10 Best Annuity Companies of October 2024

Maximize your retirement savings with the best annuities! Get started with Leverage Planning to compare quotes from top annuity providers.

Annuities can play a vital role in retirement planning due to their potential to deliver guaranteed income streams, provide tax benefits, and accommodate estate planning needs. When determining the most appropriate annuity to align with your financial goals, it's essential to assess your risk tolerance, specific investment objectives, and the time horizon until retirement. Given the variety of annuity options available — such as variable, indexed, and fixed annuities — consulting with a financial advisor can be beneficial. They can offer tailored guidance to help you navigate the complexities of these financial products and ensure that your retirement strategy is well-aligned with your overall financial goals.

Benzinga reviewed the top-rated providers of the best annuities in the United States for this month of October 2024.

Quick Look at the Best Annuities Today:

• Best for Shopping Multiple Providers: Leverage Planning
• Best for Diversity of Options: Nationwide Mutual Insurance Company
• Best for Customer Service: MassMutual
• Best for Fixed-Index Annuities: Allianz
• Best for Straightforward Annuities: Prudential Financial Inc.
• Best for Low Minimum Premiums: New York Life
• Best for Plan Options: Pacific Life
• Best for Military Service Members and Their Families: USAA
• Best for No-charge Income and Death Benefit Riders: Athene
• Best for Saving on Fees: MetLife/Brighthouse Financial

Best Annuity Companies for October 2024

Here’s a look at the top providers of the best annuities in the United States today.

1. Best for Shopping Multiple Providers: Leverage Planning

Leverage Planning allows you to review various options to find the best annuities in the United States. You can see how various structures work and might apply to your specific situation. Shopping multiple options from different annuity providers at once helps you get the best price and coverage. Consumers can save hours on researching various products, thanks to expert insights and counseling from the Leverage team. Plus, you can gain the help of a financial advisor in finding the best annuity plan based on your needs.

Why We Picked It: Leverage Planning offers a network of reputable annuity companies, so you can trust that you're getting access to high-quality annuities in the United States from top-notch providers. This makes it easier to get quotes for multiple plans and compare annuities to help you find you the best one.

2. Best for Diversity of Options: Nationwide Mutual Insurance Company

Whether you’re looking for a more conservative or aggressive annuity product, you’ll find it with Nationwide. Choose from their wide selection of annuity products that offer investments in stocks, bonds or money market funds. Annuity options include variable annuity, fixed annuity, fixed-index annuity and registered index-linked annuity (RILA). The company also offers fixed immediate annuities, and you can include options for cost of living adjustment (COLA). Nationwide Mutual Insurance Company is licensed in all 50 states and Washington, D.C.

Why We Picked It: With a wide range of annuity options, Nationwide can serve customers in need of all types of investments. Whether you're looking for a steady income stream, growth potential or a combination of both, Nationwide can help you find the best annuity plan for your financial goals.

3. Best for Customer Service: MassMutual

As far as insurance companies go, MassMutual (Massachusetts Mutual Life Insurance Company) has one of the best customer service ratings with a low customer-complaint ratio. It also has a wide product offering for annuities, including variable, immediate, fixed index and fixed annuity, each with a comprehensive package of features and benefits. No matter where you live in the United States you can purchase an annuity from this insurance company.

Why We Picked It: The full product lineup and high customer satisfaction rating make MassMutual an attractive option. Whether it's through one-on-one consultations with financial advisors or educational resources on their website, MassMutual strives to ensure that each customer feels confident and well-informed throughout the decision-making process.

4. Best for Fixed-Index Annuities: Allianz Life of North America

With over 125 years of experience in the financial industry, Allianz Life Insurance Company of North America (Allianz Life) has established itself as a reputable and reliable provider of annuities in the United States. The company focuses its annuity products on fixed-index and RILA options. Fixed-index annuities are annuities that offer the opportunity for higher returns based on stock market index performance, such as the S&P 500, while still providing protection against market downturns. RILA is a type of annuity contract that is registered with the Securities and Exchange Commission (SEC) and provides returns based on the performance of an underlying index.

Allianz Life has an A+ rating, meaning it is financially strong and provides excellent customer service. While it only offers fewer annuity products, it has varying options with different goals and benefits to meet your needs.

