Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Mutual of Omaha Income Annuity Review: Ultra-Income, Income Access, Deferred Income Protector, and Which Rates Are Public
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against United of Omaha highlight sheets, Mutual of Omaha's annuity and financial strength pages, and AM Best on October 4, 2026 · Updated
Mutual of Omaha does not publish current annuity rates or income annuity payouts on mutualofomaha.com; payouts are quote-only. Its income annuities are issued by United of Omaha Life Insurance Company (AM Best A+, affirmed April 2, 2026): Ultra-Income, an immediate annuity from $10,000 with issue ages to 85; Income Access, with a cancellation refund of 95% to 100% of remaining premium; and Deferred Income Protector, with income starting 2 to 40 years out.
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.
Which Mutual of Omaha annuity rates are public
On October 4, 2026, Mutual of Omaha's annuity pages (annuity plans) list products and features but no rate table. What the plans page does state: Ultra-Secure Plus and Ultra-Premier fixed annuities guarantee the initial rate for 5 or 7 years, with an additional 0.15% on purchase payment and accumulation values over $50,000. Income annuity payouts are quote-only and not publicly disclosed.
History, not a current rate: the latest Ultra-Secure Plus rate flyer I found on Mutual of Omaha's producer server shows rates as of May 1, 2025: 4.35% (5-year) and 4.40% (7-year) up to $50,000, and 4.50% and 4.55% above $50,000. Rates have changed since; ask for the sheet in effect on your application date (Ultra-Secure Plus flyer, rates as of 05/01/2025).
For a dated public reference on income annuity payouts from another A+ insurer: Securian's IncomeToday! 2.0 rate announcement for October 1, 2026 shows $685.58 a month for a 65-year-old man, life only, per $100,000 nonqualified (Securian rate announcement). That is a reference point to test a Mutual of Omaha quote against, not a ranking.
Correction: an earlier version of this page listed United of Omaha's S&P rating as AA- and showed a Fitch A+; Mutual of Omaha's financial strength page lists S&P A+ and no Fitch rating.
It described an optional "medical-condition benefit increase" rider on the SPIA; Ultra-Income instead offers impaired-risk underwriting, and the 50% nursing-home increase is an Income Access option. June 2026 "market-level" payout estimates, a five-insurer payout table, a hypothetical "Margaret" case study, Weiss and COMDEX grades, renewal and service tiers, and a star rating have been removed.
The three income annuities, side by side
| Feature | Ultra-Income | Income Access | Deferred Income Protector |
|---|---|---|---|
| Type | Single premium immediate annuity | Single premium immediate annuity | Flexible premium deferred income annuity (QLAC available) |
| Issue ages | 0 to 85 | 0 to 75 | 40 to 75 nonqualified and QLAC; 40 to 71 qualified |
| Minimum | Greater of $10,000 or the premium for a $100 monthly payout | Greater of $10,000 or the premium for a $100 monthly payout | $5,000 initial; $2,000 additional |
| Maximum without approval | $3 million | $1 million | $3 million |
| Income start | Within 1 to 13 months | Within 13 months | 2 to 40 years after purchase; by age 85 (nonqualified, QLAC) or 73 (qualified) |
| Payout options | Life; life with period certain; period certain; joint and survivor (with or without period certain); installment refund; fixed amount; fixed period | Lifetime income, with optional survivor continuation up to 100% | Single or joint life only, with cash refund, installment refund or period certain (some not for QLAC) |
| Inflation option | COLA up to 6% of initial annual benefit | 3% yearly increase | 1% to 3% yearly increase |
| Access to money | None listed | Cancel for remaining premium less payments received: 95%, 96%, 97%, 98%, 99%, then 100% from year 6 | Income payment advance: 7 payments at once, up to 3 times (nonqualified, monthly, 59½+) |
| Health features | Impaired-risk / substandard underwriting for larger payouts | Optional 50% increase for 5 years after 90 days in a nursing home (after year 2); return of premium on terminal illness | None listed |
| Death benefit | Depends on option | Remaining premium not yet paid out; doubles for common-carrier accidental death; optional minimum death benefit | Before income: 100% of premiums except life-only options; after: depends on option |
| Fees | No policy fee, no front-end sales load; state premium tax deducted where it applies | Premium tax may be deducted | Not listed |
Also see: MassMutual Stable Voyage MYGA Review
Is the annuity you're looking at actually the best one available?
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), affirmed April 2, 2026; S&P A+ and Moody's A1 for United of Omaha (Mutual of Omaha financial strength page) |
| Payout competitiveness | Incomplete | No public payout rates |
| Guaranteed floor | Not applicable | Income payments are fixed in the contract at purchase |
| Liquidity | B- | Income Access cancellation refund (95% to 100% of remaining premium); Deferred Income Protector income advance; none on Ultra-Income |
| Costs | B+ | Ultra-Income: no policy fee, no front-end load; premium tax where the state charges it |
| Transparency | C | Highlight sheets and product guide are public; no current rates or payouts posted |
| Overall | B | Strong insurer and an unusually broad income menu; the deciding number, the payout, is not public |
Get the current numbers for your amountor call 213-414-2808
Pros and cons
Pros
- United of Omaha is rated A+ (Superior) by AM Best, affirmed April 2, 2026.
- Three distinct tools: income now (Ultra-Income), income now with a refund path (Income Access), and income later or a QLAC (Deferred Income Protector).
- Ultra-Income's impaired-risk underwriting can raise payouts for people with health conditions.
