When it comes to selecting the best annuity companies, there are several factors to consider. These include financial strength ratings, customer satisfaction scores, and the range of annuities offered by each company. Learn about our top-rated picks for 2024.
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When it comes to choosing the best annuity company, there are several factors that should be taken into consideration. With so many options available in the market, it can be overwhelming to determine which annuity company is the best fit for your needs. However, by considering factors such as reputation, financial stability, product offerings, and customer service, you can confidently make an informed decision.
Here’s how we selected our top annuity companies for 2024.
We looked at annuity companies that have a long-standing history of providing reliable and trustworthy services and looked at online reviews and ratings to see what actual customers have to say about their experiences with each company
We want to ensure that the company has a strong financial foundation and is capable of fulfilling its financial obligations to policyholders. We looked for companies with high ratings from reputable credit rating agencies such as A.M. Best. These ratings reflect the company’s financial strength and ability to keep its promises.
Different annuity companies may specialize in different types of annuities, such as fixed annuities, variable annuities, or indexed annuities. We’ve broken down our ratings based on the categories of annuities provided.
We looked for companies that have a dedicated customer service team that can provide assistance and guidance throughout the entire process, from initial inquiry to policy servicing.
Choosing the best annuity companies requires careful consideration of several factors. Researching the reputation of the company, ensuring its financial stability, evaluating its product offerings, and assessing its customer service are all crucial steps in making an informed decision. By taking the time to thoroughly evaluate these factors, you can choose an annuity company that meets your needs and provides peace of mind for your retirement income.
Lincoln Financial Group, founded in 1905, is a well-established and reputable financial services company with a rich history of providing insurance and retirement solutions to individuals and institutions. Over the years, the company has earned a strong reputation for its commitment to financial security and customer-centric approach. Lincoln Financial Group offers a wide range of financial products and services, including annuities, which can be an attractive option for those looking to secure their financial future.
When considering purchasing an annuity from Lincoln Financial Group, prospective buyers should take note of the company’s solid financial stability, strong ratings from independent rating agencies, and its history of delivering on promises to policyholders. Additionally, Lincoln Financial Group offers various annuity options to suit different financial goals and risk tolerances, making it a versatile choice for individuals seeking a reliable and trustworthy partner in their retirement planning journey.
Lincoln Financial Group offers the following types of annuities:
The Lincoln MYGuarantee Plus MYGA is a Single Premium, Multi Year Guaranteed Annuity with a 5 or 7 Year interest rate guarantee and a 5 or 7 Year surrender charge period with a Market Value Adjustment, to optimize growth potential.
The Lincoln OptiBlend is a flexible premium fixed indexed annuity with a 5, 7 and 10-year surrender charge period and MVA provision. The Lincoln OptiBlend provides advantages such as tax deferral, long-term growth, and a death benefit payout with the added benefit of enhanced growth with no risk of loss of premium due to market fluctuations.
The Lincoln Insured Income Immediate Annuity is a single premium immediate annuity designed to provide immediate income to the policyholder
Athene, founded in 2009, is a prominent financial services company specializing in retirement solutions, including annuities. With a relatively short but impactful history, Athene has emerged as a reliable provider in the annuity market. Potential annuity purchasers may be interested in Athene’s reputation for innovation and its commitment to offering competitive products designed to help individuals secure their financial futures.
Athene’s diverse range of annuity options and strong financial stability are key factors to consider when evaluating them as a partner in retirement planning. It’s worth noting that Athene has garnered positive ratings from independent rating agencies, further bolstering its credibility in the industry.
Athene offers the following types of annuities:
Athene’s Athene Max Rate product series is a Flexible Premium, Multi Year Guaranteed Annuity with 3, 5 and 7 Year Interest Rate Guarantee options and a 3, 5 or 7 Year surrender charge period with a Market Value Adjustment provision.
