Today’s Best United Life Annuity Rates
| Term | Product | AM Best Rating | Rate |
|---|---|---|---|
| 5 Years | Performance SPDA | A- | 5.05 % |
| 7 Years | Performance SPDA | A- | 5.10 % |
| 7 Years | Performance SPDA | A- | 4.95 % |
United Life Insurance Company
Our Take
United Life is a safe choice due to its strong financial strength and customer satisfaction ratings. They sell a variety of annuity products, but their contracts aren’t very customizable, and their website is vague about their offerings.
Pros
- Variety of products
- Low minimum premium option for MYGA
- A- AM Best rating
- Strong customer service reputation
Cons
- Product information not easily available
- Limited customization
Compare United Life Annuity Rates
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| Product |
Rate
|
Guarantee Period
|
Surrender Period
|
AM Best Rating
|
|---|---|---|---|---|
Access SPDA |
3.45% | 6 Years | 6 Years | A- |
|
Access SPDA |
3.25% | 4 Years | 4 Years | A- |
|
Performance SPDA |
4.95% | 7 Years | 7 Years | A- |
|
Performance SPDA |
4.90% | 5 Years | 5 Years | A- |
|
Performance SPDA |
5.10% | 7 Years | 7 Years | A- |
|
Performance SPDA |
3.45% | 3 Years | 3 Years | A- |
|
Performance SPDA |
3.60% | 3 Years | 3 Years | A- |
|
Performance SPDA |
5.05% | 5 Years | 5 Years | A- |
Additional Products Offered by United Life
United Life offers a few different types of annuities, including multi-year guaranteed annuities (MYGAs), indexed annuities and a single premium income annuity (SPIA).
United Life’s MYGAs
United Life refers to its MYGA products as single premium deferred annuities or SPDAs. The provider offers two main categories of SPDAs, called Access and Performance. All of United’s SPDAs come with a waiver of surrender charges if the owner is confined to a nursing home or becomes terminally ill.
United Life’s MYGAs:
- The Access SPDA comes with four-year and six-year guarantee options and penalty-free withdrawals of up to 10%. The product has a minimum premium of $5,000 and has no market value adjustment.
- United’s Performance SPDA offers a more competitive rate guarantee due to its market value adjustment, which may increase or decrease the contract’s value at the time of withdrawal depending on interest rate environments. The Performance SPDA has a minimum premium of $25,000 and guarantee periods of three, five or seven years. Penalty-free withdrawal of the prior year’s interest is included.
Annuity owners can choose a variety of annuitization options for their United Life MYGA, including lifetime, life with period certain, period certain and joint life and survivor payouts.
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United Life’s Indexed Annuity
United Life’s WealthChoice is an indexed annuity designed for growth and income potential. Annuity owners can choose from three indexes — S&P 500, Barclays Global Quality Index and Horizon Ascend 5%™ Index — and six allocation options to customize their annuity’s growth.
The WealthChoice annuity has a $20,000 minimum premium and surrender period options of five, seven or ten years.
Annuity customers can opt for a guaranteed living benefit rider that allows the owner to make penalty-free withdrawals throughout their life regardless of the annuity’s available funds. This rider costs 75 basis points of the contract’s value and is only available for seven- and ten-year contracts.
United Life’s SPIA
United Life also offers a single premium income annuity, or SPIA. This product’s interest rate largely depends on the annuitant‘s age when the contract is issued and the payout option selected.
Customers can choose lifetime, life and full cash refund, life with period certain or period certain only for their United Life SPIAs.
Buy an Annuity From United Life Insurance Company Today
About United Life
United Life was established in 1962 in Cedar Rapids, Iowa, where it still has its headquarters today. The provider’s offerings include annuities, permanent life insurance, term life insurance, disability insurance riders and long-term care insurance riders.
United Life is licensed to sell insurance products in 40 states and the District of Columbia. In 2022, the company’s direct annuity premiums totaled over $1.3 billion, making up 0.46% of the total U.S. annuity market, according to the National Association of Insurance Commissioners (NAIC).
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Credit Ratings
If you’re considering buying an annuity, it’s important to know about credit ratings for annuity providers. These ratings show how financially stable and strong the provider is. Just keep in mind that different rating companies may use different scales to rate them.
United Life Credit Ratings
| Rating Company | Credit Rating |
| AM Best | A- |
| Fitch | Not Rated |
| S&P | Not Rated |
See which annuity providers our independent editorial team ranked as the Best Annuity Companies of 2024.
What Customers Are Saying About United Life
United Life has a generally decent reputation with customers. The provider holds an A+ rating from the Better Business Bureau, though it has not been accredited by the BBB.
United Life has impressively few customer complaints registered with state insurance commissions, although that could be attributed in part to it being a rather small company. According to data collected by the NAIC, United Life received just three complaints in 2022, none in 2021 and only one complaint in 2020.
The NAIC tracks consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market..
NAIC Complaint Index for United Life
| All Policy Types | 0.06 |
| Individual Annuities Only | 0.47 |
These numbers indicate that United Life receives significantly fewer customer complaints than the industry average.
United Life Pros & Cons
United Life and its annuity products have significant benefits, but there are also disadvantages to purchasing an annuity from this provider.
Pros
- Variety of products: United Life offers deferred, immediate, fixed and indexed annuities.
- Low minimum premium option for MYGA: The United Access SPDA has a minimum premium of just $5,000, although premiums of $5,000 to $9,999 are only guaranteed the published interest rate for the first policy year.
- A- AM Best rating: United Life holds a strong financial strength rating, indicating that it’s in a good position to fulfill its annuity obligations.
- Strong customer service reputation: The company’s low NAIC complaint index suggests that it has a decent reputation for customer service.
Cons
- Product information not easily available: United Life’s consumer-facing website doesn’t go into detail about their annuity or life insurance products.
- Limited customization: Most of United Life’s annuities don’t come with the ability to add riders, and their WealthChoice indexed annuity only has one rider option.
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Provider Rating Methodology
Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the number of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.
Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.
Top-Ranked Annuity Providers
| Provider | Annuity.org Star Rating |
| Mass Mutual |  |
| New York Life | |
| Pacific Life | |
| Midland National | |
| North American | |
| Western & Southern | |
Our Rating Panel
The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.
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