How We Build Our SPIA Rate Tables: Method, Sample and Limits
Where our payout figures come from, which ones are direct quotes, which ones are worked out from quotes, and what they cannot tell you.
The short version
Our rate tables start from quotes run for real clients. For the base tables we received 54 survey runs covering 30 client scenarios, prepared July 14 to September 14, 2026, and used 52 of them for pricing (2 runs used annual payments and were left out of pricing). On October 1, 2026 we checked the tables against 7 of 11 new survey runs, prepared September 18 to 29, 2026. We repriced 1 of the 8 carriers we publish (Athene, up about 1.8%) and held the other 7 at their earlier figures. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one. Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move.
This is the source note we print with our tables:
Source: LifeAnnuities.us quote surveys run for real clients. The figures start from quotes our agent runs for real clients, not advertised rates or illustrations. For the base tables we received 54 survey runs covering 30 client scenarios, prepared July 14 to September 14, 2026, and used 52 of them for pricing (2 runs used annual payments and were left out of pricing). 17 carriers were quoted. On we checked the tables against 7 new survey runs (4 client scenarios, prepared September 18 to 29, 2026). 11 runs were received and 4 were not used (4 runs were for a 41-year-old, well below our table ages; two of them were at $5,000,000). We repriced 1 of the 8 carriers we publish (Athene, up about 1.8%) and held the other 7 at their earlier figures. A repriced carrier has its whole table moved by its own measured change on quotes for the same age and sex. New York Life: readings were mixed, so we held its figures until the next round. Two direct comparisons with mid-September quotes came in 0.7% and 1.6% higher once premium size is allowed for. A third, measured through August, came in 0.6% lower. How each figure is built. Men: 60, 65 and 80 read at surveyed ages; 55, 70 and 75 interpolated between surveyed ages. Women: all ages derived by ratio. Joint: 55, 60, 75 and 80 derived by ratio; 65 and 70 calibrated to a direct same-age joint quote. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one. Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move. Basis: single life or joint (100% to survivor), 5-year period certain, income starting next month, per $100,000. Full method and known limits. Free to cite with attribution to LifeAnnuities.us.
Survey log
Every figure is built from quotes our agent runs for real clients through the quoting platform licensed agents use. Some figures are the quotes themselves, and the rest are worked out from them, as the tables below show. We do not use advertised rates or illustrations. A survey run is one set of carrier quotes prepared for one client. One client scenario can be run more than once, which is why there are more runs than scenarios.
| Round | August 2026 base round | September 2026 repricing round | Late-September round (October 2026 tables) |
|---|---|---|---|
| Run window | July 14 to August 11, 2026 | September 8 to 14, 2026 | September 18 to 29, 2026 |
| Survey runs received | 37 | 17 | 11 |
| Runs used for pricing | 37 | 15 | 7 |
| Client scenarios | 20 | 10 | 5 |
| Carriers quoted | 17 | 17 | 17 |
| IRA-funded runs | 13 | 9 | 2 |
| States | 15 | 8 | 5 |
| Ages of the first-named buyer | 52 to 85 | 49 to 68 | 41 to 66 |
| Premium sizes | $25,000 to $500,000 | $25,000 to $500,000 | $25,000 to $5,000,000 |
| Role in our tables | Set the base tables | Moved every carrier's table on September 16 and supplied the men's age 65 column | Checked every carrier on October 1: one carrier repriced, joint figures at 65 and 70 calibrated to a direct same-age joint quote |
| Notes | 31 runs were prepared in July and 6 in August. | 2 runs used annual payments and were excluded from pricing. | 4 runs were for a 41-year-old, well below our table ages (two of them at $5,000,000), and were not used. |
Since July 14, 2026: 65 survey runs received, 59 used for pricing, 24 IRA-funded.
How the rounds feed our tables. For the base tables we received 54 survey runs covering 30 client scenarios, prepared July 14 to September 14, 2026, and used 52 of them for pricing (2 runs used annual payments and were left out of pricing). The latest review used 7 runs covering 4 client scenarios, prepared September 18 to 29, 2026. 11 runs were received in that round and 4 were not used (4 runs were for a 41-year-old, well below our table ages; two of them were at $5,000,000).
Basis of every published figure. Monthly income per $100,000 single premium; single life (or joint life, 100% to survivor, both spouses the same age) with a 5-year period certain; income starting one month after purchase; IRA and non-qualified quotes pooled.
What is quoted directly and what is not
Not every figure in our tables is a quote. Each column in a published table (one age, with one figure per carrier) is built in one of the ways listed below. Count for the 18 age and table combinations: 3 read at surveyed ages, 3 interpolated, 10 derived by ratio, 2 derived by ratio and then calibrated to a direct joint quote.
| Age | Men | Women | Joint, same age |
|---|---|---|---|
| 55 | Interpolated | Derived by ratio | Derived by ratio |
| 60 | Surveyed age | Derived by ratio | Derived by ratio |
| 65 | Surveyed age | Derived by ratio | Calibrated |
| 70 | Interpolated | Derived by ratio | Calibrated |
| 75 | Interpolated | Derived by ratio | Derived by ratio |
| 80 | Surveyed age | Derived by ratio | Derived by ratio |
- Direct quote
- Read from a quote in the latest survey round. No figure is built this way at present.
