Best SPIA Rates 2026 — Top Payout Carriers Ranked
Written & reviewed by Hans Goldstein, Independent Licensed Insurance Producer · NPN 20602398Independently reviewed & last updated 2026-06-09
Quick take: SPIA payouts vary by 8-12% across carriers. EquiTrust tops the market at B++ rating (highest payout factor); Athene leads A+ carriers (best rating + payout combo). For A++ ultimate safety, NY Life and MassMutual cost ~8% in income but deliver the highest possible carrier rating. Below: full ranked comparison + when each wins.
Top SPIA carriers ranked (65M life-only, $100K premium, June 2026)
| Rank | Carrier | AM Best | Monthly | Annual Income | Why |
|---|---|---|---|---|---|
| 🥇 #1 | EquiTrust | B++ | $605 | $7,260 | Top payout, B++ rating |
| 🥈 #2 | Athene | A+ | $590 | $7,080 | Best A+ rating + payout |
| 🥉 #3 | Penn Mutual Premier Income | A+ | $560 | $6,720 | A+ mutual carrier |
| 4 | Mutual of Omaha Income Annuity | A+ | $555 | $6,660 | A+ mutual, conservative |
| 5 | MassMutual RetireEase | A++ | $540 | $6,480 | A++ highest rating |
| 6 | New York Life GLI | A++ | $535 | $6,420 | A++ highest rating |
| 7 | Securian Minnesota Life | A+ | $540 | $6,480 | A+ mutual |
| 8 | Thrivent Financial | A++ | $530 | $6,360 | A++ Christian mutual |
Same age, female 65F — payouts are LOWER
Women have longer life expectancy → smaller monthly payments per $100K.
| Carrier | 65F Monthly | 65F Annual |
|---|---|---|
| EquiTrust | $565 | $6,780 |
| Athene | $552 | $6,624 |
| Penn Mutual | $525 | $6,300 |
| Mutual of Omaha | $520 | $6,240 |
| MassMutual | $507 | $6,084 |
About 6-8% less monthly income for 65F vs 65M due to longer life expectancy.
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Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
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Age curves — older buyers get more
The mortality credit math means SPIA payouts increase materially with age:
| Age | Monthly (Top A+ Athene) | Annual |
|---|---|---|
| 60M | $510 | $6,120 |
| 65M | $590 | $7,080 |
| 70M | $700 | $8,400 |
| 75M | $850 | $10,200 |
| 80M | $1,050 | $12,600 |
| 85M | $1,300 | $15,600 |
A 75-year-old buyer gets 45% more lifetime income per dollar than a 65-year-old. The math heavily favors older buyers.
When to pick each carrier
Pick EquiTrust if:
- Maximum income is your goal
- You're comfortable with B++ rating
- Premium is under $250K (state guaranty fund coverage)
Pick Athene if:
- A+ rating is your minimum
- You want institutional Apollo backing
- Customer service complaints don't deter you
Pick Penn Mutual, Mutual of Omaha if:
- A+ mutual structure preferred
- Conservative + reliable distribution
Pick MassMutual, NY Life, Thrivent if:
- Absolute carrier safety is non-negotiable
- A++ rating is your minimum
- Willing to pay ~8% in income for the rating upgrade
SPIA variants — choose your structure
Life-only
- Maximum monthly income
- Payments stop at death (heirs get nothing)
- Best for single, no-heirs, max income
Cash refund
- ~7-10% lower income than life-only
- Heirs get unrecovered principal at death
- Best for "what if I die early" concern
Period certain (5/10/15/20 yr)
- Lower income than life-only
- Guarantees minimum payments to heirs
- Useful for SS bridge or fixed-period need
Joint life (couples)
- 100%, 75%, or 50% to surviving spouse
- ~10-15% lower starting income vs single life
- Protects spouse income
COLA (cost of living adjustment)
- Starting income ~25% LOWER than fixed
- Annual increases for inflation
- Best for buyers fearing inflation
How to actually buy
Step 1: Decide structure
- Married or single?
- Heirs concern?
- Inflation fear?
- Income start age?
Step 2: Get 3 quotes
Different carriers price differently. Independent producer pulls all 3.
Step 3: Verify carrier rating
AM Best, S&P, Moody's. Stay above your threshold.
Step 4: §1035 source (if funding from existing annuity)
Tax-free transfer from old contract to SPIA.
Step 5: Sign + transfer
Typically 4-6 weeks from application to first payment.
SPIA versus alternatives
SPIA vs GLWB rider FIA
- SPIA: higher payout, no heirs benefit, irrevocable
- GLWB: lower payout, account value to heirs, flexible
SPIA vs MYGA → SPIA conversion
- Direct SPIA: lock in now at current age
- MYGA first, SPIA later: principal preserved + higher age payout
See Income Rider Fee vs Payout Math.
