Western & Southern at a Glance: Rates, Products and Reviews
A long-established financial provider, Western & Southern Life Insurance Company provides multiple types of annuities, including fixed and variable options that offer tax-deferred growth with market protection and additional benefits to help you set your retirement years up for success.
- Written by Lena Muhtadi Borrelli
- Edited By
Michael Santiago, CRPC™
Michael Santiago, CRPC™
Senior Financial Editor
Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.
Read More- Published: December 12, 2024
- Updated: December 13, 2024
- 7 min read time
- This page features 6 Cited Research Articles
- Western & Southern Life Insurance Company was established in 1888.
- Western & Southern offers a selection of fixed, immediate, variable and index annuities to choose from.
- Its annuities feature tax-deferred growth with multiple allocation options, an included death benefit and additional riders for greater protection.
- Western & Southern receives high ratings for financial stability, although the NAIC reports a high customer complaint index.
Overview of Western & Southern
With over 135 years under its belt, Western & Southern Life Insurance Company has been a long-standing financial provider since 1888. It has seen its customers through wars and depressions, lending its support to its employees and consumers. Over the years, it has acquired other insurance companies and expanded its holdings to real estate. In 2023, it continued its support of the local community by becoming an Official Partner of the Cincinnati Bengals.
Today, Western & Southern Life has over 6.4 million customers and 91,000 agents with $7.4 billion in paid claims, benefits and dividends. According to the National Association of Insurance Commissioners (NAIC), Western & Southern Life accounts for 0.006% of market premiums with over $155 million in annual premiums.
In addition to Western & Southern insurance, it offers various types of annuities, providing a comprehensive solution to retirement planning.
Types of Products Offered
Western & Southern Life offers several fixed annuity products.
- Indextra Fixed Index Annuity
- The Indextra Fixed Index Annuity receives earnings based on a market index with added protection against market downturns. It carries a single premium with tax-deferred income, and there is a choice of seven index interest options and one fixed interest option. Up to 10% of the contract value can be withdrawn without penalty each year.
- IncomeSource Select Deferred Income Annuity
- The IncomeSource Select Deferred Income Annuity gives you a choice of payout for a steady income that meets your needs. There is an increasing payout option from 1% to 5% for steady buying power, and you can utilize the accelerated payment feature should you require a lump-sum payout in advance. There is also a Joint Income Reduction option that allows you to reduce payments upon the death of a joint annuitant.
- Momentum Flexible Premium Deferred Annuity
- Issued by Integrity Life Insurance Company or National Integrity Life Insurance Company, the Momentum Flexible Premium Deferred Annuity features customizable premiums with tax-deferred growth. It can be issued as a traditional, Roth or SEP IRA, and interest rates are guaranteed for five, six or 10 years with a quarterly rate option that allows you to benefit from higher rates. There is also the option for early withdrawals of up to 10% of your account value without any withdrawal fees.
- SmartSelect Single Premium Deferred Annuity
- The SmartSelect Single Premium Deferred Annuity is issued by Western-Southern Life Assurance Company and National Integrity Life Insurance Company. It features tax-deferred growth with fixed interest rates for three, four, five or six years with the option to choose a new rate each subsequent period. You can still withdraw up to 10% of your account without any withdrawal fees, and a guaranteed death benefit comes included for extra peace of mind.
- SPDA Series II Single Premium Deferred Annuity
- The SPDA Series II Single Premium Deferred Annuity comes courtesy of Integrity Life Insurance Company and National Integrity Life Insurance Company. It uses a lump-sum contribution for tax-deferred growth with guaranteed interest rates for one-, three- or five-year terms. Income becomes available after one year, and you can withdraw up to 10% of your contract value without withdrawal fees.
Learn More About Your Annuity Options
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Immediate Annuities
Western & Southern offers one immediate annuity option: the IncomeSource Single Premium Immediate Annuity.
With its guaranteed Increasing Payout Option (IPO), this annuity allows you to increase your payout option from 1% to 5% for greater buying power with a temporary life payout option. There are also commutation benefits should you require liquidity. Available from Integrity Life Insurance Company and National Integrity Life Insurance Company, this gives flexible lifetime payments with the option for joint contracts.
Variable Annuities
Western & Southern Life offers two variable annuities: the AnnuiChoice Flexible Premium Variable Annuity and the VAROOM Flexible Premium Deferred Variable Annuity.
