Western & Southern
Western & Southern is a policyholder-owned mutual and one of America's income-annuity specialists — #9 in payout annuity sales and #2 in J.D. Power's 2025 annuity satisfaction study. Its IncomeSource SPIA offers 1%–5% inflation step-ups and a rare cash-out feature.
Products Offered
Western & Southern offers 3 annuity product types. We quote only the first one, the single premium immediate annuity (SPIA); the rest are listed so you know what a Western & Southern agent may also pitch. See our types of annuities guide for the differences.
About Western & Southern
Founded in Cincinnati in 1888, Western & Southern Financial Group is a Fortune 500 mutual holding company (#310 on the 2025 list) owned by its policyholders, with $88 billion in owned assets and a Comdex composite score of 95/100. Its annuities are issued through subsidiaries Integrity Life (most states) and National Integrity Life (New York).
Unlike many big-brand insurers, Western & Southern genuinely specializes in income annuities: it ranked #9 in LIMRA's 2025 payout-annuity sales at $1.4 billion, and consumers rate it exceptionally — #2 in J.D. Power's 2025 US Individual Annuity Study, behind only USAA (which sells mainly to military families) and ahead of New York Life.
Financial Strength Ratings
| Rating Agency | Rating | What It Means |
|---|---|---|
| AM Best | A+ (Superior) | Second-highest of AM Best's 16 ratings — held since 2009, affirmed March 2025 |
| Fitch | AA (Very Strong) | Third-highest Fitch rating — held since 2009 |
| S&P Global | AA- (Very Strong) | Fourth-highest S&P rating |
| Moody's | Aa3 (Excellent) | Fourth-highest of Moody's 21 ratings |
Western & Southern Immediate Annuities (SPIA)
Western & Southern's SPIA is the IncomeSource Series, issued by Integrity Life. Minimum premium is $10,000, with issue ages up to 85 for life options and one of the fullest payout menus anywhere: single life, life with 5–30 year period certain, cash refund, installment refund, joint and survivor (level or reduced), period certain, and even temporary-life options.
Two features stand out. The guaranteed Increasing Payout Option adds 1%–5% compounded annual increases — the widest fixed step-up range we track, electable with any income option. And a commutation benefit lets a living annuitant cash out 10%–90% of the remaining present value after year one — a genuine escape hatch that most SPIAs simply don't have (not available in New York, and excluded on life-only, temporary-life, and short period-certain payouts).
Key Strengths
- #2 in J.D. Power's 2025 annuity satisfaction study — the top publicly available carrier
- True income-annuity specialist: #9 in US payout annuity sales
- Widest inflation step-up range we track (1%–5%) on IncomeSource
- Rare commutation feature — partial cash-out is possible after year one
Honest Considerations
IncomeSource's flexibility has boundaries worth knowing: the commutation cash-out feature isn't available in New York and is excluded on life-only, temporary-life, and short period-certain payouts — and the inflation option is a fixed compound step-up chosen at purchase, not true CPI indexing. Western & Southern's brand is also less familiar nationally than New York Life or MassMutual, though its ratings (A+ AM Best since 2009, Fitch AA) and Fortune 500 scale are entirely real.
Best For
Buyers who want an income-annuity specialist with top-tier customer satisfaction, aggressive inflation options, and rare partial-liquidity features.
Frequently Asked Questions
Is Western & Southern a good annuity company?
Yes — Western & Southern ranked #2 in J.D. Power's 2025 US Individual Annuity Study (behind only USAA, which serves military families), carries an A+ (Superior) AM Best rating held since 2009 plus AA from Fitch, and is a genuine income-annuity specialist ranked #9 in US payout annuity sales. It is a policyholder-owned mutual founded in 1888.
What is the minimum for a Western & Southern immediate annuity?
The IncomeSource SPIA, issued by Western & Southern subsidiary Integrity Life, has a $10,000 minimum premium, with contracts up to $2 million available without prior approval at most ages.
Can you get money out of a Western & Southern SPIA?
Sometimes — and that's unusual. IncomeSource includes a commutation benefit letting a living annuitant cash out 10% to 90% of the remaining present value after the first year. It isn't available in New York and is excluded on life-only, temporary-life, and period-certain payouts under 10 years, but for eligible contracts it's a liquidity feature most SPIAs don't offer at all.
