Company Overview
Wichita National Life Insurance has been offering life insurance, annuities and other products to the Oklahoma and Arkansas communities for more than 60 years. The company offers term and whole life insurance alongside its fixed annuity option.
While Wichita National Life doesn’t offer many annuities, it has a B+ rating from A.M. Best — an insurance and credit rating agency. This rating shows relatively strong financial stability and reliability, which isn’t always a given among annuity companies. Here’s what you need to know about Wichita and annuity products.
Types of Annuities Offered by Wichita National Life
Wichita National Life only offers multi-year guaranteed annuities (MYGAs) with a five-year fixed interest rate.
Once you make a lump-sum payment, you’ll earn a steady income through your annuity. Since it’s an MYGA, it won’t suffer from market volatility, and your fixed interest rate will not change, regardless of market conditions.
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Key Features and Benefits
Even though Wichita has one annuity offering, it has a few features for their MYGA that might stand out among competitors.
- Fixed Interest: No matter how volatile the market is, you get the same predictable payments every month with a fixed interest rate. That means you know exactly how much you’re getting based on your terms, and you don’t have to worry about getting paid less and trying to make up the difference because of poor market performance. However, rate information isn’t available online — you must chat with an advisor to determine your potential rate.
- Riders Available: You can get a free withdrawal or death benefit rider added to your MYGA.
- Large Amount Options: Choose an MYGA as low as $10,000 or as high as $1 million.
Wichita National Life Pros and Cons
Before buying an annuity from Wichita National Life, make sure you weigh the company’s pros and cons and compare them to others first.
Pros
- Longevity: Wichita National Life has been around since 1957. It’s served the Oklahoma and Arkansas communities for over six decades and recently expanded into Texas.
- High trust and financial stability: Wichita National Life has a B+ for financial stability from A.M. Best, and its outlook from the agency is stable, so it’s easy to trust the life insurance company with your money in the future.
- Secure income and low risk: With a MYGA, you get a low-risk investment with guaranteed returns.
- More options might come later: Pillar Life Insurance acquired Wichita National in June 2022. Pillar specializes in MYGAs with various terms and no agent or commission fees. This means Wichita might boost MYGA offerings down the road.
Cons
- One annuity product offering: You can get only one type of annuity from Wichita National Life: a five-year MYGA. This option might not be enough variety for potential annuity shoppers.
- Limited website information: While there is some information on the website, you can’t sign up for an annuity online and won’t find any rate information available. You’re encouraged to contact an advisor who can help you move forward if you’re eligible. It isn’t easy to see if you qualify for an annuity before talking to someone or comparing rates to other companies.
- Not nationwide: Only those in Alabama, Arkansas, Florida, Georgia, Mississippi, Nevada, Oklahoma, Texas, Utah, Wyoming and the District of Columbia qualify for MYGAs from Wichita National Life.
- Sparse reviews: External customer reviews about the company through the Better Business Bureau (BBB), Trustpilot, the Consumer Financial Protection Bureau and other reporting agencies were hard to find.
Customer Service and Financial Stability
You can call Wichita National Life at 580-353-5776 or email the company at [email protected]. For general support, you can also visit its contact page.
Wichita has a B+ from A.M. Best, which shows strong financial security for an insurance company.
Considering a Wichita National Life Annuity
If you’re considering getting a MYGA from Wichita National, compare it to other companies offering the same product. Try to get a quote from as many options as possible to compare rates before completing applications.
You might have to chat on the phone with a representative at Wichita National before you find out if you’re eligible and what your best rate option is. If you don’t want to make time for that right now, Wichita National may not be the right MYGA for you.
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Frequently Asked Questions About Wichita National Life
Wichita National Life has a B+ rating from A.M. Best, making it a relatively financially stable and responsible insurance company.
Pillar Life Insurance acquired Wichita National Life Insurance in June 2022, although the original company name currently stands.
A multi-year guaranteed annuity, or MYGA, pays you a guaranteed interest rate for a set amount of time. It comes with tax-deferred growth and no market exposure, which means you won’t lose money based on what happens in the stock market.
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Editor Norah Layne contributed to this article.
