Sunamerica is a life insurance company who is also a subsidiary of AIG Retirement Services. Sunamerica offers retirement services for those 45 and older. It is one of the top issuers of variable annuities. One of the focuses of Sunamerica is to guarantee customers income for life and protection of their assets from a continually volatile market.
Sunamerica’s variable annuities can be found through a variety of outlets including:
- Financial advisors
- Financial institutions
The company can also administer closed blocks of fixed annuities, guaranteed investment contracts, and universal life policies.
Sunamerica Life Insurance Company History
Sunamerica has been in business since 1890. When it first started out Sunamerica was called Sun Life of America. In 1971, Sun Life was bought out by Broad Inc., now known as AIG Retirement Services.
In 1983, Sun Life changed its focal point from insurance to retirement services. Anchor National Life Insurance was acquired by Sun Life in 1986 and after this, the name changed to AIG Sunamerica. For eight years, starting in 1990, Sunlife was the best performing stock in the New York Stock Exchange and afterwards they merged with AIG in 1998.
Sunamerica now provides 500,000 people with services and financial products that seek to create economically secure retirement.
Sunamerica Life Insurance Company Products
Sunamerica focuses on meeting the retirement needs of their customers. Variable annuity, optional benefits, and 401k are the products they offer.
Sunamerica’s variable annuity products offer legacy options, long-term growth potential and flexible income options. These can act as a safeguard against a volatile market and can provide a potentially rising stream of income.
Sunamerica’s variable annuity utilizes strategies that provide:
- Predictability with one’s income that cannot be out lived
- Participation in equity markets
- Protection against risks that are on the downside
Some of the benefits of having a variable annuity product from Sunamerica are the following:
- Participation in the growth potential of stock market
- Professional money management
- Tax deferral and other tax advantages
- Protections features (keeping your money safe from market risk; additional fees apply)
- Fixed-rate returns (opportunities for)
- Flexible income options
- Guaranteed lifetime income
- Asset allocation program
- Beneficiary protection
- Income stream that is predictable
Optional benefits work with the variable annuities by giving the customers the opportunity to participate in the growth potential of the market. However, with the optional benefits they have protection features that reduce the risk of losing any income or beneficiaries. The choices for optional benefit provide:
- Retirement income protection – this helps to ensure future income protection against a volatile market.
- Beneficiary protection – to help safeguard the amount of money your family and heirs receive is protected against investment losses in a volatile market.
Sunamerica has two 401(k) products: Polaris 401(k) and Individual 401(k). The Polaris 401(k) program offers owners of small to medium sized companies a single, cost effective 401(k) package. This includes the following:
- Administrative services
- Simplified plan administration
- Valuable trust services
- Employer services and education
- Tools and services for employees
Sunamerica’s Individual 401k is a great solution for those who are self-employed. It can be designed specifically for the individual business owners needs and can help:
- Defer more taxes on current income
- Secure more money for retirement income
- Save additional money for future income needs
Sunamerica Life Insurance Company Ratings
Sunamerica has four different ratings for both of their companies. According to Standard & Poor’s, Sunamerica has an A+ rating, which is considered “Strong” and financially secure. Moody’s Investors Service gave Sunamerica an A2 rating. This is a “Good” rating.
A.M Best Company gave Sunamerica an A or “Excellent” rating which means they believe Sunamerica is in excellent shape to meet ongoing insurance needs and obligations. Finally, Fitch Ratings gave Sunamerica an A or “Strong” rating as well.
Health Insurance Companies
While Sunamerica is an excellent life insurance company, they do not offer health insurance. There are several great companies that do offer health insurance. The following health insurance companies ranked somewhere in the top 25 of best health insurance companies on a national level according to U.S. News:
- Kaiser Foundation Group
- Highmark Group
- HCSC Group
- Aetna Group
Coventry Corp. Group
Coventry Corp. Group, for example, has an impressive health care set up. Their health insurance plans include:
- Group Plans
- Individual Plans
- Behavioral Health Plans
- Workers’ Comp Plans