- AnnuiChoice® Flexible Premium Variable Annuity
- The AnnuiChoice® Flexible Premium Variable Annuity utilizes subaccounts for allocations, giving you more flexibility and control over how you invest your money. You can withdraw up to 10% of your contract value without penalty annually so you maintain access to your funds. A death benefit is automatically included for those under 70 years of age, and you can add on the Guaranteed Lifetime Income Advantage (GLIA) or Guaranteed Lifetime Income Advantage Plus (GLIA Plus) rider for an extra fee.
- VAROOM Flexible Premium Deferred Variable Annuity
- The VAROOM Flexible Premium Deferred Variable Annuity allows you to rollover your IRA and retirement funds while benefiting from multiple investment options. Issued by Integrity Life Insurance Company or National Integrity Life Insurance Company, this annuity is available as a traditional IRA, Roth IRA or SEP IRA. A death benefit comes included, and you can add on an optional Guaranteed Lifetime Withdrawal Benefit.
Key Features and Benefits
Western & Southern retirement planning products are robust investment vehicles designed to help you maximize growth. With tax-deferred earnings and flexible withdrawal options, you always maintain access to your funds. A complimentary death benefit comes included, and there is the option to add extra protection through the available GLIA and GLIA Plus riders.
Fees and Charges
Western & Southern takes a unique approach to transparency regarding its fee schedules, as it does not publicly publish these details. However, one of the significant advantages of its offerings is the elimination of early withdrawal fees for annuitants. This policy allows individuals greater liquidity and flexibility with their funds, enabling them to access their money without incurring additional costs that could impact their overall earnings.
For those looking to understand the finer points of their financial products, it’s advisable to consult with a financial advisor. A professional can provide insights into any additional fees or charges that may apply, ensuring you have a comprehensive understanding of your investment and how it may affect your financial strategy.
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Customer Service and Financial Stability
Western & Southern Life earns several high ratings for its financial stability. AM Best gives it an A+ (Superior) rating for excellent financial strength. From S&P Global, it receives an AA- rating for Western and Southern Life Insurance Company, while Western & Southern Financial Group Inc. receives an A rating. Fitch Ratings also awards high marks with an AA rating for Western-Southern Life Assurance Company and an AA- rating for Western & Southern Financial Group, Inc.
There are also high scores for customer satisfaction, with the Better Business Bureau (BBB) giving it an A+ rating despite a one-out-of-five customer rating based on 13 reviews. It has been accredited by the BBB since 2009, an extra qualification not seen with all annuity providers. Still, the NAIC reports a company complaint index that is more than double the national average despite having only a 0.016% share of market complaints.
Overall, Western & Southern offers a generous selection of annuities, enabling steady growth without taxes or early withdrawal fees. Western & Southern offers a variety of fixed, immediate and variable annuities. With various options, finding the right fit for your retirement planning is made easier.
This established provider has been in business for over 135 years, proving its staying power even during volatile markets. With strong ratings for financial stability, it has proven itself a trustworthy annuity company with millions of consumers. However, its customer satisfaction and complaint resolution can use some work based on NAIC data.
If you are searching for the right annuity, a financial advisor can help you find the right fit for your investment planning with the retirement planning Western & Southern provides.
Frequently Asked Questions About Western & Southern Life
Editor Norah Layne contributed to this article.
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- Over 20 years in finance, progressing from an intern at Morgan Stanley to supporting top financial advisors
- Featured in major publications such as Forbes, TIME, Newsweek, Investopedia, Bankrate and others
- Bachelor of Business Administration (BBA) and Bachelor of Applied Science (BASc) in Marketing, both from St. Petersburg College
6 Cited Research Articles
- Western & Southern Life Insurance Company. (n.d.). About Us: Learn how we meet the needs of our customers. Retrieved from https://www.westernsouthern.com/about
- Western & Southern Life Insurance Company. (n.d.). History. Retrieved from https://www.westernsouthern.com/about/history
- Western & Southern Life Insurance Company. (n.d.). Indextra® Fixed Index Annuity. Retrieved from https://www.westernsouthern.com/retirement/annuities/fixed-annuity/indextra-annuity
- Western & Southern Life Insurance Company. (n.d.). IncomeSource® Select Deferred Income Annuity. Retrieved from https://www.westernsouthern.com/retirement/annuities/fixed-annuity/incomesource-select
- Western & Southern Life Insurance Company. (n.d.). IncomeSource Select Product Summary. Retrieved from https://www.westernsouthern.com/-/media/files/distributors/toolkits/incomesource-select-product-summary.pdf?rev=4c9abb8c47154af6a50070da4b409798
- Western & Southern Life Insurance Company. (n.d.). SmartSelect Single Premium Deferred Annuity. Retrieved from https://www.westernsouthern.com/retirement/annuities/fixed-annuity/smartselect
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