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. For help understanding the differences, see our types of annuities guide.
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 male annuity rates against all carriers we track. Monthly income per $100,000 SPIA, single life with a 5-year period certain, from actual quote surveys.
Male Monthly Income Rates
Updated August 2026| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $595/mo | $627/mo | $660/mo | $740/mo | $862/mo | $1,010/mo |
| Nationwide | A+ | $577/mo | $609/mo | $669/mo | $751/mo | $873/mo | $1,041/mo |
| Western & Southern | A+ | $580/mo | $618/mo | $654/mo | $729/mo | $842/mo | $1,001/mo |
| Athene | A+ | $578/mo | $621/mo | $675/mo | $748/mo | $854/mo | $1,016/mo |
| Penn Mutual | A+ | $567/mo | $600/mo | $646/mo | $727/mo | $831/mo | $954/mo |
| Pacific Life | A+ | $518/mo | $556/mo | $597/mo | $679/mo | $798/mo | $959/mo |
| Mutual of Omaha | A+ | $518/mo | $533/mo | $583/mo | $662/mo | $777/mo | $921/mo |
| Lincoln Financial | A | $492/mo | $515/mo | $573/mo | $654/mo | $769/mo | $926/mo |
Rates updated August 2026. Based on $100,000 premium. Your exact rate may differ — request a personalized quote.
Western & Southern vs. All Carriers — Female Rates
Compare Western & Southern's female annuity rates against all carriers.
Female Monthly Income Rates
Updated August 2026| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $581/mo | $612/mo | $635/mo | $699/mo | $810/mo | $952/mo |
| Nationwide | A+ | $553/mo | $584/mo | $632/mo | $697/mo | $804/mo | $962/mo |
| Western & Southern | A+ | $574/mo | $611/mo | $637/mo | $698/mo | $801/mo | $955/mo |
| Athene | A+ | $552/mo | $593/mo | $635/mo | $691/mo | $784/mo | $937/mo |
| Penn Mutual | A+ | $559/mo | $591/mo | $627/mo | $694/mo | $789/mo | $908/mo |
| Pacific Life | A+ | $509/mo | $546/mo | $577/mo | $645/mo | $754/mo | $909/mo |
| Mutual of Omaha | A+ | $503/mo | $518/mo | $557/mo | $622/mo | $726/mo | $863/mo |
| Lincoln Financial | A | $472/mo | $493/mo | $541/mo | $607/mo | $709/mo | $856/mo |
Rates updated August 2026. Based on $100,000 premium. Your exact rate may differ — request a personalized quote.
What a $100,000 Immediate Annuity Pays Right Now — Western & Southern vs. the Best Quote
If you are weighing a Western & Southern income annuity, the number that matters is the monthly check. In August 2026, across the A-rated carriers we survey, $100,000 buys a 65-year-old:
| Age 65, per $100,000 | Western & Southern | Best quote we track |
|---|---|---|
| Man, single life | $654/mo | $675/mo |
| Woman, single life | $637/mo | $637/mo |
| Couple, 100% to survivor | $587/mo | $587/mo |
Single life (or joint, 100% survivor) with a 5-year period certain, income starting next month, from August 2026 carrier quote surveys. Guarantees rest on the issuing insurer's claims-paying ability.
- 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.
Get a Western & Southern Annuity Quote
See what Western & Southern would pay you monthly — and how it compares to 7 other top carriers. Free, no-obligation quote in 2 minutes.
Compare Western & Southern Rates