Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Nationwide SPIA Review: INCOME Promise Select Immediate Annuity
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Nationwide’s INCOME Promise Select product guide (05/26) and product pages on October 4, 2026 · Updated
Nationwide’s SPIA is INCOME Promise Select, a single-premium immediate fixed annuity issued by Nationwide Life Insurance Company.
Per its product guide dated 05/26: $10,000 minimum, annuitants up to age 95, income starting 30 to 365 days after issue, an optional 1% to 5% yearly cost-of-living increase, and a Liquidity feature on term-certain and cash-refund options ($50 per withdrawal).
AM Best rates the insurer A+ (affirmed 11/07/25). Nationwide does not publish payout rates.
Correction (October 4, 2026): an earlier version of this page quoted a “June 2026 CANNEX” payout of $649.64 a month and a carrier ranking, called Nationwide a mutual carrier with “~$300B+ AUM”, listed Fitch A+, Weiss A-, KBRA, COMDEX 93, “Renewal Rate Integrity” and “Customer Service” grades, and used composite client stories.
None of these came from a dated primary source we could check today, so they are removed. The product name, rules and ratings below come from Nationwide’s own documents.
Payments are backed by the claims-paying ability of Nationwide Life Insurance Company.
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.
INCOME Promise Select at a glance
| Feature | INCOME Promise Select (Nationwide Life Insurance Company) |
|---|---|
| Product type | Single-premium immediate fixed annuity (SPIA) |
| Income start | 30 to 365 days after issue; you pick the start date on the application |
| Annuitant age | 95 or younger; no minimum age (owners can be any age) |
| Premium | $10,000 minimum; $2 million single life or $3 million joint life without Nationwide approval; no additional payments |
| Payment frequency | Monthly, quarterly, semiannually or annually; minimum payment $100 |
| Payment options | Single Life; Single Life with Cash Refund; Single Life with 5- to 30-Year Term Certain; Joint and (20% to 100%) Survivor or Last Survivor, with or without 5- to 30-Year Term Certain; Joint and 100% Survivor or Last Survivor with Cash Refund; 3- to 30-Year Term Certain |
| Cost-of-living adjustment | Optional 1%, 2%, 3%, 4% or 5% a year, compounded; chosen at issue, cannot be changed or removed |
| Liquidity feature | Term-certain and cash-refund options only, purchase payment up to $1 million; $50 per withdrawal; not available in New York; withdrawals reduce later payments |
| Payout rates | Not publicly disclosed (“Check with Nationwide for rates and availability”) |
| Contract forms | ICC08-IAC-0102AO, ICC10-IAZ-0112AO, ICC10-IAZ-0113AO.2 |
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What will it pay?
INCOME Promise Select payout rates are not publicly disclosed. Nationwide sets each payment from the premium, start date, frequency and payment option you choose, plus the annuitant’s age and sex. Get a dated, written quote and compare it with other insurers’ quotes run the same day for the same option.
For a public reference point, Securian publishes its IncomeToday! 2.0 rates: $685.58 a month per $100,000 for a 65-year-old man, single life, nonqualified, one-month deferral, rates as of October 1, 2026. That is one insurer’s number for one profile, not this product’s payout.
Two features change the payment you start with: the cost-of-living adjustment (a 1% to 5% yearly increase lowers the first payment) and any refund or term-certain period.
Nationwide’s guide gives a hypothetical of the Liquidity feature: on a single life with 10-year term certain paying $1,000 a month, withdrawing 50% of the available Liquidity value (less the $50 fee) in year 5 cuts the payment to $500 for the rest of the term-certain period, after which it returns to $1,000 for life.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), affirmed 11/07/25, per Nationwide’s 05/26 product guide; S&P A+, Moody’s A1. |
| Payout competitiveness | Incomplete | Nationwide publishes no payout rates; it needs a same-day quote comparison. |
| Guaranteed floor | Not applicable | A SPIA’s payment is fixed in the contract at purchase; there is no crediting rate to fall. |
| Liquidity | B- | Liquidity feature on term-certain and cash-refund options (up to $1 million, $50 per withdrawal); none on life-only options or in New York. |
| Costs | B | No policy fee is listed in the guide; $50 per Liquidity withdrawal; the cost of income is built into the payout, which is not public. |
| Transparency | C | Product guide and rules are public and dated; payout rates are not. |
| Overall | B | Strong insurer and a flexible option menu with a liquidity feature; the deciding number, the payout, is not public. |
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Pros and cons
- Pro: issuer rated A+ (Superior) by AM Best, affirmed 11/07/25 per Nationwide’s guide.
