Disclosures

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Updated as of June 3, 2024

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Licensing Disclosure

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Gondola InsurTech Corp (DBA, GondolaSM, Gondola SafeTankSM and MySafeTankSM) and it’s wholly owned subsidiaries of Gondola Agency, LLC and Gondola Search, LLC are Delaware companies, with principal place of business in Miami, Florida.  Gondola and/or it’s partners, 3 Mark Financial, Inc, Sugar Land, TX, and Tennyson Capital Partners, Frisco, TX, are licensed to sell insurance in all 50 states.  Products and their features may not be available in all states.  The information provided on this site has been developed by Gondola for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate.

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Illustrated rates and averages are not an indication of future performance and are not guaranteed.

Regarding the Gondola SafeTankSM No Volatility option, dividends awarded from the company surplus may be paid based on the company's claim, expense, and investment return experience. Dividends are paid at the end of the contract year. They are not guaranteed and are subject to change by the company.

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Regarding the Gondola SafeTankSM Low Volatility option, we follow a regulatory illustration concept known as the Benchmark Index Account, which is derived under the following industry consistent approach:

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• Looking back at the historical period of S&P 500 index returns (excluding dividends) over the previous 66 years, starting with the current calendar year.

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• Incorporating the product's current participation rate, index cap and index floor for the product's account (or equivalent account).  For example, a participation rate may be 100%, with an index cap of 10.5%, and an index floor of 0%.

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• Calculating the arithmetic average of all 25-year previous periods of time, inclusive of every trading day throughout this time period (which covers over 10,000 specific points in time).

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The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. This presentation is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the financial products mentioned herein.

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Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. Any opinions, projections, forecasts, and forward-looking statements represented herein are valid as of the date of this document and are subject to change.

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Indices are unmanaged and one cannot invest directly in an index. Index returns do not reflect a deduction for fees or expenses.

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Past performance is no guarantee of future performance.

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Risks of a Gondola SafeTank

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With the Gondola SafeTank Low Volatility option, it is possible that while your chosen Indexed Account floor crediting rate may be 1% or 0% (even while underlying index returns a negative number), the value of your account could decrease and result in a $0 value if the following happened:

  1. You do not fund your SafeTank as scheduled – Gondola SafeTanks are often designed with an early funding period of 5 – 20 years and, if scheduled payments are not made within a reasonable timeframe or not made after the initial payment for an extended period, it is possible that over time fees could exhaust the account value.
  2. You receive adverse crediting, such as 0% credit, for multiple years consecutively or multiple years within a short timeframe.
  3. The company managing your SafeTank defaults and no other company buys their block of business or is beyond the claims capacity of your State’s reinsurance program or the reinsurance capacity of private insurers.  
  4. You withdrew too large a percentage of your cash and the remaining portion is insufficient to cover contract costs.
  5. Any combination of the above such that expenses outpace funding and interest credits over an extended period.

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With the Gondola No Volatility option, it is possible that your account value could decrease and result in a $0 value if the following occurred:

  1. You do not fund your SafeTank as scheduled – Gondola SafeTanks are often designed with an early funding period of 5 – 20 years and, if scheduled payments are not made within a reasonable timeframe or not made after the initial payment for an extended period, it is possible that over time fees could exhaust the account value.
  2. You receive adverse crediting for multiple years consecutively or multiple years within a short timeframe, such as the guaranteed minimum or the non-guaranteed dividend as determined by your contract’s provider.
  3. The company managing your SafeTank defaults and no other company buys their block of business or is beyond the claims capacity of your State’s reinsurance program or the reinsurance capacity of private insurers.
  4. You withdrew too large a percentage of your cash and the remaining portion is insufficient to cover contract costs.
  5. Any combination of the above such that expenses outpace funding and interest credits over an extended period.