Are you looking for a good company to buy an annuity? If so, you’re in the right place. We’ve analyzed the top annuity providers and narrowed down a list of standout companies you can trust with your retirement.
Without the fluff, let’s dive into which providers make the cut and why they may be the right choice for your annuity purchase.
Summary
- Leading annuity providers for 2024, such as EquiTrust, Nassau, and North American stand out based on customer service, financial stability, product diversity, and competitive rates.
- To see the best annuities from all the top annuity companies, schedule a call here.
- Different types of annuities are provided by various companies to accommodate a range of retirement needs and preferences, including fixed indexed, variable, straight life, term certain, and multi-year guaranteed annuities.
- When selecting an annuity provider, important factors to consider include the financial stability of the company, customer satisfaction rates, the range of products offered, and understanding how annuities work, including their parties and tax benefits.
Need help choosing the best annuity for your unique situation? Have questions about getting an annuity? If so, it’s best to speak with an annuity specialist. Watch this short video to see how I can help you do this (at no cost to you!)
Top Annuity Providers for 2024
Some of the best and reputable companies in the annuity arena are:
- EquiTrust
- Nassau
- Aspida
- North American
- Allianz
- Midland National
- Athene
- American Equity
- Corbridge
- Ameritas
These have distinguished themselves through exceptional service, innovative products, and robust financial health.
We will now examine each of these leading providers and their offerings for individuals aiming to secure their future income.
Equitrust: Best for highest Income
EquiTrust is the best overall for highest income. This annuity is complemented by the allure of high rollup rates and low fees, including those on account transfers, ensuring you manage your investment costs with finesse.
With the highest income rating, you can guarantee that income won’t be an issue in retirement.
Nassau
Nassau has a B++ rating, but guess what? They’ve been around for a long time since the 1800s. They’re known for having a long and very good track record.
Not only are they state-insured, but the company has stood strong against economic declines in history, like the great depression, or the World Wars.
Aspida
Aspida is an A-rated company. But surprisingly, they’re very recent! They formed in 2021, but the company that backs them has almost half a trillion dollars.
Though new compared to other companies like Nassau, or other banks, they’re very solvent and they’re very financially strong.
North American
North American is almost 130 years old and they’re A+ rated, which means they have a very, very high reserve. They’ve been great to work with, by the way, I have done a lot of business with them and they’ve treated people very well.
The income they pay out is very competitive with a lot of other companies that I work with.
With a diverse portfolio of insurance products tailored to meet the evolving needs of individuals, families, and businesses, North American has earned a reputation for excellence in the industry.
Whether it’s life insurance, annuities, or retirement solutions, the company’s offerings are designed to safeguard the financial well-being of its policyholders at every stage of life.
Sentinel Security Life
Sentinel offers an array of annuity products that can be customized with various riders to meet individual retirement goals.
For instance, the Retirement Plus Multiplier Annuity offers linkage to indices such as the S&P 500, along with optional features like accumulation riders and guaranteed lifetime withdrawal benefits.
Some of their products feature attractive compounding roll-up rates and bonus structures to enhance retirement income stability and growth. These tailored options allow clients to align their investment with their financial plans and retirement needs
Key points:
- Sentinel has been in business since 1948 and is headquartered in Salt Lake City, Utah, providing longevity and experience.
- They offer both qualified and non-qualified annuities with guaranteed income riders available.
- Sentinel’s annuities provide the opportunity for tax-deferred growth.
- The company has received decent financial strength ratings from A.M. Best (B++) and Standard & Poor’s (BBB+).
Overall, Sentinel Security Life appears to be an established company that offers competitive annuity products, especially for those looking for tax-deferred growth potential and lifetime income options. However, their smaller size and some product limitations are aspects to consider.
Global Atlantic
I haven’t done a lot of work with them, but they are another great annuity company to consider. Global Atlantic Financial Group has made a significant mark in the retirement and insurance sectors since its inception in 2004 as part of Goldman Sachs, and its independence since 2013.
Their annuities are designed to help with wealth accumulation, retirement income, and even long-term care expenses, providing options to tailor financial strategies to individual needs.
Their financial products have been acknowledged for their quality, evidenced by their inclusion in Barron’s list of the Best Annuities, which highlights their appeal in providing secure retirement income solutions.
The company’s financial stability is underscored by strong ratings from major agencies, reflecting its capacity to meet long-term financial obligations.
For instance, Fitch Ratings and other agencies have given Global Atlantic high marks for insurer financial strength, which is crucial for clients relying on the company for their retirement and insurance needs.
