Goldstein Scorecard: C (dated October 4, 2026). See how it is graded.
EquiTrust Life SPIA Review: Confidence Income Payout Options, Issue Ages to 90, and Why the Payouts Are Quote-Only
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against EquiTrust’s Confidence Income brochure (06-26) and disclosure form (12-24), EquiTrust’s website and AM Best’s August 20, 2026 release on October 4, 2026 · Updated
EquiTrust Life Insurance Company’s single-premium immediate annuity is called Confidence Income. Per EquiTrust’s brochure (06-26), it pays for life, for two lives, or for a fixed 5 to 20 years, can be bought up to age 90, and its disclosure form lists no contract fees or surrender charges.
EquiTrust does not publish payouts to the public, so get a dated quote. AM Best: B++ (Good), affirmed August 20, 2026, below A-.
Rating watch (checked October 4, 2026): AM Best rates EquiTrust Life Insurance Company B++ (Good), outlook stable, as of August 20, 2026 (AM Best press release). AM Best moved the outlook to stable from positive, citing elevated financial leverage and pressured interest coverage at EquiTrust’s new parent, Amistad Financial Group, LLC.
B++ is one notch below A- on AM Best’s scale; it is AM Best’s “Good” category, not a downgrade.
S&P Global Ratings affirmed its A- rating and revised the outlook to negative on April 15, 2026 (S&P release), and Fitch affirmed A- and revised the outlook to negative on May 15, 2026 (Fitch release); both cited debt at the parent that is expected to be serviced largely by EquiTrust. EquiTrust says ownership transitioned to Amistad Financial Group in 2025 (EquiTrust company history).
What it means: an annuity’s values and any contractual guarantees are backed by the claims-paying ability of EquiTrust Life Insurance Company.
If an insurer fails, state guaranty associations cover annuity values up to set limits (in California, 80% of value up to $250,000 per owner per insurer; see California guaranty coverage and guaranty limits by state). A rating action is not a default.
It is a reason to keep the amount per insurer within your state’s limit and to read the latest rating before you buy.
Correction: an earlier version of this page showed Confidence Income payouts from EquiTrust’s rate summary, which EquiTrust marks for financial professionals only, and called EquiTrust the “#1” payout in a June 2026 CANNEX comparison with five other insurers’ payouts.
Those figures were not from a public, current source and were removed, along with a “life + cash refund” option the brochure does not list, Weiss, KBRA and COMDEX scores, and a generic guaranty-fund claim. California guaranty coverage is stated in the box above with its source page.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Confidence Income payout options
| Option | How it pays (per EquiTrust) |
|---|---|
| Fixed period | Payments for a period you choose from 5 to 20 years |
| Single lifetime | Payments as long as the annuitant is living |
| Single lifetime with fixed period | Payments for a 5 to 20-year fixed period or as long as the annuitant lives, whichever is longer |
| Joint lifetime | Payments as long as one or both annuitants are living |
| Joint lifetime with fixed period | Payments for a 5 to 20-year fixed period or as long as one annuitant is alive, whichever is longer |
| Joint payment reduction | With a joint option and a fixed period, payments can stay level at the first death or be reduced by 25%, 33% or 50% |
Contract basics (verified)
| Feature | Confidence Income (EquiTrust SPIA) |
|---|---|
| Issuer | EquiTrust Life Insurance Company; contract form ET-SPIA(08-06) |
| Premium | Single lump sum; EquiTrust will wait to issue until premium from multiple sources arrives; no additions after issue |
| Issue ages | Up to and including 90 for owner, joint owner and annuitant |
| Payment frequency | Monthly, quarterly, semiannual or annual, by direct deposit; locked once payments begin |
| Contract fees | None listed: EquiTrust’s Confidence Income disclosure and comparison form (ET-SPIA-4901, 12-24) shows contract fees, surrender charges, MVA and premium bonus as “Does Not Apply” |
| Death benefit | Available on fixed period options; beneficiary designation can avoid probate |
| Cash refund option | Not listed in the brochure |
| Payout rates | Not published to the public (agent-only rate summary) |
| Free look | Yes; the number of days is in the contract |
Estimate your own payment in the immediate annuity calculator or the annuity payout calculator, then compare it with a dated quote.
Get an independent read on Equitrust Life SPIA before you sign.
Send your email and I'll send you what this product actually guarantees, what the surrender schedule really 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.
We’ll email it to you. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | C+ | AM Best B++ (Good), outlook stable, 8/20/2026; S&P and Fitch A- with negative outlooks (4/15/2026, 5/15/2026). |
| Payout competitiveness | Incomplete | Payouts are on an agent-only rate summary; not published here. |
| Payout options | B | Life, joint life, life or joint with a 5 to 20-year period, fixed period 5 to 20 years, joint reductions of 25%, 33% or 50%. No cash refund option listed. |
| Liquidity | D | Amount and frequency locked once payments begin; no additions; access beyond scheduled payments is not described. |
| Costs | B | No contract fees listed on EquiTrust’s disclosure form; the insurer’s margin sits inside the payout rate. |
| Transparency | D | Options and ages are public; payout rates are not. |
| Overall | C | Weighted toward financial strength, guaranteed floor and liquidity for a buyer who wants a known result. |
Get the current numbers for your amountor call 213-414-2808
Pros and cons
- Pro: Issue ages up to and including 90.
- Pro: A full set of life, joint and period-certain options, with joint reductions of 25%, 33% or 50%.
- Pro: No contract fees, surrender charges or MVA listed on EquiTrust’s disclosure form.
- Con: Payout rates are not public, so you need a dated quote to compare.
