Secure Savings Elite 3-Year review

It depends on your priorities. The product structure is clean and the optional rider mechanics are transparent, which earns it some credit. But the A.M. Best B rating is a real concern for buyers who are putting meaningful retirement dollars into a three-year contract and expecting the carrier to be there at maturity. For buyers who are comfortable with the carrier-quality tradeoff — perhaps because of rate, state, or distribution context — this is a workable short-term MYGA. For buyers who have access to A-rated or better alternatives at comparable rates, those alternatives are generally preferable.

The rational case is straightforward: a 3-year commitment with a locked rate and the ability to customize liquidity upfront. Someone approaching a short-term savings target — rolling a CD, parking proceeds from a home sale, or bridging a few years to a pension start date — might find this design attractive. The optional riders let them dial in exactly how much access they need, rather than accepting a one-size-fits-all free-withdrawal provision. For qualified-money buyers who need RMD coverage, the dedicated RMD rider removes that compliance headache at a modest 10 basis point cost.

I think this product is most appropriate for conservative savers in the approved states — Florida and Missouri — who have a genuine three-year horizon and limited need for principal access beyond what the base contract or selected rider allows. It is a reasonable fit for IRA rollovers where RMD coverage is a priority, since the RMD rider explicitly addresses that. It is less appropriate for buyers shopping primarily on carrier strength, buyers in the many excluded states, or buyers who might need substantial liquidity before the three-year term ends.

You are buying a promise from SILAC Insurance Company to credit your deposit at a fixed interest rate for three years, then return your principal plus accumulated interest at the end of the surrender period. There is no index component, no market risk, and no variability in the credited rate — it is locked at inception. What you give up is liquidity: breaking the contract early triggers surrender charges starting at 9% in year one, and the market value adjustment means the effective penalty can be larger or smaller depending on interest rate movements at the time of withdrawal. The three optional riders let you buy back limited liquidity at the cost of a slightly lower starting rate, which is a reasonable tradeoff for buyers who want some access but do not need full flexibility.

The crediting method is straightforward: one fixed interest rate, guaranteed for the full three-year term, applied to the entire account value. The rate in the brochure materials was 4.50% as of November 2024. That rate is a snapshot and will vary by contract issue date — if you are shopping this product, confirm the current guaranteed rate with the carrier or distributor before committing.

The minimum guaranteed surrender value is 1.00%, which is the floor the carrier is contractually required to credit even in adverse scenarios. In practice, the declared rate will be well above that floor, but the MGSV disclosure sets the outer bound of what could happen if SILAC exercised its maximum flexibility under the contract.

The optional rider menu is the distinguishing structural feature. Three riders are available, each reducing the base rate:

Accumulated Interest Rider: allows access to accumulated interest at any time; costs 0.06% off the base rate

5% Penalty-Free Withdrawal Rider: adds a 5% annual penalty-free withdrawal from year one; costs 0.06% off the base rate

RMD Rider: permits required minimum distributions without surrender charges or MVA; costs 0.10% off the base rate

These riders can be selected at issue and cannot be added later. Importantly, without riders, the base contract in year one allows only credited interest (not a flat 5% of value) — the 5% penalty-free access does not apply until year two under the base contract terms. Buyers who anticipate needing any access in year one should carefully evaluate whether the 5% Penalty-Free Withdrawal Rider is worth the rate reduction.

The 3-year surrender schedule starts at 9% in year one and steps down to 8% and 7% in years two and three. That is on the steeper end for a 3-year product — many comparable MYGAs in this duration band run 5-7% at the top of the schedule. The market value adjustment (MVA) adds additional variability to the effective penalty, meaning rising interest rates at the time of early withdrawal can push the true cost above the nominal charge shown in the schedule.

The 30-day penalty-free window at the end of the guarantee period is standard. Buyers should calendar this window — missing it typically means either annuitizing or rolling into a new contract term under whatever terms SILAC offers at that point.

For qualified-money holders, the RMD rider is the clean solution. Without it, RMDs are technically covered under the base contract's free-withdrawal provision, but the mechanics differ: in year one, only credited interest is available penalty-free, which may fall short of the RMD calculation depending on account size and age.

There is no base contract fee. The "cost" of the three optional riders is expressed purely as a rate reduction from the starting yield, not as a separate charge deducted from the account value. That structure is easy to understand: you see the net rate you will earn upfront, based on which riders you select.

The main fee-adjacent tradeoff is the MVA. It is not technically a fee — it is a mechanism that adjusts the surrender value based on changes in market interest rates since issue. If rates have risen when you surrender early, the MVA makes your effective penalty worse. If rates have fallen, it may partially offset the surrender charge. Because three-year horizons are relatively short and MVAs can add meaningful friction, buyers should treat the surrender charges as a firm barrier rather than a rough guideline.

Legal Entity: SILAC Insurance Company

A.M. Best Rating: B

SILAC Insurance Company is a smaller regional carrier. The A.M. Best B rating falls below the threshold that many fee-only planners and broker-dealers require — most gatekeepers screen for A- or better. That is not an automatic disqualifier, particularly for short three-year commitments, but it is a meaningful data point. Buyers should confirm the current rating before purchasing and consider the tradeoff against A-rated or better alternatives available in their state.