Reviews

This profile includes reviews for SILAC Insurance Company's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  SILAC Insurance Company

  299 S Main St Ste 1100 Salt Lake City, UT 84111-2579

  
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  SILAC Insurance Company

  PO Box 2460 Salt Lake City, UT 84110-2460

  
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  SILAC Insurance Company

  345 W North Temple # 200 Salt Lake City, UT 84180

  

Review Details

• Review fromDENEGAR D

  Date: 02/25/2025

  1 star
  Recently my wife received her Minimum Annual Distribution which appeared to be low. When questioned, they gave the following response; "To help clarify the annual statement, the policy earned *******% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ ********* (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by *******%, it totals to $2,557.66 (amount rounded to the nearest tenth).: We took exception to this calculation and submitted the following;"The proper calculation is as follows; interest at ******* percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $********* equals $2213.96 PLUS ******* divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18."So far they are just blowing us off. If they did this to my wife, then they do this on every annuity.

• Review fromRobby L

  Date: 12/27/2024

  1 star
  I rolled a 401k with $94,000 in to Silac in 2022.... 2 years later my account has not grown at all and they are telling me it will cost $8,000 to withdraw the money and put it back into a 401k or an annuity outside of Silac! I need help and I dont know what to do.... utmimately, it looks like I am going to have to pay the $8,000 and just cut my losses. This company is an elite scam artist. Please, for your own good, stay far from this company!

• Review fromTyler K

  Date: 12/02/2024

  1 star
  Absolute corporate thieves. Crafty and overly-technical in the way they dupe people. Completely misleading scam style. Not a single soul behind this scam protected by being a big corporate entity to steal from the little guy. Keep your family safe from this horrible company.

• Review fromKevin R

  Date: 10/17/2024

  1 star
  Just got off the phone with Silac. They denied the long term claim for my 92 year old mother. She has paid on this policy for 25 years. She has been the responsible person taking thought of her long term care. She is nearly blind. They denied their responsibility based upon their definition of substantial. She needs to need substantial help in two areas of life. The fact that she is incontinent is not enough. She must have help wiping herself. The fact she needs help five feet away while showering is not enough. She needs help in arms length. The fact she plops down rather than sits down is good enough. The fact that she cant walk down the hall alone without help guiding her is not enough. The fact that she spent days in *** earlier this year due to a fall is not enough. They dont consider fall as a substantial need. This is a big insurance company counting money over fulfilling their contracts. Dont go near them for your own sake. This is a multi billion dollar company putting money over humanity. It is just typical of insurance companies now days. Silac is just like the rest of the crowd. Money is god

• Review fromMia M

  Date: 09/05/2024

  1 star
  Buying an annuity from Silac is the worst financial decision I have made. I invested money into 2 annuities and after 2 years I only made a little over $400. I filed a complaint against the company and the agent with the bureau of insurance and the company takes no responsibility for misinformation and poor customer service. They said I got the paperwork and had time to read and understand the information. Im not an insurance professional and trusted information shared by the agent. Since the sale the agent has been slow to respond or no response at all. I just want my money back but they want return my initial investment. Silac Insurance is a joke and does not care about the financial wellbeing of its clients.

• Review fromLarry H

  Date: 09/05/2024

  2 stars
  **************** is terrible! Took almost a month to get a withdrawal we needed then the amount of our monthly payment decrease was $50 more than what we were told. Trying to speak to someone about it is ridiculous. Been on the phone now for 43 minutes.

• Review fromChristine L

  Date: 08/12/2024

  1 star
  This company did not want to release any money - I was told I could withdraw interest and take out a minimum withdrawal. They would stall and it took many phone calls and faxes to get funds.The worst problem was when the annuity term ended. They stalled for almost two months, and finally they told me the check is in the mail. I hope so.

• Review fromAllen P

  Date: 08/06/2024

  3 stars
  Didn't realize they were not in my state. Never heard of them before.

• Review fromJohn/Janice G

  Date: 07/17/2024

  1 star
  Dealing with SILAC has been a pain. Their customer service is horrible and demeaning. An investment counselor talked my wife and I into using our entire investments to purchase annuities with SILAC. They have us captured now, informing us we would have to pay $72k penalty each to get out of the investments. In the meantime, they caused me to be late filing my 2023 taxes because they sent 1099R's that were completely erroneous. Then, when I brought this to their attention they were difficult to deal with, but ultimately sent us two more 1099R's that were obviously wrong. We wrote the *** ******* 8 weeks ago and he never responded. When we call each day, we are told the letter is in the hands of "management". They will never provide a name of management and only the first name of the people working the phones. I told them I needed to file an amended tax return due to their 1099R errors. They apparently not interested in providing a suitable answer. SILAC has our investment monies, but don't give a c*** about trying to help us resolve the problems. The most slovenly company we have ever HAD to deal with.

• Review fromT.W T

  Date: 06/06/2024

  1 star
  CLOSE THEM DOWN, CLOSE THEM DOWN, I was told I could use Inheritance *** to put my money in a bank account, because in the contract when you sign for monthly payout it states their is no policy change after, I didn't know it ment I couldn't take my money out of there hands and put it into my bank..they have given me wrong information over and over, they didn't even know they were already giving me payout when I called to ask about taking all my money out, so I siqn another contract to remove all my money, and now Im going through it-CLOSE THEM DOWN.