GILICO WealthChoice – Flexible Growth and Guaranteed Income You Can Count On
GILICO WealthChoice – Flexible Growth and Guaranteed Income You Can Count On
At Diversified Insurance Brokers, we focus on retirement strategies that balance growth, protection, and dependable lifetime income. The GILICO WealthChoice Fixed Indexed Annuity from Guaranty Income Life Insurance Company (GILICO) is built for individuals who want flexible contract terms, strong accumulation potential, and the option to secure guaranteed income that lasts as long as they do. WealthChoice offers 5-, 7-, and 10-year surrender periods, multiple index crediting strategies, an optional premium bonus on the 10-year contract, and a Guaranteed Living Benefit Rider (GLBR) available on the 7- and 10-year versions that can create predictable income starting as early as 30 days from issue. For clients repositioning maturing CDs, rolling over IRA assets, or replacing older annuities with improved features, this contract delivers a compelling blend of safety and opportunity. If you are comparing options, reviewing current fixed annuity rates alongside indexed strategies can help clarify how declared-rate products differ from market-linked accumulation models like WealthChoice.
The Critical Choice: Premium Bonus or GLBR — Not Both
Before evaluating any individual WealthChoice feature in isolation, every buyer must understand one structural constraint that shapes every other decision. The Premium Bonus Rider and the Guaranteed Living Benefit Rider (GLBR) are mutually exclusive — they cannot be combined on the same contract. This means buyers of the WealthChoice 10 face a binary choice at application: elect the Premium Bonus Rider (10% bonus applied to account value, no income rider) or elect the GLBR (lifetime income guarantee at 0.95% annual cost, no premium bonus). There is no version of WealthChoice 10 that includes both. On the WealthChoice 7, the GLBR is available but the Premium Bonus Rider is not offered at all — so that term has no bonus option. On the WealthChoice 5, neither rider is available: no bonus, no GLBR. Every other feature of the contract is downstream from this initial choice, and it cannot be changed after issue. Understanding how this choice maps to your retirement objective — accumulation with an upfront boost versus guaranteed lifetime income — is the starting point for evaluating WealthChoice. Our resource on whether annuities make sense for your situation provides foundational context for that decision.
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WealthChoice: Key Product Specifications
| Feature | Details |
|---|---|
| Carrier and Financial Strength | Guaranty Income Life Insurance Company (GILICO), Baton Rouge, Louisiana. Founded 1926. Subsidiary of Kuvare US Holdings, Inc. — total Kuvare assets exceeded $50 billion in 2025. AM Best: A- (Excellent). Not in J.D. Power study. Focused carrier: only two annuity products (WealthChoice FIA and Guaranty Rate Lock MYGA) — no life insurance, no variable products. Not available in New York. Available in most other states (confirm state availability at application). |
| Terms, Premium, and Rider Availability | Three terms: 5-, 7-, and 10-year. Minimum premium: $20,000. Maximum: $3,000,000 for ages 0–80; $2,000,000 for ages 81+. Additional premiums accepted during first contract year only — minimum $5,000 per addition; lump sum only (no periodic payments). Additional premiums reallocated at next anniversary. Rider availability by term: WealthChoice 5 — no riders available. WealthChoice 7 — GLBR available; no bonus rider. WealthChoice 10 — GLBR or Premium Bonus Rider (mutually exclusive — cannot combine both). With GLBR: maximum issue age 80. |
| Premium Bonus Rider (WealthChoice 10 only) | Current bonus rate: 10% of initial premium and any additional premiums paid within the first 90 days, applied to account value. No rider fee, but cap rates and participation rates on the bonus version are typically lower than the non-bonus 10-year version — the rate trade-off is implicit in the product pricing. Bonus is recaptured proportionally on withdrawals taken in the first 5 contract years. Cannot be combined with the GLBR. Our guide on current bonus annuity rates provides a market-wide comparison of current bonus structures. |
| GLBR (WealthChoice 7 and 10) | Cost: 0.95% of accumulation value annually. Minimum age to exercise income: 50. Income can start as early as 30 days from issue. Two income options: level payouts for life, or increasing payouts at 3% annually (even after account value is depleted). Joint life payouts: full income benefit for both spouses without any reduction — same rate as single life. Excessive withdrawals outside the GLBR provisions can cause payouts to terminate early. Cannot be combined with the Premium Bonus Rider. See our guide on how GLWBs work for the mechanics of lifetime income rider structures. |