- Con: No cash refund option is listed; on a life-only option, payments stop at death.
- Con: AM Best B++ is below A-, and S&P and Fitch both moved EquiTrust to a negative outlook in 2026. A SPIA is a long promise, so the insurer matters.
- Con: Once payments start, the amount and frequency are locked.
Who it’s for, and when to look elsewhere
Fits: a retiree up to age 90 who wants a fixed income stream for life, for two lives or for a set number of years, keeps the amount per insurer within the state guaranty limit, and has compared a dated Confidence Income quote with other insurers on the same day.
Look elsewhere if:
- You want a cash refund feature or access to the principal after payments start.
- You want an insurer rated A- or better by AM Best.
- You want growth rather than income now, or a known rate with the principal intact. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates. See also SPIA vs MYGA for bridge income.
Related reviews: SPIA rates compared, Symetra SPIA, Securian Minnesota Life SPIA, how SPIA payments are taxed and EquiTrust bonus FIAs.
Questions to ask your agent
- Give me a dated Confidence Income quote for my exact age, state, premium and option, plus the same option from two other insurers on the same date.
- What is guaranteed in writing: the payment amount, how long it lasts, and what my beneficiary receives under the option I choose? Is there a minimum number of payments or a cash refund?
- A SPIA has no surrender schedule once payments begin. Confirm in writing that there are no surrender charges, MVA or contract fees, and how long the free-look period is in my state.
- For after-tax money, what part of each payment is taxable (the exclusion ratio)?
- How are you paid on this SPIA? Commission comes from the insurer and is built into pricing, not deducted from premium. What percentage is it? (Background: how annuity commissions work.)
From my desk
When I review a SPIA quote, the first thing I check is the date and the exact option. A life-only payout and a life with 20-year period payout are different products, and a quote without a date is stale within days. EquiTrust does not publish its payouts, so the only valid comparison is several insurers quoted on the same day for the same option.
The number buyers most often misread on a SPIA is the payout rate itself. It is not an interest rate: each payment is partly your own premium coming back. Then I weigh the insurer: a SPIA can pay for 25 years or more, and EquiTrust is rated B++ by AM Best, so I keep the amount within the state guaranty limit.
Against a MYGA, I set the SPIA’s annual income next to the interest a MYGA would pay on the same premium. The SPIA pays more each year because it spends principal; the MYGA keeps the principal. Which wins depends on whether you need income for life or want to leave the money to someone.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable: once you sign, your principal is gone. Before you commit, how does this insurer's payout compare with other quotes for your age? Are you choosing the right payout option (life only vs. cash refund vs. joint)? Payouts for the same deposit can differ between insurers, so compare quotes before you sign.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
Frequently asked questions
What is EquiTrust’s immediate annuity called?
Confidence Income, a single-premium immediate annuity issued by EquiTrust Life Insurance Company on contract form ET-SPIA(08-06). It turns a single lump-sum premium into scheduled income for life, for two lives, or for a fixed period of 5 to 20 years.
How much does an EquiTrust immediate annuity pay?
EquiTrust does not publish Confidence Income payouts to the public; its rate summary is marked for financial professionals only. An earlier version of this page showed payouts from that sheet and from a June 2026 CANNEX comparison; both were removed. Ask for a dated quote for your age, state and option.
What payout options does Confidence Income offer?
Per EquiTrust’s brochure (06-26): a fixed period of 5 to 20 years; single life; single life with a 5 to 20-year fixed period; joint lifetime; and joint lifetime with a 5 to 20-year fixed period. With a joint option and a fixed period, payments can stay the same at the first death or drop by 25%, 33% or 50%. Payments can be monthly, quarterly, semiannual or annual.
What is the maximum issue age?
You can buy Confidence Income at any age up to and including 90, and any joint owner or annuitant must also be 90 or younger, per EquiTrust’s brochure.
Can I change or cash out an EquiTrust SPIA?
EquiTrust’s brochure says that once payments begin, their amount and frequency are locked in for the payment period, and no premium can be added after issue. There is a free-look period after the contract is issued.
How are Confidence Income payments taxed?
Per EquiTrust’s brochure, income bought with pre-tax retirement money is taxable as received; after-tax purchases may get tax advantages (part of each payment is generally a return of premium). A qualified-plan fixed period longer than your life expectancy may have adverse tax consequences. See a tax professional.
How is EquiTrust rated?
AM Best affirmed B++ (Good) with a stable outlook on August 20, 2026. S&P (April 15, 2026) and Fitch (May 15, 2026) affirmed A- and revised their outlooks to negative. Payments are backed by the claims-paying ability of EquiTrust Life Insurance Company.
Sources (checked October 4, 2026)
- EquiTrust, Confidence Income client brochure, ET-CNF-BR-1100 (06-26): payout options, issue ages, premium rules, taxation notes
- EquiTrust, Confidence Income disclosure and comparison of products, ET-SPIA-4901 (12-24): contract fees, surrender charges, MVA listed as does not apply
- EquiTrust, single-premium immediate annuity page (Confidence Income, contract form): checked October 4, 2026
- AM Best, Revises Outlooks to Stable for EquiTrust Life Insurance Company: August 20, 2026
- S&P Global Ratings, EquiTrust outlook revised to negative, A- affirmed: April 15, 2026
- Fitch Ratings, Fitch Revises EquiTrust’s Outlook to Negative; Affirms IFS at A-: May 15, 2026
- EquiTrust, About and company history (ownership): checked October 4, 2026
MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with EquiTrust. No carrier paid for this review. Figures are copied from the carrier documents named, with their dates; they change and vary by state. Confirm current terms in the latest disclosure and the contract before buying.
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for 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.