Annuities
Guaranteed income for life. Compare fixed, indexed, and income annuities.
Expert guides on annuities, types, rates, and how to choose the right product. Compare top carriers and get a free annuity quote.
Explore annuities by topic
Annuity types
Fixed, indexed, MYGA, SPIA, payouts, and fundamentals—plus hub guides on taxation and more.
Learn more →Annuity rates
MYGA, FIA, and SPIA rate guides updated for the current environment.
Learn more →Best annuity companies
Leading carriers for fixed indexed and immediate annuities.
Learn more →What is an annuity?
An annuity is a contract with an insurance company where you pay a premium—either a lump sum or over time—in exchange for future income payments. Annuities provide tax-deferred growth and can offer guaranteed lifetime income, protecting against the risk of outliving your savings in retirement.
Accumulation
Your money grows tax-deferred during the accumulation phase before you take income.
Distribution
Convert your savings into a stream of payments—for life, a set period, or as withdrawals.
Tax Deferral
Earnings grow tax-deferred until you withdraw. No annual tax on growth.
Fixed vs. Variable
Fixed and indexed annuities protect principal; variable annuities can gain or lose with the market.
How do annuities work?
You fund the annuity during the accumulation phase; earnings grow tax-deferred. When you're ready for income, you annuitize or take withdrawals. You can choose lifetime payments, a fixed period, or lump-sum withdrawals—each with different tax implications.
Types of annuities
Annuities come in several forms—from fixed products with guaranteed rates to indexed and variable products with different risk and return profiles. Compare all types of annuities →
Fixed annuity
Guaranteed interest rate for a set period. Principal is protected from market loss. Predictable growth.
Learn more →Fixed indexed annuity (FIA)
Returns tied to a market index (e.g., S&P 500) with downside protection. Participation in gains, no market losses.
Learn more →Variable annuity
Invest in subaccounts similar to mutual funds. Returns and principal can fluctuate with the market.
Learn more →MYGA
Multi-Year Guaranteed Annuity. Fixed rate locked in for 3–10 years. Functions like a CD with tax deferral.
Learn more →SPIA
Single Premium Immediate Annuity. Convert a lump sum into guaranteed income that starts right away.
Learn more →Deferred vs. immediate
Deferred annuities grow before income; immediate annuities (like SPIA) start paying within a year.
Learn more →What do annuities provide?
Limitations to consider
- Early withdrawals without surrender charges (typically 7–10% declining over 5–10 years)
- Principal protection in variable annuities (value can go down with the market)
- Unlimited liquidity—most annuities have surrender periods and withdrawal limits
- FDIC insurance (annuities are backed by the insurer, not the federal government)
How much do annuities cost?
Annuities are funded with a premium—often a lump sum—rather than ongoing monthly payments like insurance. Rates vary by product type: fixed annuities and MYGAs offer guaranteed rates (often 3.5–5.75% depending on term); indexed annuities have caps and participation rates. Fees, surrender charges, and riders can affect your net return.
Compare annuity rates →Expert Tip: Compare carriers and understand surrender charges
Annuity rates and features vary significantly by carrier. Compare quotes from multiple A-rated insurers. Pay attention to surrender charges—they can be 7–10% in early years and decline over 5–10 years. Match the surrender period to your time horizon so you're not penalized if you need access sooner.
—Brad Cummins, Insurance Geek Founder
Ways to choose the right annuity
- •Compare carriers — Rates and features differ. Shop 30+ A-rated insurers.
- •Understand fees — Surrender charges, rider costs, and administrative fees affect your return.
- •Match product to goals — Fixed for predictability, indexed for growth with protection, SPIA for immediate income.
- •Consider surrender period — Don't lock in longer than you can commit.
- •Work with an independent agent — Access multiple carriers, not just one company's products.
Annuity guides
Why choose Insurance Geek for annuities?
Rate Watch
Save more over time without re-shopping. Rate Watch notifies you every renewal if your rate increases and there are better offers — so you don't have to remember to shop again.
Insurance Geek Wallet
All your policies in one place. The Insurance Geek Wallet stores policies from any carrier in one app — so you know what you have, when it renews, and never hunt for a document again. (Coming soon)
Expert guidance
Start online, finish with a licensed agent. Get digital convenience plus human expertise before you bind — so you're confident in your choice.
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How to get an annuity
Assess your goals
Determine whether you need guaranteed income, principal protection, tax deferral, or a combination. Consider your time horizon and when you want payments to start.
Get quotes
Use our quote widget above or click Get a Quote. Compare rates from 30+ A-rated carriers. Fixed, indexed, and MYGA rates are available.
Compare products
Review rates, surrender periods, fees, and optional riders. Match the product type to your goals—fixed for predictability, indexed for growth potential with protection.
Apply and fund
Complete the application, transfer funds, and receive your contract. Your annuity is active once the carrier processes the premium.
Annuity FAQs
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