Athene offers multiple fixed index annuity options including Athene Performance Elite, Agility and AccuMax and Ascent Pro
Fidelity & Guaranty (F&G), established in 1959, is a well-established financial institution specializing in life insurance and annuities. With decades of experience in the industry, F&G has built a reputation for reliability and customer-centric services. Individuals contemplating the purchase of an annuity from F&G can take confidence in the company’s strong financial stability and its commitment to delivering competitive annuity products tailored to meet various retirement needs and risk preferences.
F&G’s range of annuity options, combined with its history of providing dependable financial solutions, make it a compelling choice for those seeking a trusted partner in securing their financial future.
F&G offers the following types of annuities:
The Fidelity & Guaranty Life’s FG Guarantee-Platinum is a Single Premium, Multi Year Guaranteed Annuity with 3, 5 and 7 Year Interest Rate guarantee options, an MVA provision, and a 3, 5 or 7 Year Surrender Charge Period.
F&G offers multiple fixed index annuity options including FG Accelerator Plus, Prosperity Elite, FG AccumulatorPlus, FG Power Accumulator, Flex Accumulator, Performance Pro and Safe Income Advantage
The FG Immediate-Income annuity is a single premium immediate annuity designed to provide immediate income to the policyholder
American International Group, Inc. (AIG), founded in 1919, is a global insurance and financial services company with a long and storied history. AIG is a prominent player in the annuity market, offering a wide array of annuity products to suit diverse financial goals and retirement planning needs. Potential annuity purchasers should take note of AIG’s extensive industry experience, strong financial stability, and global presence, which can provide reassurance and confidence in their choice of a reliable partner for securing their financial future. AIG’s reputation for innovation and its commitment to delivering competitive annuity solutions make it a noteworthy option for individuals looking to make informed decisions about their retirement investments.
Allianz, founded in 1890, is a global financial services provider renowned for its stability and expertise in insurance and asset management. For those considering purchasing an annuity, Allianz offers a range of options designed to meet various retirement goals and risk profiles. With a history spanning over a century, Allianz has established a strong reputation for reliability and customer-focused solutions, making it a trusted choice for individuals seeking dependable annuity products to secure their financial future. The company’s commitment to innovation and its solid financial standing contribute to its appeal as a partner in retirement planning.
American Equity Investment Life Insurance Company, founded in 1995, is a specialized provider of annuity products, focusing on retirement solutions. Despite its relatively short history compared to some competitors, American Equity has gained recognition for its commitment to offering annuities tailored to meet the needs of retirees and pre-retirees. Those considering purchasing an annuity from American Equity can appreciate the company’s dedication to financial stability and its array of annuity options designed to help individuals achieve their retirement objectives. American Equity’s emphasis on customer-centricity and its willingness to adapt to evolving market trends make it an attractive choice for those seeking a partner in securing their financial future through annuities.
American National Insurance Company, founded in 1905, is a long-established and well-respected provider of insurance and financial products, including annuities. With a century-old history, American National has earned a solid reputation for reliability and customer service. Those contemplating the purchase of an annuity from American National can take confidence in the company’s strong financial stability and its commitment to offering a range of annuity options to cater to various retirement planning needs and risk preferences. American National’s tradition of financial strength and its dedication to personalized service make it a compelling choice for individuals seeking a trusted partner in securing their financial future through annuities.
Global Atlantic Financial Group, founded in 2004, is a relatively newer player in the financial services industry that has quickly gained recognition for its innovative and customer-centric approach. For individuals considering the purchase of an annuity, Global Atlantic offers a range of annuity products designed to help secure their financial futures. Despite its shorter history, Global Atlantic’s commitment to financial strength and competitive annuity solutions, along with its reputation for responsiveness to customer needs, make it a noteworthy choice for those seeking a reliable partner in retirement planning through annuities.
