The Best Annuity Companies of 2023

To determine our picks for the best annuity companies of 2023, Annuity.org’s independent editorial team carefully considered insurance providers with licenses to issue annuity contracts from across the country. Our superlatives are based on in-depth research into major purchase considerations from our readers’ perspectives.

Annuity.org uses a strict and fact-based methodology to determine which companies qualify for our rankings. To be considered, a company must be licensed to sell annuities in all 50 states. The company must have an A- or better Financial Strength Rating and have sold over $5 billion in direct premiums in 2021, according to information supplied by AM Best. The Better Business Bureau (BBB) must rate them B or higher.

The National Association of Insurance Commissioners (NAIC) publishes its Complaint Index scores annually to compare an individual company’s performance to other companies in the insurance market. Our editorial team took the latest NAIC Complaint Index scores from 2021 into consideration when evaluating our featured providers.

We also considered other factors, including the number of annuity products offered by the company and the availability of optional death benefits. Our featured company choices are based on publicly available company information and nationwide feedback, not on any individual annuity product.

Because annuity plans and providers vary by location, an independent insurance agent can best help you find a suitable plan in your area.

Learn more about our broader Editorial Guidelines.

Additional details about the featured annuity providers and their product offerings can be found on their respective websites, linked below:

Each type of annuity can be further tailored to meet the purchaser’s needs with different variations, such as indexed and flexible premium annuities.

Although insurance companies must issue an annuity, not all annuity contracts are sold to the public directly via the issuing company’s own agents.

If you purchase an annuity from one of these middlemen, normally you will continue to work with them directly as you manage your contract, even though you will also receive information from the insurance company from time to time.

For example, if you own a variable-rate annuity, you will receive quarterly statements from the insurance company regarding the contract’s underlying accounts. If you want to make changes to those accounts, though, you might do it through the agent or company who sold you the contract.

Unlike the checking, savings and money market accounts at your bank or credit union, annuities are not guaranteed by the FDIC or SIPC. Instead, the insurance company that issues the annuity backs the asset.

Therefore, you should do considerable research about the company before choosing a provider.

“The security of your guarantee is only as good as the financial stability of the insurance company,” said financial advisor Stephen Kates, CFP®. “It is important to view the independent ratings of any companies you are considering.” A good annuity provider should have a strong rating from AM Best or one of the other credit rating agencies.

Another factor many people consider when choosing an annuity company is customer satisfaction. You can use third-party review sites such as Trustpilot or the Better Business Bureau to understand how well a company treats its customers.

You can also check the company’s annual NAIC Complaint Index results. With 1.0 representing an average expected number of complaints, a score below 1.0 is preferable. A Complaint Index score of 0.1, for example, means the company receives one-tenth as many complaints as expected of the average provider in the insurance market.

When selecting an annuity provider, it’s important to think about your priorities. If you already know which type of annuity you want to buy, consider providers that specialize in this type of annuity. Or think about which features are most important to you and find out which providers offer those benefits.

Most annuity companies provide detailed information on their products on their websites. Some even allow prospective customers to download product brochures that list annuity rates, features and fees. A provider’s website can be a great resource, but you may also consider researching providers on other sites like personal finance or retirement planning blogs for a less biased perspective.

You may also solicit help from an expert who is independent of the annuity sales process when choosing which company to purchase from. Called independent fiduciaries, these experts will help you understand the entire annuity process and listen to your goals before recommending which insurance company to work with and what type of annuity to purchase.

This type of professional advice may be valuable to someone new to the annuity market because independent fiduciaries are not salespeople for insurance companies or banks and will put your needs first.