Why We Picked It: Allianz Life annuities are a great choice for investors looking for stability, security and flexibility in their financial planning. Invest in the market index with protection against investment losses with a fixed-index annuity from a company with strong financials and low customer complaints.

5. Best for Straightforward Annuities: Prudential Financial Inc.

If you’re new to the space and not entirely sure what annuities might work best for you, Prudential Financial Inc. might be a good place to turn. Its straightforward products make investing simple. It has a product called FlexGuard that allows you to place your funds in an indexed variable annuity. That way you can place your funds in a broad stock market index with minimal risk and predictable growth. Other options include fixed-index annuity, variable annuity and multi-year guaranteed annuity. It also offers calculators where you can input information about your financials and see how your annuity will grow and pay out for planning purposes.

Why We Picked It: Prudential Financial Inc. offers a range of annuities that are designed to be user-friendly, making it easier for those who are new to annuities to understand their benefits and potential income. Their online tools and resources can help you calculate and visualize what your income will look like based on different scenarios and options.

6. Best for Low Minimum Premiums: New York Life Insurance Company

The New York Life Insurance Company is one of the oldest and most reputable insurance companies offering annuities in the United States. It holds an impressive A++ rating from AM Best for its strong financial stability and strength. With a history that spans over 175 years, New York Life Insurance Company has been providing individuals and families with peace of mind and financial protection through its range of annuity products, including fixed deferred, income and variable annuities.

New York Life offers annuities with low minimum premiums, making them a good option for individuals who may not have a large sum of money to invest initially. An annuity with a low minimum premium allows individuals to start investing in their future retirement savings without having to commit a significant amount of money upfront. This can be particularly beneficial for those who are just starting to save for retirement or who want to supplement their existing savings with an additional investment.

Why We Picked It: With its solid reputation and stable financial performance, New York Life Insurance Company offers investors a solid choice for their annuity investments. Plus, their low minimum premium and flexible payment options allow individuals to start saving and investing with a relatively small initial investment, making them accessible to a wider audience.

7. Best for Plan Options: Pacific Life Insurance Company

Pacific Life is a well-established insurance company with over 150 years of experience in the industry. The company also has a stellar A+ rating from AM Best. Pacific Life offers fixed, immediate, index, and variable annuities, providing customers with a wide range of options to choose from.

Their Pacific Choice variable annuity stands out because it offers a five-year withdrawal period. This is a bit more generous than the industry standard of seven years, giving customers more flexibility with their investments. While the minimum premiums for annuities with Pacific Life tend to be higher than some competitors, the company's products are known for their quality and reliability.

Why We Picked It: Pacific Life Insurance Company offers a diverse range of products which allows customers to select the annuity plan that best suits their financial goals and risk tolerance.

8. Best for Military Service Members and Their Families: USAA

USAA, or the United Services Automobile Association, is a financial services company that caters to members of the military, veterans and their families. USAA Life Insurance Company offers a wide range of financial products and services, including banking, insurance, investments and retirement planning. Members can access these services through USAA's website, mobile app, or by visiting one of their physical locations.

In terms of annuities in the United States, USAA Life Insurance Company primarily offers three types: fixed-indexed annuity, deferred annuity and immediate annuity. While these options may not be as diverse as what some other financial institutions offer, their products are still solid options for those in need of reliable income during retirement. USAA has a strong reputation for providing quality financial services, and their annuities are no exception.

Why We Picked It: USAA is known for its excellent customer service and commitment to serving its members with integrity and respect. This makes them a trusted partner for military families.

9. Best for No-charge Income and Death Benefit Riders: Athene

Athene is one of the newer players in the insurance industry. Founded in 2009 by insurance industry veterans, Athene has already established themselves as a strong competitor in the annuities market. With 11 different annuity products in its portfolio, Athene provides options for individuals looking for fixed, index-based, index-linked or immediate annuities. This variety allows customers to choose the annuity product that best suits their financial goals and needs.

With Athene Agility annuities, there is no charge for income and death benefit riders. This means that customers can now enjoy the benefits of these valuable riders without having to pay extra fees. This makes their retirement planning even more affordable and accessible.