- Pro: wide menu: single or joint life, 20% to 100% survivor levels, cash refund, and 3- to 30-year term certain.
- Pro: Liquidity feature gives emergency access on term-certain and cash-refund options.
- Pro: annuitants up to 95 and no minimum age.
- Con: payout rates are not published, so you cannot judge competitiveness without a same-day quote.
- Con: life-only options have no access to principal; Liquidity withdrawals cost $50 and lower later payments.
- Con: Liquidity feature is not available in New York or on purchases over $1 million.
- Con: the COLA is permanent once chosen and lowers the starting payment.
Who it’s for, and when to look elsewhere
Fits: someone who wants income starting within a year, wants the option of emergency access through a term-certain or cash-refund payout, and will compare Nationwide’s quote with other insurers’ quotes for the same option.
Look elsewhere if: you mainly want your money to grow at a known rate and keep the principal. A MYGA locks a declared rate for the term and you keep the account value.
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. Run the numbers: immediate annuity calculator · annuity payout calculator · Securian SPIA review (published payouts) · Mutual of Omaha SPIA review · how SPIA income is taxed.
Questions to ask your agent
- There is no minimum crediting rate on a SPIA, so put the payment itself in writing: the exact payment amount, start date, frequency and payment option, and how long this quote is held.
- There is no surrender value on a SPIA. If I choose a term-certain or cash-refund option, show me the Liquidity value schedule by year, the $50 fee, and how a withdrawal changes my later payments.
- What does the same premium pay with and without the cost-of-living adjustment, and with a cash refund versus life only?
- Is premium tax charged in my state, and is it deducted from my premium?
- How are you paid on this product? The commission comes from the insurer, is built into the pricing and is not deducted from my premium. What percentage is it? (Background: how annuity commissions work.)
From my desk
On a SPIA quote, the first thing I check is that the quote names the exact payment option, start date and whether a cost-of-living increase is included, because each one changes the payment and none can be changed after issue. Then I compare it with other insurers’ quotes for the identical option, run the same day.
The number buyers most often misread on a SPIA is the payout rate. Payment divided by premium (for example, 8% a year) is not an interest rate: it includes the return of your own premium. On a life-only option the payments stop at death.
How it compares to a MYGA: a MYGA keeps your principal and pays a declared rate for a set term; a SPIA gives up the principal in exchange for income that can last for life. Hypothetical arithmetic, not a quote: at Securian’s published $685.58 a month per $100,000 (male 65, life only, October 1, 2026), payments add up to the premium after about 146 months, a little over 12 years.
Frequently asked questions
What is Nationwide’s SPIA called?
INCOME Promise Select, a single-premium immediate fixed annuity issued by Nationwide Life Insurance Company, Columbus, Ohio (Nationwide product guide NFM-9033AO.17, dated 05/26).
What are Nationwide SPIA payout rates?
Nationwide does not publish INCOME Promise Select payout rates; its guide says to check with Nationwide for rates and availability. Payments depend on the premium, start date, frequency, payment option and the annuitant’s age and sex, so you need a dated quote.
Can I get money back out of a Nationwide SPIA?
Only through the Liquidity feature, which is available on term-certain and cash-refund options when the purchase payment is $1 million or less, and not in New York. Each Liquidity withdrawal costs $50 and reduces later payments. Single life and joint life options without a refund have no access to principal.
What are the issue ages and premium limits?
Owners can be any age; annuitants must be 95 or younger, with no minimum age. Minimum premium is $10,000; the maximum without Nationwide approval is $2 million for single life and $3 million for joint life. Additional payments are not allowed.
Does INCOME Promise Select have inflation protection?
Yes, an optional cost-of-living adjustment raises payments by 1%, 2%, 3%, 4% or 5% a year, compounded. It must be chosen at issue and cannot be changed or removed later, and not every percentage is available for every tax status and age.
How is Nationwide rated?
Nationwide’s product guide shows AM Best A+ (affirmed 11/07/25), S&P A+ (affirmed 04/27/26) and Moody’s A1 (affirmed 10/28/25) for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company.
Sources (checked October 4, 2026)
- Nationwide, INCOME Promise Select product guide (NFM-9033AO.17): dated 05/26; ratings with affirmation dates; checked October 4, 2026
- Nationwide, INCOME Promise Select product page: checked October 4, 2026
- Nationwide, Immediate annuities page: checked October 4, 2026
- Securian Financial, IncomeToday! 2.0 rate announcement: rates as of October 1, 2026
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Nationwide. Facts are copied from the carrier documents named, with their dates. Examples labelled hypothetical are illustrations, not quotes.
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.