Guaranty Income Life Guaranty Growth Plus Fixed Indexed Annuity
At Diversified Insurance Brokers, we help individuals plan for a secure retirement with annuities that combine growth potential, income guarantees, and financial flexibility. The Guaranty Income Life Guaranty Growth Plus Fixed Indexed Annuity, issued by The Guaranty Income Life Insurance Company (GILICO) , is designed for people who want market-linked accumulation, principal protection, and a built-in lifetime income benefit in one contract.
This fixed indexed annuity (FIA) can work as a core retirement income tool, especially for retirees who want to protect their principal while still having the potential to earn more than a traditional fixed annuity or CD. If you’re still learning how these products work, you may also want to review how a fixed indexed annuity works and how a GLWB income rider works .
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How the Guaranty Growth Plus Fixed Indexed Annuity Works
Guaranty Growth Plus is a fixed indexed annuity, which means your money is never directly invested in the stock market. Instead, interest is credited based on the performance of one or more market indexes plus a traditional fixed interest account. This structure lets you:
- Participate in upside when the index performs well (subject to caps, spreads, or participation rates).
- Avoid index-related market losses—your account value isn’t reduced just because the market has a bad year.
- Benefit from tax-deferred growth until you withdraw funds or start income.
If you’re comparing this to other ways to grow retirement savings, it can help to first review what a deferred annuity is and how annuities earn interest .
Growth, Minimums, and Tax Deferral
The annuity offers a low minimum premium, which makes it accessible for many households while still providing long-term growth potential. For investors currently in low-yield CDs or savings, repositioning into this type of FIA can be a way to seek higher interest without taking on full market risk.
Growth inside the contract is tax-deferred, so you do not pay taxes on interest each year. Instead, taxation generally occurs when you take withdrawals or begin lifetime income. When you are evaluating the tax impact, it can be helpful to compare this with how annuities are taxed alongside other income sources like Social Security benefits .
Liquidity, Penalty-Free Access, and Health Waivers
Beginning in the second contract year, you can typically withdraw up to a stated percentage of your account value (for example, up to 5% per year) without incurring surrender charges. This provides ongoing access to a portion of your money for unforeseen needs.
The contract also includes health-based waivers for certain events such as terminal illness or long-term care needs, which may allow additional access to funds without standard penalties. These features can complement other planning tools like long term care insurance with lifetime benefits or a non-qualified long-term care annuity .
Built-In Lifetime Income Benefit (GLIB)
One of the standout features is the Guaranteed Lifetime Income Benefit Rider (GLIB), which is automatically included with the annuity at no additional rider fee (per current product design). The GLIB uses an income benefit base and contract payout factors to determine your guaranteed lifetime income.
Once you elect income, you receive paychecks you cannot outlive, even if your contract’s account value eventually goes to zero. This can effectively create your own “personal pension.” For context, you can compare this with other options using the annuity payout calculator and income guides such as how much income an annuity can pay .
Income Doubler for Health Events
In addition to base lifetime income, the contract may include an Income Doubler feature that can increase payments for a limited period if you cannot perform at least two of six Activities of Daily Living (ADLs) or meet other qualifying criteria. This can be especially valuable for retirees who are concerned about care costs later in life. To better understand these triggers, see our guide on Activities of Daily Living .
Legacy and Beneficiary Protection
If you pass away before or during your income phase (subject to contract terms), your beneficiaries typically receive the full contract value with no surrender charges at death. This structure helps turn your annuity into both an income tool and a legacy planning tool.
For a broader comparison of how different carriers treat heirs, you can review:
Who Is This Annuity a Good Fit For?
- Pre-retirees and retirees who want principal protection with more upside than a traditional fixed annuity.
- People who value a built-in lifetime income rider instead of paying extra for an optional rider.
- Households concerned about future health events who like the idea of an Income Doubler and health waivers.
- Investors repositioning conservative assets (CDs, money markets, older annuities) after reviewing the best retirement income annuity options .
Why Work With Diversified Insurance Brokers?
As an independent, family-owned agency, we compare this annuity against dozens of alternatives from 75+ A-rated carriers. We’ll show you clear illustrations, explain the trade-offs in plain language, and help you decide whether Guaranty Growth Plus belongs in your retirement plan—or if another fixed or fixed indexed annuity is a better fit.
If you’re considering moving money from an existing plan, these resources may help:
Bottom line: if you want a combination of market-linked growth potential, lifetime income, and strong protection features, Guaranty Growth Plus is worth a serious look alongside other leading fixed indexed annuities.
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Talk to an Advisor or Request Your Annuity Quote
Ready to explore this annuity in more detail—or compare it with other carriers to see if even higher rates are available? With guaranteed income, principal protection, and long-term growth potential on the line, making the right choice is essential. The experienced advisors at Diversified Insurance Brokers will guide you through the options and design a strategy tailored to your retirement goals.
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FAQs: Guaranty Growth Plus Fixed Indexed Annuity
What type of annuity is Guaranty Growth Plus?
Guaranty Growth Plus is a fixed indexed annuity (FIA). Your principal is protected from market
losses, and interest credits are linked to one or more market indexes and/or a fixed interest account, subject to
caps, spreads, or participation rates in the contract.
Is my principal guaranteed?
Yes, for most contract designs your principal is protected from index-related market losses as long as you follow
the contract terms. However, withdrawals above free amounts, surrender charges, or rider fees can reduce your
contract value.
How does the lifetime income benefit (GLIB) work?
The Guaranteed Lifetime Income Benefit (GLIB) is a built-in income rider. It uses a benefit base (separate from
account value) and contract-specific payout factors to determine your guaranteed lifetime income. Once you
activate the rider, you receive income for life, even if your account value is eventually depleted.
What is the Income Doubler feature?
Subject to contract terms and eligibility, the Income Doubler may increase your lifetime income payments (often up
to two times the base amount) for a limited period if you cannot perform at least two of six Activities of Daily
Living (ADLs) or have a qualifying cognitive impairment. This is designed as extra help if long-term care-type
expenses appear later in retirement.
How much can I withdraw without penalties?
Starting in the second contract year, many versions of this annuity allow up to a stated percentage of account
value (for example, 5% annually) as penalty-free withdrawals. Amounts above that may incur surrender charges and
possible market value adjustments (MVA). Always check your specific contract for exact limits.
Can I use IRA, 401(k), or non-qualified funds?
Yes. The product can often be funded with IRA rollovers, other qualified plans, or non-qualified (after-tax)
money, subject to carrier rules. Tax treatment differs between qualified and non-qualified funds, so it’s
important to coordinate the strategy with your tax advisor.
What happens to the annuity when I die?
Beneficiaries typically receive the full contract value, generally without surrender charges at
death. Your heirs can take a lump sum or structured distributions depending on contract provisions and tax rules.
For more details, see our guide on
annuity beneficiary death benefits
.
Are there fees with this annuity?
The base FIA typically does not have an explicit annual policy fee, but internal costs are reflected in caps,
spreads, or participation rates. Certain riders may have annual charges, and standard surrender charges apply if
you exit early. We provide a clear illustration showing how these factors impact your projected values.
How do I know if Guaranty Growth Plus is right for me?
This annuity may fit if you want principal protection, index-linked growth, and a built-in lifetime income benefit
with potential extra support for health-related needs. It may not fit if you need full liquidity or are seeking
aggressive market-style growth. Our advisors compare this product to other
retirement income annuity options
so you can make an informed decision.