- Surveyed age
- Read at a surveyed age in an earlier round, then repriced.
- Interpolated
- Interpolated between surveyed ages in an earlier round, then repriced.
- Derived by ratio
- Derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced.
- Calibrated
- Derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round.
In plain words: Men's figures at ages 60, 65 and 80 are read at a surveyed age in an earlier round, then repriced. Men's figures at ages 55, 70 and 75 are interpolated between surveyed ages in an earlier round, then repriced. All women's figures are derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Joint figures at ages 55, 60, 75 and 80 are derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Joint figures at ages 65 and 70 are derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one.
How repricing works
A repricing is not a full new survey. It answers one question: since our last tables, how much has each carrier moved? Here is how we work that out.
- Match like with like. For each carrier, we find quotes for the same age and sex in both rounds, at the same premium size where we can. We use single-life, monthly-pay quotes for this step. If a carrier has no pair at the same premium size, we use the nearest premium size.
- Measure the change. For each matched pair, we measure how much that carrier's monthly income changed between our last tables and the new round.
- Average it per carrier. We take the geometric average of those changes, the standard way to average percentage changes. That gives one figure per carrier.
- Hold a carrier that has not clearly moved. When a carrier's matched quotes are the same, or differ by no more than premium size and age in months can explain, we record no change and leave its table as it was. When a carrier's matched quotes point in different directions, we also leave its table as it was until the next round, and we say so in a note.
- Move the whole table of a carrier that has moved. That one figure moves the carrier's whole table: men, women and joint, at every age.
- Let direct quotes win. Any cell that has a direct new $100,000 quote at a table age is overwritten with the quote itself. In the latest round, no table age had one.
What the latest round showed
We repriced 1 of the 8 carriers we publish (Athene, up about 1.8%) and held the other 7 at their earlier figures. Change in each carrier's quote for the same age and sex between the September 16 tables and the late-September round, as of :
| Carrier | Measured change |
|---|---|
| Athene | +1.8%. Measured at ages 59 and 62 and applied to Athene's whole table. A comparison at age 52 showed a larger rise, about 3.1%. |
| New York Life | Held. Readings were mixed, so we held its figures until the next round. Two direct comparisons with mid-September quotes came in 0.7% and 1.6% higher once premium size is allowed for. A third, measured through August, came in 0.6% lower. |
| Nationwide | Held, treated as unchanged |
| Western & Southern | Held, treated as unchanged |
| Penn Mutual | Held, treated as unchanged |
| Pacific Life | Held, treated as unchanged |
| Mutual of Omaha | Held, treated as unchanged |
| Lincoln Financial | Held, treated as unchanged |
Each carrier moves by its own figure. We do not apply one market-wide percentage to everyone. Held means we kept the carrier's figures as they were in our last tables. Unless a note says otherwise, its quotes for the same age and sex were the same as before, or differed by no more than premium size and age in months can explain.
Calibrating the joint table
Joint figures are worked out from each carrier's own ratio to its men's quote at surveyed ages. When a survey round includes a direct quote for a couple who are the same age, we use it to check those estimates at the table ages near it, carrier by carrier. Where the direct quote and our estimate differ, we move that carrier's joint figures at those ages to match.
- The quote. Same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026.
- The ages. On we calibrated the joint figures at ages 65 and 70. Joint figures at ages 55, 60, 75 and 80 are not calibrated. They are still derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced.
- What it showed. At ages 65 and 70, the direct quote came in above our ratio-derived joint figures for 4 carriers. The change for each carrier is in the table below.
- What to keep in mind. The quote was for a $250,000 premium and our tables are stated per $100,000, so we first put it on a $100,000 basis using each carrier's own premium-size step, measured on every client quoted at both sizes on the same day (New York Life pays about 0.3% more per $100,000 at $250,000, Western & Southern 0.5%, Penn Mutual 0.3%, Mutual of Omaha 0.4%; the other four pay the same). Changes under half a percent are ignored. Earlier rounds had a same-age joint quote for a couple who were both 57; this is the first one near ages 65 and 70.
| Carrier | Change to joint figures at ages 65 and 70 |
|---|---|
| New York Life | +1.6% |
| Mutual of Omaha | +1.4% |
| Pacific Life | +0.8% |
| Penn Mutual | +0.7% |
| Nationwide | Unchanged |
| Western & Southern | Unchanged |
| Athene | Unchanged |
| Lincoln Financial | Unchanged |
This corrects an estimate. It is not a market move. The carriers did not change their joint payouts by these amounts. Our estimates differed from the direct quote, and the table shows by how much. After the calibration, the best joint figure in our tables is $608 a month at 65 and $659 a month at 70, per $100,000.