Nationwide, established in 1926, is a well-established and trusted provider of insurance and financial services, including annuities. With nearly a century of experience, Nationwide has built a strong reputation for stability and customer satisfaction. Individuals considering the purchase of an annuity from Nationwide can rely on the company’s financial strength and its diverse range of annuity options, tailored to meet various retirement planning goals and risk preferences. Nationwide’s history of financial stability and its commitment to customer-centric solutions make it a compelling choice for those looking to secure their financial future through annuities with a reputable partner.
North American Company for Life and Health Insurance, founded in 1886, is a longstanding and reputable provider of insurance and annuity products. With over a century of experience, North American Company has earned a strong reputation for financial stability and customer service excellence. Those considering the purchase of an annuity from North American Company can have confidence in the company’s track record of reliability and its diverse range of annuity options designed to meet various retirement planning needs and risk preferences. North American Company’s enduring commitment to delivering dependable financial solutions makes it an appealing choice for individuals seeking a trusted partner in securing their financial future through annuities.
Securian Financial, established in 1880, is a well-established and reputable financial services company that offers a wide range of insurance and financial products, including annuities. With over a century of experience, Securian has built a strong reputation for financial stability and customer satisfaction. For individuals considering the purchase of an annuity, Securian provides a variety of annuity options tailored to meet different retirement planning goals and risk preferences. Securian’s long history of stability and its commitment to customer-centric solutions make it a compelling choice for those looking to secure their financial future through annuities with a trusted partner.
Symetra Financial, founded in 1957, is a reputable financial services company with a strong presence in the insurance and retirement solutions market, including annuities. With several decades of experience, Symetra has established itself as a reliable and customer-focused provider. For individuals contemplating the purchase of an annuity, Symetra offers a range of options tailored to various retirement planning needs and risk preferences. Symetra’s commitment to financial stability and its reputation for delivering competitive annuity products make it an attractive choice for those seeking a dependable partner in securing their financial future through annuities.
When considering buying an annuity, it is important to have a clear understanding of what it entails and how it fits into your overall financial plan
First, it is crucial to understand the different types of annuities available. There are two main categories: immediate and deferred annuities. Immediate annuities provide regular income payments immediately after the lump sum payment, while deferred annuities accumulate funds over a specified period before providing income. Each type has its advantages and disadvantages, so it is essential to evaluate which one aligns with your financial goals and needs.
Another important aspect to consider is the cost associated with buying an annuity. Annuities often come with fees and expenses, such as administration fees, investment management fees, and surrender charges. It is crucial to carefully review the terms and conditions of any annuity contract and understand the potential costs involved.
Furthermore, it is important to assess your risk tolerance before buying an annuity. Annuities are generally considered low-risk investments, providing a stable stream of income over time. However, depending on the type of annuity and its underlying investment options, there may still be some level of risk involved. Understanding your risk tolerance and evaluating the potential returns and risks associated with different annuity products will help you make an informed decision.
Additionally, it is crucial to consider the tax implications of buying an annuity. Depending on the type of annuity and how it is funded, taxation rules may vary. For example, contributions to a qualified annuity (such as those funded through an employer-sponsored retirement plan) are typically tax-deferred until withdrawal, while non-qualified annuities (those funded with after-tax dollars) may have different tax implications. Consulting with a tax professional can help you understand the tax consequences of purchasing an annuity and ensure you make the most tax-efficient decision.
Author
Eric has been a marketer in the insurance and finance space for the past 5 years, with an emphasis on client education and strategic partnerships. He has guided thousands of medical professionals towards the products and services that protect their financial future. A native southerner, Eric has an MBA and MFA from the University of Memphis. In his free time, he enjoys board games with his family, screenprinting, and hunting.
Expert reviewer
Rhett, a 15+ year insurance veteran from a family of insurance professionals, completed his CPCU designation to better understand risk management and help his clients prepare for the future. He now leads the LeverageRx Inc. team, offering insurance products nationwide. In his free time, you'll find him at his children's sporting events or enjoying the outdoors hunting and fishing.
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