SPIA vs CGA (Charitable Gift Annuity)
- SPIA: maximum income, no charitable deduction
- CGA: ~15% lower income, charitable deduction, legacy
See Charitable Gift Annuity Explained.
What to do
📞 213-414-2808 for a SPIA quote comparison across 5+ carriers (life-only, cash refund, joint life, period certain). Hans pulls all quotes + shows the math + recommends based on your specific situation. No charge.
Related reading
- SPIA Pros and Cons Honest
- Best Annuity for 65-Year-Old
- Best Annuity for 70-Year-Old
- Best Annuity for 75-Year-Old
- Annuity vs Pension
SPIA rates listed are approximate from June 2026. Actual quotes vary by state, exact age, and prevailing interest rates. Always confirm current quotes before purchase.
Explain it like I'm 12 — how a SPIA actually works
A SPIA (Single Premium Immediate Annuity) is the simplest annuity product in the market. You hand the carrier a single lump sum. The carrier promises to send you a check every month for the rest of your life. That's it. No caps, no riders, no surrender charges, no growth potential.
The math:
- You give the carrier $200,000
- The carrier promises you ~$1,300/month for life
- You die at 75 (life-only): the carrier keeps the unused money (mortality pooling)
- You die at 95 (life-only): the carrier has paid you $312,000 — far more than you put in
- You die at 105: even more
The SPIA is mortality pooling at scale. Some buyers die early, some late. The carrier balances out the risk and pays everyone a consistent monthly amount.
Payout options change the math:
- Life only = max monthly income, heirs get nothing if you die early
- Life + 10-year period certain = ~5% less monthly, but heirs guaranteed minimum 10 years of payments
- Life + cash refund = ~10% less monthly, but heirs get the unpaid principal as a refund
- Joint life = ~18% less monthly, but spouse continues to receive after first death
The only "fee" is built into the payout calculation — there's no separate annual fee like FIA or variable annuity. What you see is what you get.
Quick SPIA FAQ
Q: Can I get my principal back if I change my mind?
A: No. SPIA is irrevocable. Once you sign, your principal becomes the carrier's; you receive only the promised income stream.
Q: What happens if the carrier goes bankrupt?
A: State guaranty fund covers typically $250,000-$300,000 per owner per carrier. Always check your state's limit.
Q: Is SPIA income taxable?
A: Non-qualified SPIA: each payment is split into excluded portion (return of principal, not taxable) and included portion (interest, taxable). Qualified SPIA (in IRA): 100% of each payment is taxable as ordinary income.
Q: Can I add inflation protection?
A: Yes, via the Cost-of-Living (COL) rider. Starting payment is ~25% lower in exchange for annual increases. Most SPIA buyers skip it to maximize starting income.
Q: What age should I buy a SPIA?
A: 65-85 typically. Younger than 65 = mortality pooling math is weaker. Older than 85 = limited horizon to collect.
Q: How does SPIA compare to bond ladder?
A: SPIA pays more lifetime income per dollar because of mortality pooling — bond ladders can't replicate this. But SPIA eliminates principal access; bond ladders don't.
Q: Can I do a partial SPIA?
A: Yes — put part of your nest egg into SPIA for income floor, keep the rest for growth and liquidity. Most planners recommend partial SPIA, not 100%.
Q: Should I get joint life with my spouse?
A: If you both need the income and want it to continue after first death — yes. Costs ~18% lower monthly payment. If your spouse has their own pension or SS that's adequate — life-only with a smaller secondary policy may make more sense.
📩 Get a second opinion before you sign — this is a big decision
Talk to a licensed independent expert. Hans.
SPIAs are irrevocable — once you sign, your principal is gone. Before you commit, is this carrier's payout actually top-of-market? Are you choosing the right payout option (life only vs. cash refund vs. joint)? 5 minutes of comparison shopping can mean $300-1,000/year of additional lifetime income.
Drop your info — within 24 hours, you'll get a written independent review of your quote, side-by-side comparisons vs. 2 alternatives, and a no-pressure 15-minute call if you want one.
📞 Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review reflects publicly available product materials and approximate rates as of the date stated above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change frequently — typically monthly. Always confirm current values against the most recent carrier disclosure document and the actual contract before purchasing. This article is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers across the annuity and long-term care insurance market; the producer's specific appointment status with the carrier discussed in this review may vary, and this review is not an endorsement or representation of carrier appointment. No compensation has been received from any carrier in connection with the publication of this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.