Why We Picked It: Athene Annuity's commitment to providing no-charge income and death benefit riders sets them apart as a top choice for individuals seeking to maximize their annuity benefits without incurring extra costs. 

10. Best for Saving on Fees: MetLife Annuities/Brighthouse Financial

Brighthouse Financial is a subsidiary of MetLife that focuses primarily on annuities for individuals. Although technically a separate entity, it is still part of the larger family of companies established by MetLife, one of largest insurance providers in the United States.

Brighthouse offers several types of annuities including fixed-index, index-linked, index-linked annuity with income builder and variable annuities. The absence of annual contract fees makes annuities from Brighthouse Financial an attractive option for individuals looking to grow their retirement savings without incurring unnecessary expenses.

Why We Picked It: With its no annual contract fees on most of its annuity options, Brighthouse Financial allows investors to save on fees and not worry about extra costs eating into their returns over time.

What Are Annuities?

An annuity is a type of insurance product. It offers fixed income, most often used in retirement to supplement traditional retirement income. 

You pay premiums that go into your annuity fund. Those funds get invested based on the type of annuity you have. Over time, the funds grow as you pay your premiums and the investments pay off. Then you receive those funds paid out over many months. You can also take it as a lump sum in some cases depending on the type of product you chose and its rules.

Some annuity contracts are simple while others are quite complex. Talk with a financial advisor about how to use this tool to supplement retirement income or ensure your retirement savings don’t run out.

One Redditor had this to say about the value of an annuity in financial planning:

“They help with longevity risk. They also can pay well without being in some market that goes up and down and what like … sideways. Economists love them and that is not a joke.”

Different Types of Annuities

As you learn more about annuities, you’ll find there are many types. Each type provides unique benefits and offers a financial solution for varying scenarios. Here’s a look at the various options.

Immediate Fixed-income Annuities

These annuities have a set interest rate. That means you pay premiums in exchange for a specific value within a set period. Some contracts offer payouts for the rest of your life while others specify the payment period. You’ll often start getting payments from this annuity after you pay the deposit.

Deferred Income Annuities

This is another type of fixed annuity. It starts with paying a lump sum and then offers a stream of income. With this annuity type, you won’t get income until you complete the accumulation period. During the accumulation period, your annuity will grow to help make it more valuable once you start taking payments.

Variable Annuities

This is a more advanced type of annuity and is often viewed less as an insurance product and more as an investment. You might also encounter fees with this annuity type, which could reduce your income from the product. It is a riskier form of annuity but can also ensure a higher payout when used strategically because you can select where your funds are invested.

Indexed Annuities

Bring together the benefits of variable and fixed annuities. You’ll get guaranteed base income but could get even greater income based on how the index performs. It offers some protection from major market drops but your benefit will be reduced if the market isn’t doing well.

Why Choose an Annuity for Retirement?

Annuities offer many benefits when planning for retirement. Here’s a look at some reasons you might use this financial tool as you look to retire.

• Guaranteed income: Many annuity contracts offer payments for life. Just ensure you’re choosing a financially stable company that will be around for your lifetime.
• Customizable: Each buyer has different needs. You can match the annuity to meet those needs, such as providing a death benefit for survivors.
• Money management tools: You won’t have to worry as much about managing the funds on your own thanks to portfolio rebalancing and other tools the company provides to help ensure your benefit as outlined in the contract.

How to Choose the Right Annuity Company

Here’s how to review your options and select the best annuity plan based on your needs.

• Compare products from multiple annuity providers to see how your payments will vary.
• Read all disclosure information to make sure you know how the annuity works and any risks it might carry.
• Ask a company representative questions to learn more about the product and its features.
• Review the company’s financial ratings to see how stable it is and how strong its future is since you’re looking into a long-term product.
• Review how much you’ll be withdrawing monthly to see whether this meets your financial goals.

Diversify Retirement Income with an Annuity

Annuities are somewhat complex. However, they can provide additional retirement income to help diversify your savings and gain reliable, stable income with strong returns on the premiums you pay. Talk to your financial advisor about whether an annuity might be a smart retirement investment for you.

Frequently Asked Questions