Ameritas
In my experience, their income is not as high as some other annuity companies on this list, but they are still a great annuity company to work with.
They offer a lot of annuities where they’ll give you higher amounts of income for the first five years and then they’ll drop it drastically later on. Most of the time, I don’t recommend that.
While their income structures may not always match the highest in the market, Ameritas excels in delivering reliable, long-term value and peace of mind to their customers.
Heritage Income
Heritage Income is a trusted annuity company dedicated to providing individuals with reliable financial solutions for their retirement needs. With a focus on stability and security, Heritage Income offers a range of annuity products designed to help clients achieve their long-term financial goals.
Whether it’s fixed annuities for guaranteed income or indexed annuities for potential growth, Heritage Income prides itself on delivering personalized strategies tailored to each client’s unique circumstances.
Whether it’s life insurance, health insurance, retirement plans, or investment solutions, the company offers many options designed to provide peace of mind and financial security.
Corebridge Financial (formerly AIG)
With a commitment to excellence and innovation, Corebridge offers a comprehensive range of annuity products tailored to meet the diverse needs of their clients.
Their team of seasoned professionals provides personalized guidance and support, ensuring that each client receives the solutions best suited to their financial goals and objectives.
Through a combination of expertise, integrity, and cutting-edge technology, Corebridge Financial stands as a trusted partner in helping individuals navigate the complexities of retirement planning and wealth management.
Midland National Life
They were one of the first annuity companies that I knew of that offered a long-term care doubler which allowed you to enjoy in-home-care. This is a big deal because most other companies only give you this benefit if you are confined to a nursing home.
With a legacy spanning over a century, Midland National has established itself as a trusted provider of annuity solutions tailored to meet the diverse needs of individuals seeking to secure their financial futures.
Renowned for its stability and reliability, Midland National offers a range of annuity products designed to provide a steady stream of income during retirement years, ensuring peace of mind and financial stability for its policyholders.
Fidelity & Guaranty
Fidelity & Guaranty Life, commonly known as F&G, is a prominent annuity company with a rich history of financial stability and customer service excellence. Established in 1959, F&G has garnered a strong reputation for providing innovative annuity solutions tailored to meet the diverse needs of its clients.
With a steadfast commitment to integrity and reliability, F&G offers a wide range of annuity products, including fixed, variable, and indexed annuities, designed to help individuals achieve their long-term financial goals.
Whether it’s assisting with claims processing, answering policy-related questions, or providing financial advice, F&G prioritizes the needs of its customers above all else.
Nationwide Life
Nationwide Life is a prominent annuity company known for its commitment to providing financial security and stability to individuals across various stages of life.
Offering a range of annuity products tailored to meet diverse needs, from fixed and variable annuities to indexed annuities, Nationwide Life empowers customers to plan for retirement with confidence.
Their dedication to innovation and personalized solutions ensures that clients can navigate the complexities of financial planning with ease, fostering a sense of assurance and peace of mind for the future.
American Equity
American Equity is a provider of annuity products in the United States, offering a diverse range of retirement solutions tailored to meet the needs of individuals seeking financial security.
They prioritize providing guaranteed income streams and protection against market volatility, offering peace of mind to retirees. American Equity offers a comprehensive range of annuity options designed to provide guaranteed income and peace of mind during retirement years.
One strength they have is the fact that they are offering one of the longest income rollup rates in the industry, which puts them at the top right now for providing the highest annual payout if you allow the annuity contract to grow for longer than 14 years.
Athene
Athene stands as a stalwart in the realm of annuities, offering a diverse array of options designed to cater to the varied needs of investors seeking stability and growth in their financial portfolios.
From life insurance to investment strategies, their offerings are designed to safeguard your financial future with precision and care.
With a commitment to transparency and customer-centricity, Athene equips investors with the knowledge and tools necessary to make informed decisions about their financial future, fostering a sense of security and empowerment in navigating the complexities of retirement planning.
Allianz
When considering fixed indexed annuities, Allianz stands out among its competitors. With income bonuses on fixed index annuities, which includes bonuses on both initial deposits and future interest earnings, Allianz enhances both the retirement income and the death benefit for heirs. They also offer interest earned locks which allows FIA holders to lock in their gains before the end of the crediting period of a particular index.
This is like a treasure chest of benefits for those searching for an annuity that supports financial growth and retirement income.
However, navigating this ship might be challenging for beginners, given the diverse range of annuity options. But, with the right compass (or financial advisor), one can successfully chart a course to retirement with Allianz.
