Best Immediate Annuities of 2026
An immediate annuity (SPIA) converts a lump sum into guaranteed monthly income that starts within 30 days. It's the closest thing to buying yourself a pension. Here are the carriers offering the highest payouts from the strongest balance sheets.
The short version
For maximum safety, go with New York Life or MassMutual — both are A++ rated mutual companies with 170+ year track records. For the highest monthly payout, Athene frequently leads on rates. For the best refund protection, look at MassMutual's installment refund or Pacific Life's cash refund options.
Top SPIA Carriers Compared
| Carrier | AM Best | Payout Strength | Payout Options | Min Premium |
|---|---|---|---|---|
| New York Life | A++ | Very competitive | Life, Life with Period Certain, Joint Life, Period Certain | $10,000 |
| MassMutual | A++ | Very competitive | Life, Life with Period Certain, Joint Life, Installment Refund | $10,000 |
| Pacific Life | A+ | Competitive | Life, Life with Period Certain, Joint Life, Cash Refund | $10,000 |
| Principal | A+ | Competitive | Life, Life with Period Certain, Joint Life | $10,000 |
| Athene | A | Highly competitive | Life, Life with Period Certain, Joint Life, Installment Refund | $10,000 |
Exact payout rates depend on age, gender, premium amount, and payout option. Use our SPIA estimator for a personalized estimate.
Notable SPIA Carriers
New York Life
The largest mutual life insurer in the US. A++ rated. When people want maximum safety for their income stream, New York Life is the standard.
MassMutual
Another A++ mutual company. Consistently among the top payout rates. Installment refund option ensures your beneficiaries get back at least what you put in.
Pacific Life
Over 150 years in business. Offers a cash refund option — if you pass early, your beneficiary gets the difference between what you paid and what you received.
Principal
Strong financial ratings and consistent payout rates. Good option for joint-life SPIAs where both spouses need income protection.
Athene
Often leads on payout rates. Backed by Apollo Global. The trade-off: slightly lower AM Best rating than the mutual companies, but still solidly A-rated.
Understanding Payout Options
The payout option you choose affects your monthly income more than the carrier you pick. Here's what each one means.
Life Only
Highest monthly income. Pays for as long as you live. When you pass away, payments stop — nothing goes to beneficiaries.
Best for: Maximizing monthly income when you have other assets to leave to heirs.
Life with Period Certain
Slightly lower income than life only. If you pass before the certain period ends (e.g., 10 or 20 years), your beneficiary receives the remaining payments.
Best for: Balancing high income with a safety net for your family.
Joint Life
Covers two people (usually spouses). Income continues as long as either person is alive. Lower per-person payout since it covers two lifetimes.
Best for: Married couples who both depend on the income.
Installment / Cash Refund
If you pass before receiving back your full premium, your beneficiary gets the difference. Slightly lower monthly income in exchange for this guarantee.
Best for: Peace of mind that you won't "lose" money by dying early.
How much income could your savings generate?
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Estimate your SPIA incomeWant the full picture? Read our comprehensive guide: Immediate Annuities (SPIAs) Explained →
SPIA rates vary by carrier, age, and payout option. Get quotes tailored to your situation.