Rate Announcements

SAVER Annuity Rates Change

By SNF Treasurer Gregory Volitich

The market has pressured the SNF (along with most every other Insurance Company, Investment Company, and Bank) to lower rates to remain profitable while being competitive.  As members, you are probably aware that the Board of Directors and the Executive Committee are hesitant on moving rates (especially downward) because we believe the members should be able to have the highest crediting rate available.

These are the changes to our Annuity Rates that were recently approved at the September SNF Meeting.  After consulting the SNF Investment Committee, Financial Consultants, while comparing our old and new rates, the Executive Committee thought that we could remain extremely competitive in the Fixed annuity space by approving the crediting rates listed below.  They are as follows:

SAVER Annuity Rate Changes

  • Bonus rate on SAVER 8 is no longer available – (effective immediately)
  • New SAVER Annuity rates will be:
    • SAVER 8  -  4.25% 1st year, 3.0% yrs. 2-8, avg rate of 3.156%, thereafter crediting rate @ 2.75%
    • SAVER 6  -  3.25% 1st year, 2.55% yrs. 2-6, avg rate of 2.66%, thereafter crediting rate @ 2.35%
    • SAVER 2  -  2.50% 1st year, 1.75% yr. 2, avg rate of 2.125%, thereafter crediting rate @ 1.50%
  • All SAVER Annuities issued will have a minimum Guaranteed rate of 1.0%.

NOTE: The SNF has not, in its 120-year history, moved rates to the minimum guarantee.  It, the minimum guarantee, is mostly in place for actuarial calculations when stressing our financial readiness in case of a catastrophic/cataclysmic financial crisis.  The minimum rate levels are set by actuaries.  Any questions on the way this impacts the Savez – contact Greg Volitich – SNF Treasurer at gvolitich@snflife.org. 

Moving forward for Mature Annuities – (Those no longer having a surrender charge)

Another provision approved at the September SNF Meeting was to specifically work with our Mature Annuities.  After consulting the SNF Investment Committee, Financial Consultants, while comparing our old and new rates, the Executive Committee thought that we could remain extremely competitive in the Fixed annuity space by approving some new guidelines with respect to Mature Annuities.  They are as follows:

If you have a Mature Annuity (one that no longer has a sales charge attached to it) you will be eligible to take advantage of any of the Current Crediting Rates offers.  In addition, you may qualify for a “Fraternal Dividend.”  This Fraternal Dividend is available to those members who choose to take advantage of the any of the Current Crediting Rate offers.

The Home Office is beginning to process these offers directly to you – our SNF member.  If you would like to contact the SNF Home Office to check specifically on your annuity, feel free to call them at 412-458-5227. 

NOTE: No member’s rates will be adjusted, as described below, until a written notice has been sent to the address of record of the member on file with the SNF Home Office.  Additionally, members may receive a call from our staff to verify information and answer your questions.  If you want to verify your address is correct, feel free to call the SNF at 412-458-5227 or email us at snf@snflife.org.

  • All Mature Annuities (those annuities out of surrender charge. i.e. SAVER 6 – after the 6th year) will have their crediting rate adjusted down to those thereafter crediting rates currently available ad approved by the SNF.  These stated crediting rates will not take effect until the member has been given a 30-day written notice of the rate change. 
  • Each member will have the opportunity to stay where they are or move (all or part of their annuity balance) to another plan currently available from the SNF.  (Additional forms may be required depending on your state of residence)
  • If a member chooses to stay and keep their SAVER annuity as is – it would continue to be free of surrender charges.  In essence, it is liquid.    
  • If a member chooses to move all or part of their balance to another SAVER plan, this would start a new surrender charge schedule.  This would be only on the amount moved to the new plan - according to the SAVER plan chosen.  (Additional forms may be required depending on your state of residence)
  • Any current, approved offer will be available for the member’s benefit.

Any member wishing to move annuity assets from one to another will use our new annuity transfer form for this purpose.  Additionally, we should get a replacement form signed and an illustration signed too.

►  Any member moving to another SAVER annuity to lock in a higher rate will be credited a “Fraternal Dividend” on the date of the exchange which will be added to the 1st year’s stated crediting rate.  Those Member initiated “Fraternal Dividends” will be credited as follows:

  • SAVER 8  -  an additional 1.00% Fraternal Dividend
  • SAVER 6  -  an additional 0.75% Fraternal Dividend
  • SAVER 2  -  an additional 0.25% Fraternal Dividend

NOTE: Fraternal Dividends associated with this offer will be credited immediately to the deposit into the chosen SAVER offer.  The Fraternal Dividend will be revoked (and all credited interested earned from the date of its deposit) if the terms of the new SAVER contract are not adhered to in their entirety.

BIG News

Effective and ready now -  The SNF is able to use Docusign for those interested.  Life Insuarance applications and IRA/Roth IRA/Annuity applications are all able to be Docusigned.  There are some stipulations with DocuSign but our staff can guide you, if need be.

Moreover, we now have a dedicated phone line for SNF SALES.  It is 507-339-SERB (7372).  If you like you can direct your sales questions to us at 1901snf@gmail.com.  We can prepare quotes and illustrations for those interested in our Life Insurance and Fixed Annuity products.

These recent additions should allow us to better service inquiries for those interested in joining our Fraternal Society and enhance our timeliness of returning calls and emails to those of you seeking information on our products. 

The SNF pledges a returned call or email within 1 business day.   We hope this pledge increases your want to continue to support our Savez by inquiring about one of our many products and encouraging others in your immediate and/or extended families to be part of the SNF.  Below is a list of our available products.

¨ Traditional Whole Life Insurance (excellent option for those left without any or not enough Life Insurance coverage after retiring/leaving employment, also for final expenses and bequeathing to a church/charity)

¨ 20 Year Pay Permanent Life Insurance (excellent option for final expenses)

¨ 10-year Level Term Life (great cost effective option to lock in coverage while insurable)

¨ Single Premium Whole Life (excellent option for estate planning, final expenses, and bequeathing to a church/charity)

¨ Single Premium Term to age 30 (option was created for our youth – great option for those wishing to find a cost effective way to join)

¨ Annuity Riders (nice way to add savings to your Life Insurance payment - for permanent plans only)

¨ Coverdell (Education Savings Plans – deposits with a permanent life plan in place are currently credited at 4.00%/yr.)

¨ IRA & Roth IRA Accounts (the SNF can accept regular contributions, rollovers/trustee-to-trustee transfers)

¨ Settlement Options (can be customize to your liking and needs)

¨ Immediate Annuities (great option to fill the void of income for a specific period of time depending on your need)

¨ SAVER 8, SAVER 6, & SAVER 2 Fixed Rate Annuities

The products listed above are not suitable for everyone nor does everyone qualify for them.  Suitability for these products and investments should be decided by the potential contract holder as the SNF does not offer financial, tax, and/or legal advice. 

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Related Articles