- Income Access returns up to 100% of remaining premium on cancellation (95% in year 1).
- Ultra-Income lists no policy fee and no front-end sales load.
Cons
- No current rates or payouts are posted publicly, so every comparison needs a dated quote.
- Ultra-Income has no listed access to principal after purchase.
- Income Access tops out at age 75 and $1 million without approval.
- Inflation options lower the starting payment.
Who it's for, and when to look elsewhere
Fits: someone who wants income from an A+ rated insurer and values a specific feature: impaired-risk pricing (Ultra-Income), a refund path if plans change (Income Access), or a future start date or QLAC (Deferred Income Protector).
Look elsewhere if: you mainly want a known rate and to keep your principal. A MYGA locks a declared rate for the term.
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. Also look elsewhere if you need the full lump sum available, or you are over 85.
Compare: immediate annuity calculator · annuity payout calculator · Mutual of Omaha SPIA review · deferred income annuities explained · Securian SPIA review
Questions to ask your agent
- "What exact payment does the contract set, under which option, and what is the minimum my beneficiary receives (refund or period certain) if I die early? In writing, with the quote date."
- "What are the surrender or cancellation terms for this product? For Income Access, show me the refund percentage by policy year."
- "Is this quote standard or impaired-risk underwriting, and what health information supports it?"
- "What is the current Ultra-Secure Plus or Ultra-Premier rate sheet, if I am also comparing a MYGA?"
- "How are you paid on this annuity, and what commission percentage does United of Omaha pay?" (Commission comes from the insurer and is built into pricing; it is not deducted from your premium. See how annuity commissions work.)
From my desk
With a Mutual of Omaha income quote, the first thing I check is which of the three products it is. Ultra-Income, Income Access and Deferred Income Protector solve different problems, and Income Access's refund feature or a deferred start changes the payment you should expect. Then I check the quote date, because none of these payouts are published.
The number buyers most often misread is the payout as a percentage of premium. It is not a yield; much of each payment is your own premium coming back. Compare income quotes in monthly dollars, same age, same option, same day.
Against a MYGA, the question is whether income is needed now. A MYGA keeps the principal and credits a declared rate for its term, and can be turned into income later. An income annuity gives up the principal (Income Access less so) for a payment a MYGA's interest alone usually cannot match.
Income payments are backed by the claims-paying ability of United of Omaha Life Insurance Company. For taxes, see how the exclusion ratio works; for a second read, see annuity second opinion.
Frequently asked questions
What are Mutual of Omaha's annuity rates today?
Mutual of Omaha does not post current annuity rates or income annuity payouts on mutualofomaha.com (its annuity pages checked October 4, 2026 show products, not rates). Income annuity payouts are quote-only. The most recent Ultra-Secure Plus rate flyer I could find on Mutual of Omaha's own servers is dated May 1, 2025, so treat it as history and ask for the current rate sheet.
Which income annuities does Mutual of Omaha offer?
Three, all issued by United of Omaha Life Insurance Company: Ultra-Income (a single premium immediate annuity), Income Access (an immediate annuity with return-of-premium features and optional benefits) and Deferred Income Protector (a deferred income annuity with income starting 2 to 40 years out, also available as a QLAC).
What is the minimum for Mutual of Omaha Ultra-Income?
The greater of $10,000 or the amount needed to generate a $100 monthly payout, with a $3 million maximum without company approval. Issue ages run to 85 and payments must begin within 1 to 13 months of purchase.
Can I get money back from a Mutual of Omaha income annuity?
It depends on the product. Ultra-Income has no cash-out feature listed. Income Access lets you cancel for up to 100% of remaining premium less income already paid: 95% in policy year 1 rising to 100% from year 6. Deferred Income Protector offers an income payment advance of seven payments, up to three times, on nonqualified monthly contracts at 59 and a half or older.
Does Mutual of Omaha pay more if I have health problems?
Ultra-Income offers impaired-risk or substandard underwriting, which can mean larger payouts for the same premium if a health condition may shorten life expectancy. Income Access has an optional 50% payment increase for five years after 90 consecutive days in a nursing home, once the policy has been in force two years.
What is Mutual of Omaha's AM Best rating?
A+ (Superior) for Mutual of Omaha Insurance Company and United of Omaha Life Insurance Company, affirmed April 2, 2026 (AM Best press release). Mutual of Omaha's financial strength page (checked October 4, 2026) lists United of Omaha at S&P A+ and Moody's A1.
Sources (checked October 4, 2026)
- United of Omaha Life Insurance Company, Ultra-Income highlight sheet (232878_0224).
- United of Omaha, Income Access highlight sheet (623275).
- United of Omaha, Deferred Income Protector highlight sheet (333691_0525).
- Mutual of Omaha, Annuities: deferred and immediate product guide (333692_0825).
- Mutual of Omaha, Annuity plans page, checked 10/4/2026.
- Mutual of Omaha, Financial strength page, checked 10/4/2026.
- AM Best, AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries, April 2, 2026.
- Mutual of Omaha Newsroom, Mutual of Omaha Maintains A+ Rating and Receives Financial Strength Assessment Upgrade (S&P), September 4, 2026.
- United of Omaha, Ultra-Secure Plus rate flyer, rates as of 05/01/2025 (history).
- Securian Financial, IncomeToday! 2.0 rate announcement, rates as of 10/1/2026.
- 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 Mutual of Omaha. Features are copied from the documents named; they vary by state and change. Confirm a current quote and read the contract before buying.
Get a second opinion before you sign
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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.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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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.