Q: What is a no-fee annuity?

A: A no-fee annuity is an annuity contract that does not charge the common fees many annuities carry. At Professional Life & Casualty Company, that means no administrative fees, no surrender charges, and no withdrawal fees. Your money earns tax-deferred interest, and you keep more of what you earn because routine charges don't eat into your balance.

 

Q: How is a no-fee annuity different from a regular annuity?

A: Many annuities charge surrender fees for early withdrawals and ongoing administrative costs. Professional Life & Casualty Company annuities do not, so you can take partial or full withdrawals at any time without company fees. Withdrawals before age 59½ may still be subject to an IRS tax penalty.

 

Q: What is a surrender charge?

A: A surrender charge is a fee some annuities apply if you withdraw funds during an early surrender period. Professional Life & Casualty Company annuities have no surrender charges.

 

Q: What is an administrative fee in an annuity?

A: An administrative fee is a recurring charge some companies use to cover contract servicing costs, such as recordkeeping and statements. Professional Life & Casualty Company annuities have no administrative fees.

 

Q: What is a withdrawal fee?

A: A withdrawal fee is a charge some annuities apply when you take money out. Professional Life & Casualty Company annuities have no withdrawal fees. Withdrawals before age 59½ may still be subject to an IRS tax penalty.

 

Q: What interest rate do Professional Life & Casualty Company annuities earn?

A: The current rate is 6% APY for new accounts in 2026. Rates on accounts are reviewed periodically and can change throughout the year, but the interest rate is guaranteed to never go below 1%.

 

Q: What types of annuities do you offer?

A: Professional Life & Casualty Company offers three annuity products: a Tax-Deferred Annuity (a flexible-premium annuity that lets you make unlimited deposits while interest grows tax-deferred until withdrawn), a Traditional IRA Annuity (lets you save earned income tax-deferred until retirement with pre-tax contributions during your working years), and a Roth IRA Annuity (lets you save after-tax income and earn interest tax-free). All three allow transfers of existing retirement savings to Professional Life & Casualty Company.

 

Q: Who is a no-fee annuity right for?

A: A no-fee annuity may be a good fit for people who want guaranteed principal, tax-deferred growth, and flexible access to their money without surrender charges or withdrawal fees. It can also appeal to those moving retirement savings, such as an IRA or 401(k) rollover, into a more conservative option. 

 

Q: Can I withdraw my money whenever I want?

A: Yes. You can make partial or full withdrawals at any time with no surrender charges and no withdrawal fees from Professional Life & Casualty Company. Note that withdrawals before age 59½ may be subject to an IRS penalty under federal tax rules.

 

Q: What payout options are available?

A: We offer convenient payout options, including monthly, semi-annual, annual, or partial withdrawals, to help you manage living expenses like healthcare in retirement. For IRA Annuities, we also offer payout options designed to help you meet your annual Required Minimum Distribution (RMD).

 

Q: Does the annuity include a death benefit?

A: Yes. Professional Life & Casualty Company annuities include death benefit provisions, allowing you to name a beneficiary.

 

Q: In which states are your annuities available?

A: Annuity products from Professional Life & Casualty Company are available in Illinois (IL), Indiana (IN), North Dakota (ND), and Oklahoma (OK) only.

 

Q: Is my money safe with Professional Life & Casualty Company?

A: Professional Life & Casualty Company was established in 1955 and is part of the Heritage Life Insurance family. The interest rate on your annuity is guaranteed never to fall below 1%, and there are no surrender charges that lock up your funds.

 

Q: How do I get started or get more information?

A: Call 1-800-651-1800 to speak directly with an insurance professional, Monday through Friday, 9:00 a.m. to 4:30 p.m. Central time. You can also request a free information packet or apply online.

 

Q: Where are you located?

A: Professional Life & Casualty Company is located at 227 W Monroe St., Suite 3775, Chicago, IL 60606.

 

Disclaimer: This is not financial advice.