5 Annuity Companies To Avoid

In this article, we will be taking a look at 5 annuity companies to avoid. To see more of these companies, you can go directly to see the 10 Annuity Companies To Avoid.

5. SILAC Insurance Company

AM Best Rating: B+

Comdex Score: N/A

SILAC Insurance Company is an annuity company affiliated with Sterling Financial Group, Inc. It is based in Salt Lake City, Utah.

The company provides Medicare Supplement, life insurance, short-stay nursing home insurance, and hospital indemnity insurance alongside its annuity products. With over $6.7 billion in assets and $6.5 billion in liabilities, it has an assets-to-liability ratio of 104.17%.

4. ELCO Mutual Life & Annuity

AM Best Rating: B+

Comdex Score: 35

ELCO Mutual Life & Annuity is based in Lake Bluff, Illinois.

The company offers flexible premium differed annuities, single premium deferred annuities, and Medicaid Compliant annuities. It has a BBB- rating at KBRA and a B+ at A.M. Best, alongside a Comdex score of 35.

3. Genworth Life & Annuity Insurance Company

AM Best Rating: B

Comdex Score: 32

Genworth Life & Annuity Insurance Company is an insurance company based in Richmond, Virginia. It was founded in 1871.

The company offers long-term care insurance and mortgage insurance. It has over $13.5 billion in assets and $12.7 in liabilities, bringing its assets-to-liability ratio up to 106.05%. Moody’s has a B3 (Poor) rating on it.

2. Genworth Life Insurance Company of New York

AM Best Rating: C++

Comdex Score: 31

Genworth Life Insurance Company of New York is based in New York and was founded in 1988.

A.M. Best and Moody’s have ratings of C++ and Caa1 (Very Poor) on Genworth Life Insurance Company of New York. The company is a subsidiary of Genworth Life Insurance Company and has $6.9 billion in assets. Its liabilities amount to $6.7 billion, making its assets-to-liability ratio stand at 103.14%.

1. Colorado Bankers Life Insurance Company

AM Best Rating: E

Comdex Score: N/A

Colorado Bankers Life Insurance Company, based in Durham, North Carolina, has the lowest A.M. Best rating on our list. It was founded in 1974.

The company’s rating fell so drastically after a court decision in 2019 put it in rehabilitation. It provides individually underwritten supplemental coverages and annuities for employer-sponsored, government, and individual marketplaces.

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