company, but they cannot be canceled due to age or health reasons.
Cancelation policy and fees:
If you want to cancel your policy, you can do so by contacting SILAC Insurance Company by phone, mail, fax, or email. You may also need to submit a written request or a signed cancelation form. Depending on the type of policy you have, you may be entitled to a refund of any unused premiums or a surrender value of your policy. However, you may also incur some fees or charges for canceling your policy, such as surrender charges, administrative fees, or state taxes. You can check your policy contract or contact SILAC Insurance Company for more details about the cancellation policy and fees applicable to your policy.
Grace periods:
If you miss a premium payment due date, you will have a grace period to make your payment without losing your coverage or benefits. The grace period varies depending on the type of policy you have and the state where you live. Generally, the grace period is 30 days for most policies, except for Medicare supplement insurance policies which have a 31-day grace period. If you fail to make your payment within the grace period, your policy may lapse or terminate.
Some frequently asked questions (FAQs) about SILAC Insurance Company
Here are some of the FAQs I generated based on the web search results:
Q: How do I access the policyholder portal?
A: You can access the policyholder portal by clicking the Policyholders button in the upper right corner of the SILAC website or by visiting this link. You will need to have an email on file in their system and register for an account.
Q: What are the types of annuities that SILAC offers?
A: SILAC offers two types of annuities: fixed index annuities and multi-year guaranteed annuities. Fixed index annuities allow you to earn interest based on the performance of an external index, such as Barclays Atlas 5 or CS RavenPack AI Index while protecting your principal from market losses. Multi-year guaranteed annuities offer you a fixed interest rate for a predetermined number of years, ranging from three to ten years.
Q: How can I file a claim with SILAC?
A: You can file a claim with SILAC by visiting their website and logging in to your account portal. You can then select the type of claim you want to file, such as annuity, life, Medicare supplement, or long-term care, and fill out the online claim form. Furthermore, You may also need to submit some documents to support your claim, such as a death certificate, medical records, bills, receipts, or police reports. You can also upload these documents online or send them by mail, fax, or email.
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