Which carriers we publish and why
Each survey round quoted 17 carriers. We publish 8 of them. To be published, a carrier must be rated A or better by AM Best and must appear in nearly every survey, so that its table rests on enough quotes. The other 9 carriers that were quoted are not published because they did not meet both tests.
| Published carrier | AM Best rating |
|---|---|
| New York Life | A++ |
| Nationwide | A+ |
| Western & Southern | A+ |
| Athene | A+ |
| Penn Mutual | A+ |
| Pacific Life | A+ |
| Mutual of Omaha | A+ |
| Lincoln Financial | A |
When we say "best rate", we mean the best among these 8 published carriers, not the best among every carrier quoted.
Known limits
These tables are a working agent's quote log, not a census of the market. Please read them with these limits in mind.
- The sample is small. The base rounds have 54 survey runs received, 52 used for pricing, covering 30 client scenarios. The latest review rests on 7 runs covering 4 scenarios.
- No figure is a direct quote from the latest round. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one.
- Ages follow who asks for a quote. We do not survey a designed grid of ages. The base rounds covered ages 49 to 85, and the runs used from the latest round (September 18 to 29, 2026) covered ages 52 to 66, counting the first-named buyer on each quote. That is why some ages are read at surveyed ages and others are interpolated. The latest round did not reach ages 70, 75 and 80, so those figures rest on earlier rounds, moved by each carrier's measured change.
- The women's and joint tables are derived. They come from each carrier's own ratios at surveyed ages, not from a quote at every age. Joint figures assume both spouses are the same age and 100% continues to the survivor.
- The joint calibration rests on one quote. Same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026. One couple's quote, at one premium size, can differ from the next, so the calibrated figures at ages 65 and 70 are still estimates, not quotes at those ages. See what to keep in mind about this quote.
- Updates are repricings, not full resurveys. Only cells with a direct new $100,000 quote at a table age are replaced outright. The rest move by each carrier's measured change, or stay as they were when the carrier held.
- IRA and non-qualified quotes are pooled. Of the 54 runs received in the base rounds, 22 were IRA-funded and 32 were non-qualified. The runs used from the latest round had 2 IRA-funded and 5 non-qualified. We do not publish separate tables for each.
- Other payout options are estimates. Our tables are built on quotes with a 5-year period certain. Figures on this site for any other payout option are estimates, not quotes.
- Premium size matters. Premium sizes differ from round to round, as the survey log above shows, and we state every figure per $100,000. Premium size can change the per-$100,000 figure, so a quote for your own premium can differ.
- Earlier history is on a different basis. Months before August 2026 were market-survey estimates on a life-only basis. From August 2026 the figures come from real quotes on a 5-year period certain basis. A comparison that spans the two is not like-for-like, so our trend comparisons start at August 2026.
- A table is not your quote. Your own quote depends on your exact birthday, your state and the payout option you choose.
Revision policy
We publish each month's figures in the first week of the month. We reprice mid-month when a new survey round shows carriers have moved. Every revision is dated, and the earlier figure stays in the log below.
| Date | Figure | What changed |
|---|---|---|
| $675/mo | August round carried forward after a yield check | |
| $693/mo | Repriced against 17 new survey runs |
Notes recorded with a month's figures. A change of basis or a correction to an estimate is written down with the month it took effect.
- August 2026: From August 2026, figures come from actual carrier quote surveys (single life, 5-year period certain). Earlier months were market-survey estimates on a life-only basis, so the July→August change is partly a change in basis rather than a market move.
- October 2026: The couple figure was calibrated this month to a direct same-age joint quote (both spouses 66), put on a $100,000 basis. On the same footing, September's couple figure would have been about $608, so the change from $598 is a correction to our estimate, not a market move.
The months before August 2026 in our history (March 2026, May 2026, July 2026) are earlier estimates on a life-only basis. Where we show them, it is for context only, and we do not measure trends from them.
How to cite, license and contact
You are welcome to cite our figures. Please give the date, and say whether the figure is a direct quote or a derived figure. A suggested wording:
LifeAnnuities.us quote surveys, as of October 1, 2026: best monthly income for a 65-year-old man per $100,000 premium, single life with a 5-year period certain, $693 (read at a surveyed age in an earlier round, then repriced). Method and limits: https://lifeannuities.us/rates/methodology/
License. The SPIA Payout Index series is published under the Creative Commons Attribution 4.0 license (CC BY 4.0). You may republish it with credit to LifeAnnuities.us and a link to https://lifeannuities.us/rates/spia-payout-index/. The carrier tables are free to cite with attribution to LifeAnnuities.us.
Contact. Questions about the data, or a correction to report: Phil Barker, annuity specialist, (800) 747-4201, or use our contact page.
See the figures this page describes: best SPIA rates by age, the men's, women's and joint carrier tables, and the SPIA Payout Index.
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