| Liquidity, Guarantees, and Waivers | Free withdrawals: 10% of initial premium in year 1; 10% of prior anniversary accumulation value in years 2+. MVA applies in all years on amounts exceeding the free withdrawal. Return of premium guarantee: after year 5, full surrender value will never fall below initial premium (adjusted for withdrawals) — built into every WealthChoice term at no charge. Terminal illness and nursing home confinement waivers included at no charge in all terms. Death benefit: account value paid to beneficiaries; 5-year payout option multiplies death benefit by 110%. RMDs accommodated. For a broader comparison, see our overview of annuity free withdrawal rules. |
| Index Crediting Strategies | Fixed account plus multiple indexed options: S&P 500 Price Return Index, Barclays Global Quality Index (GILICO guarantees the rate on this index for the surrender charge period), S&P 500 Dynamic Intraday TCA Index (rate also guaranteed for surrender period). Multiple crediting methods per index — participation rate, cap rate, and other approaches. 0% floor on all indexed strategies. Annual reset locks in credited gains. Minimum Guaranteed Cash Surrender Value Rate: 2.65% on 87.5% of premium (May–June 2026 contracts). Reallocation among accounts permitted at each contract anniversary. For a full explanation of how crediting mechanics work, see our guide on how fixed indexed annuities work. |
Unlike traditional fixed annuities that credit a static interest rate, a fixed indexed annuity links interest potential to external market indexes while protecting principal from loss due to market downturns. WealthChoice includes a 0% floor, meaning negative index performance will not reduce your account value. Gains, when credited, are locked in annually under reset structures, preventing future volatility from erasing prior growth. The result is a growth vehicle that removes direct downside exposure while preserving meaningful upside potential over time. This design makes WealthChoice particularly attractive for conservative investors who want to reduce portfolio volatility during the critical years leading up to retirement.
The GLBR’s Level vs. Increasing Income Option
One of WealthChoice’s most distinctive income features is the choice between two lifetime payout structures under the GLBR. The first is level income — a fixed dollar amount paid for the life of the owner, or both owners under joint life coverage, regardless of market conditions. The second is increasing income at a 3% annual growth rate — beginning at a lower initial dollar amount but growing automatically each year, including after the account value reaches zero. This inflation-adjustment feature is absent from most income FIAs in this comparison series. For buyers concerned about how inflation affects lifetime income over a 20- to 30-year retirement, the 3% increasing option provides built-in purchasing power protection at the cost of a lower starting payment. The break-even analysis: the increasing option begins paying more than the level option at the point where cumulative increasing payments exceed cumulative level payments — typically somewhere between year 10 and year 15 depending on the starting differential. For buyers who expect to begin income in their mid-60s and have reasonable longevity expectations, the increasing option can produce substantially more total lifetime income.
The joint life provision deserves specific attention. Many income FIAs reduce the joint life payout factor relative to single life — paying a smaller percentage to account for the longer expected duration of two lives. WealthChoice’s GLBR pays the same rate for joint life as for single life, with no reduction. For married couples this is a genuine structural advantage: a couple can secure the same per-dollar income guarantee that a single-life buyer would receive, without accepting a reduced payout to cover the spouse. Combined with the increasing income option and the 30-day income start flexibility, the GLBR creates a highly competitive income toolkit within a carrier that otherwise offers just two products. Our broader resource on annuity product types and income strategies covers how GLWB FIAs fit within a laddered retirement income framework.
GILICO as a Focused Carrier: What Two Products Means for Buyers
Guaranty Income Life Insurance Company offers exactly two annuity products: the WealthChoice FIA and the Guaranty Rate Lock MYGA. There is no variable annuity, no indexed universal life, no immediate annuity, no complex multi-product platform to navigate. This product focus is a deliberate organizational posture — GILICO has built its entire distribution and service capability around mastering a small number of designs rather than proliferating a complex menu. The result is deep expertise in those two product types and a streamlined agent and policyholder experience. The sibling Guaranty Growth Plus FIA is another option within the GILICO lineup, and the Guaranty Rate Lock MYGA serves buyers who want fixed-rate guaranteed growth without index exposure.