Western & Southern vs. All Carriers — Male Rates
Compare Western & Southern's men's figures against the other carriers we publish. Monthly income per $100,000 SPIA, single life with a 5-year period certain, from our rate tables as of October 1, 2026.
Male Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $616/mo | $649/mo | $693/mo | $767/mo | $893/mo | $1,046/mo |
| Nationwide | A+ | $577/mo | $609/mo | $669/mo | $751/mo | $873/mo | $1,041/mo |
| Western & Southern | A+ | $587/mo | $625/mo | $676/mo | $737/mo | $852/mo | $1,013/mo |
| Athene | A+ | $590/mo | $634/mo | $688/mo | $763/mo | $872/mo | $1,037/mo |
| Penn Mutual | A+ | $571/mo | $604/mo | $664/mo | $732/mo | $836/mo | $960/mo |
| Pacific Life | A+ | $539/mo | $578/mo | $629/mo | $706/mo | $830/mo | $998/mo |
| Mutual of Omaha | A+ | $530/mo | $545/mo | $601/mo | $677/mo | $795/mo | $942/mo |
| Lincoln Financial | A | $492/mo | $515/mo | $573/mo | $654/mo | $769/mo | $926/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. Ages 60, 65 and 80: read at a surveyed age in an earlier round, then repriced. Ages 55, 70 and 75: interpolated between surveyed ages in an earlier round, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
Western & Southern vs. All Carriers — Female Rates
Compare Western & Southern's women's figures against the other carriers we publish. All women's figures are derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. They are not quoted directly.
Female Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $602/mo | $634/mo | $658/mo | $724/mo | $839/mo | $986/mo |
| Nationwide | A+ | $553/mo | $584/mo | $632/mo | $697/mo | $804/mo | $962/mo |
| Western & Southern | A+ | $581/mo | $618/mo | $644/mo | $706/mo | $810/mo | $966/mo |
| Athene | A+ | $564/mo | $605/mo | $648/mo | $705/mo | $800/mo | $956/mo |
| Penn Mutual | A+ | $563/mo | $595/mo | $631/mo | $698/mo | $794/mo | $914/mo |
| Pacific Life | A+ | $529/mo | $568/mo | $600/mo | $671/mo | $784/mo | $946/mo |
| Mutual of Omaha | A+ | $515/mo | $530/mo | $570/mo | $636/mo | $743/mo | $883/mo |
| Lincoln Financial | A | $472/mo | $493/mo | $541/mo | $607/mo | $709/mo | $856/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. All women's figures: derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
What a $100,000 Immediate Annuity Pays: Western & Southern vs. the Best in Our Tables
If you are weighing a Western & Southern income annuity, the number that matters is the monthly check. In our rate tables as of October 1, 2026, across the 8 A-rated carriers we publish, $100,000 buys a 65-year-old:
| Age 65, per $100,000 | Western & Southern | Best of the 8 carriers we publish |
|---|---|---|
| Man, single life | $676/mo | $693/mo |
| Woman, single life | $644/mo | $658/mo |
| Couple, 100% to survivor | $594/mo | $608/mo |
Single life (or joint, 100% survivor) with a 5-year period certain, income starting next month. The man's figure is read at a surveyed age in an earlier round, then repriced. The woman's figure is derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. The couple's figure is derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. Guarantees rest on the issuing insurer's claims-paying ability.
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
- See the payout for your premium: $100,000 · $250,000 · $500,000 · $1,000,000
- Rates at your age: 60 · 65 · 70 · 75 — and the month-over-month SPIA Payout Index
- Life only vs. cash refund vs. period certain: how each payout option changes the check
- Buying with IRA or 401(k) money? What changes (and what doesn't)
Should You Choose Western & Southern?
Western & Southern is a strong choice if you value financial stability — their A+ rating indicates superior financial strength. With 138 years in business, they have a proven track record of meeting their obligations to policyholders.
However, we always recommend comparing rates from multiple carriers. A carrier with a slightly lower brand profile may offer a meaningfully better rate for your specific age and situation. The rate tables above make it easy to compare Western & Southern against 7 other A-rated carriers.
View all 8 carriers we track, or compare current rates side by side.
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