For its robust offerings in fixed indexed annuities, I see Allianz as the best in this category.
New York Life
In the area of variable annuities, New York Life stands as a leading provider. As a subsidiary of one of the oldest insurance firms in America, it represents the historical and established segment of annuity providers.
This company is recognized for its financial stability and has long been a leading provider in multiple annuity categories including deferred income, fixed deferred, and principal-protected variable annuities.
Their variable annuities bring the thrill of the high seas, with potentially higher returns, albeit with higher risks. Yet, with New York Life’s solid reputation and financial stability, one can sail these waters with more confidence. For its strength in variable annuities, New York Life gets my vote.
USAA
USAA, a company that specifically caters to U.S. military members and their families, provides the Single Premium Immediate Annuity (SPIA).
This straight life annuity plan comes with significant benefits of low fees and the provision of immediate payments upon purchasing the annuity, much like a steady tailwind propelling the ship forward.
While this ship sails a specific demographic course limiting its offerings to military members and their families, it is a strong ally for those on board.
For its focus on serving military members and their families, USAA deserves the title of the Best Straight Life Annuity.
MassMutual
MassMutual’s RetireEase product offers security with no annual contract fees and a low minimum initial premium of just $10,000, serving as a reliable option for investors. This makes it accessible for those looking for a low-entry cost annuity, much like a safe harbor for those with modest means.
MassMutual also offers an A++ rating from AM Best, indicating superior financial strength and stability. This assurance, coupled with flexible payment schedules for the RetireEase annuity product, makes it a reliable choice for those seeking the best term certain annuity.
American National (ANICO)
American National offers a multi-year guaranteed annuity, with terms ranging from 3 to 10 years. Its high-band rate of 5.35% for a 10-year term for larger premiums is like a favorable wind pushing the sails forward, offering excellent rates for those who can afford larger investments.
However, the minimum premium requirement varies according to term length, reaching $250,000 for a 10-year high-band term, which might require a large upfront investment. Yet, with careful planning and saving, this could be a profitable voyage for those seeking the best multi-year guaranteed annuity.
Pacific Life
Pacific Life, renowned for its stellar customer service, offers a diverse range of annuity options, ensuring high levels of customer satisfaction.
Their ship has achieved the highest customer complaint score, with no complaints recorded in the most recent year measured, a testament to their commitment to customer satisfaction.
While they cast a wide net, offering insurance products in almost every state, they do not operate in New York, where their products are issued by a life insurance company, Pacific Life & Annuity Company.
Despite this, their steadfast commitment to customer satisfaction makes them a worthy choice for those prioritizing excellent service.
Factors to Consider When Choosing an Annuity Provider
When beginning your quest to find the right annuity company, several key factors should steer your decision-making process.
It is prudent to consider ratings from multiple agencies, as they provide a picture of an annuity provider’s fiscal health and resilience.
These companies bask in the glow of high customer satisfaction rates, highlighting the significance of customer experience in your decision-making process.
To find the best annuity companies for your situation, consult an annuity advisor.
How Annuities Work and Their Benefits
Annuities are designed to provide a consistent income stream, ensuring you remain financially buoyant. They come in various forms:
- Fixed annuities offer a sure path with guaranteed payments, also known as fixed income annuities.
- Indexed annuities add a touch of adventure with returns that can rise with the market’s tides, albeit with a safety net of a minimum return guarantee.
- Variable annuities chart a course that varies with the winds of investment performance, with the option of minimum income guarantees for those who seek an extra layer of protection.
Contributions to deferred annuities, including deferred income annuity options, enjoy the benefit of tax deferral, allowing your investment to grow unhindered until withdrawal time, potentially resulting in a significantly larger account value.
This feature is particularly alluring for those who have maximized their contributions to other tax-advantaged retirement vessels and wish to continue their journey of saving for the post-work years.
An annuity contract typically includes the following parties:
- Owner: The person who purchases the annuity and has control over the contract.
- Annuitant: The person who will receive the annuity payments.
- Beneficiary: The person who will inherit the annuity’s legacy after the annuitant’s death.
By including these parties in the contract, you can ensure that your financial legacy is preserved for generations to come.
Seeking Professional Advice
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Book a call with me here to see all the top annuities currently available. On the call, I can also provide personalized guidance on annuity strategies and help you make informed decisions about your retirement income.
I can help you:
- Determine the best solution for your unique circumstances
- Navigate and make crucial decisions during your financial journey
- Find the best annuities for your unique situation
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