The focused product discipline also means GILICO’s pricing reflects a carrier concentrating its option budget on a limited number of indexed products — enabling it to offer competitive cap rates and participation rates relative to its A- peer group. For buyers evaluating whether the GLBR cost of 0.95% of accumulation value annually is competitive relative to other income FIAs, our resource on how annuity withdrawal provisions compare across carriers provides context. A 0.95% income rider fee is consistent with market norms — the F&G Prosperity Elite EGMWB charges the same 0.95% on the income base; North American’s PrimePath Pro 10 embeds its GLWB at no annual charge through a performance-linked roll-up structure, which trades predictability for cost efficiency. The right choice between cost structures depends on whether the WealthChoice GLBR’s income output at your specific age and premium produces better projected lifetime income than comparable products at different price points.
WealthChoice also serves as a strategic rollover destination for qualified retirement accounts. When structured as a direct trustee-to-trustee transfer, rollovers from 401(k)s into WealthChoice avoid triggering a taxable event — our guide on how to transfer a 401(k) to an annuity explains the mechanics, and our overview of solo 401(k) transfers to annuities covers self-employed retirement accounts specifically. For clients approaching required minimum distribution age, understanding how income riders and RMD rules intersect is essential — our overview of RMD changes under SECURE 2.0 provides clarity on updated distribution requirements. WealthChoice’s return-of-premium guarantee — which kicks in after year 5 on all contract terms — provides an additional layer of confidence for buyers making long-term positioning decisions. Our resource on annuity laddering strategy covers how WealthChoice’s 5/7/10-year term flexibility supports a staggered, rolling income or accumulation approach across multiple contracts.
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The source page says the bonus can be “paired with the GLBR” — is that correct?
No — this is a factual error in the original page content that needs to be clearly corrected. The Premium Bonus Rider and the Guaranteed Living Benefit Rider (GLBR) are mutually exclusive on the WealthChoice 10. Per the GILICO product guide, the GLBR is “not available in combination with the premium bonus rider.” You must choose one or the other at application — you cannot have both on the same contract. The practical implication for buyers: if your primary objective is lifetime income, you elect the GLBR and forgo the 10% bonus. If your primary objective is maximum accumulation with an upfront boost, you elect the Premium Bonus Rider and forfeit the income guarantee. There is no version of WealthChoice 10 that combines both features. Any illustration or product description suggesting they can be combined is incorrect and should not be relied upon for purchasing decisions. Request current product documentation directly from GILICO or through your independent agent to confirm this constraint before application.
How does the 3% increasing income option under the GLBR work if my account value runs to zero?
The 3% annual increase continues even after the account value is depleted to zero. Once GILICO’s income obligations are triggered under the GLBR and the account value goes to zero, the contract shifts to GILICO’s claims-paying ability to fund the income stream. The 3% annual growth on the increasing option applies to the prior year’s payout amount — so if year 1 income is $10,000, year 2 is $10,300, year 3 is $10,609, and so on. The growth is permanent: each year’s payment is the new floor going forward. This contrasts with fixed income streams from other contracts that can only be level or decreasing. One important caveat: the increasing option begins at a lower starting dollar amount than the level option. The starting payout percentage under the increasing option is lower to account for the projected higher future payments — buyers should request an illustration that shows both the level and increasing payout at their specific age and premium to evaluate the trade-off. If you live into your 80s and 90s, the increasing option typically produces substantially more total lifetime income than level. If you begin income late and live a shorter time, the level option may produce more total income. Neither is universally superior — it depends on your income start age and longevity expectations.
Why does the WealthChoice 5-year have no riders at all — not even the GLBR?
