Annuity Review Carrier: SPIA Comparison AM Best: Various Last updated: 2026-06-09

Best SPIA Rates 2026 — Top Payout Carriers Ranked

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.

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

See SPIA vs GLWB Which Wins.

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.