The 5-year WealthChoice is structurally different from the 7- and 10-year versions: it is a pure accumulation FIA with no rider availability. The GLBR requires a minimum period for the income base to develop meaningful value before payments begin, and GILICO’s product architecture restricts the GLBR to surrender periods that provide sufficient runway for that development — hence the 7-year minimum. The premium bonus rider is restricted to the 10-year contract because the longer duration provides the carrier more option budget and pricing capacity to absorb the bonus cost. The WealthChoice 5 is best understood as a short-term, no-rider FIA: it gives buyers the 0% floor, multiple index crediting options, the return-of-premium guarantee after year 5 (which coincides with the end of the surrender period), and 10% free annual withdrawals, but it does not provide lifetime income. For buyers who want the shortest WealthChoice commitment and have separate income arrangements or intend to ladder short-duration contracts, the 5-year version can serve as a competitive 5-year accumulation vehicle from an A- carrier with a built-in return-of-premium floor. For buyers whose objective is income, the 7- or 10-year version with the GLBR is the appropriate choice. Our overview of 403(b) to annuity rollovers covers how different surrender period lengths interact with the tax-qualified rollover mechanics for institutional retirement accounts.
What happens to the 10% bonus on WealthChoice 10 if I take a withdrawal in years 1 through 5?
The Premium Bonus Rider on WealthChoice 10 includes a 5-year recapture provision on the premium bonus: if withdrawals are taken during the first five contract years, the bonus — or a portion of the bonus — is recaptured proportionally. This means the 10% bonus is not fully vested from day one. The recapture applies specifically to withdrawals that reduce the account value below what it would have been without the bonus — the standard 10% free withdrawal provision still applies, but any bonus attributable to the withdrawn amount is subject to recapture during the first five years. Buyers who apply the WealthChoice 10 with the Premium Bonus Rider should plan to hold the contract through the 5-year recapture window before taking any material distributions, or model the net account value after recapture before making any withdrawal decisions. After year 5, the return-of-premium guarantee also activates, meaning the full surrender value can never fall below the initial premium (adjusted for withdrawals). The combination of the 5-year recapture and the year-5 return-of-premium provides a useful planning marker: year 5 is the point at which both the bonus is fully vested and the principal floor guarantee activates simultaneously.
GILICO only offers two products — does that limited lineup create any concern for buyers?
For buyers who specifically want a WealthChoice FIA or a Guaranty Rate Lock MYGA, the limited lineup is not a concern — it is a feature. GILICO focuses its operational resources, option budget, and service infrastructure on mastering two product types, which typically produces competitive crediting rates and streamlined processing relative to carriers managing a dozen or more product lines simultaneously. The concern with a limited-product carrier is not product breadth — it is financial depth. For GILICO specifically, the A- rating from AM Best, the Kuvare US Holdings parent with $50B+ in assets, and the carrier’s 99-year operating history (founded 1926) provide the financial foundation that matters for long-term contractual guarantees. Buyers who need products GILICO doesn’t offer — immediate annuities, variable annuities, or multi-product retirement income solutions — will need to look elsewhere, and Diversified Insurance Brokers represents over 75 carriers to fill those gaps. But for buyers whose requirements align with a competitive FIA or MYGA from an A- Kuvare-backed carrier, the focused product discipline is a positive signal rather than a limiting factor. The Guaranty Growth Plus FIA is an additional GILICO FIA option worth reviewing alongside WealthChoice.
About the Author:
Jason Stolz, CLTC, CRPC, DIA, CAA and Chief Underwriter at Diversified Insurance Brokers (NPN 20471358), is a senior insurance and retirement professional with more than 25 years of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, Group Health, Travel Medical and Evacuation Insurance, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, and contributions from his agency featured in Kiplinger and GoBankingRates— highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient. Visitors who want to explore current annuity rates and compare options across multiple insurers can also use this annuity quote and comparison tool.
Explore More: Browse our complete Lifetime Income Planning guide — covering retirement income strategies, account transfers & annuity income solutions from 100+ carriers.
Last Reviewed: June 24, 2026 |
Reviewed by: Jason Stolz, CLTC, CRPC, DIA, CAA
Chief Underwriter, Diversified Insurance Brokers, Inc. | NPN: 20471358 | Licensed in all 50 states
Editorial Standards: Diversified Insurance Brokers maintains rigorous editorial standards to ensure accuracy, clarity, and independence in all content. Learn more about our editorial standards and commitment to transparency.
