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INCOME ANNUITY QUOTE

Request Your Free Income Annuity Quote

Understand how an income annuity can provide you a guaranteed paycheck for life.

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What Is an Income Annuity?

An income annuity is a contract with an insurance company that turns your savings into steady payments you can count on. It fits within the broader annuities product category and offers benefits like guaranteed income, predictable payments, and protection against outliving your savings. Depending on your needs, you can choose options that start payments right away or at a future date. Key benefits include:

Guaranteed Income1

Receive steady, predictable payments for life or for a set number of years.

Principal Protection

Your payments are backed by the insurer’s guarantees, regardless of market changes.

Predictable Budgeting

Know exactly how much money you’ll receive and when, making it easier to plan monthly expenses.

Flexible Payout Options

Choose single-life, joint-life, or period-certain payments based on your goals and family needs.

Inflation Protection

Optional features can help your payments increase over time to keep pace with rising costs.

Beneficiary Protection

Select options can provide continued payments to your spouse or provide remaining value to loved ones.

Compare Income Annuity Plans

Income annuities come in two main forms. Immediate income annuities start payments soon after purchase. Deferred income annuities start later, which can raise future payments and help cover late-life needs.

Feature Immediate Income Annuity (SPIA) Deferred Income Annuity (DIA)
Primary Goal Guaranteed income that starts soon Guaranteed income that starts later
Income Starts Within 12 months of purchase 12 months or later from purchase
Access To Funds Limited once payments begin Limited before payments start
Growth Potential None, fixed payments only Some growth before income begins
Risk(s) Low, payments are fixed Inflation may reduce buying power
Rate Type Fixed payments set by contract Fixed payments set by contract
Flexibility Fixed payment options Some options before income begins
Best For Retirees who want income now Savers planning income for later years
Couple reading a magazine together while thinking about annuity options

How an Income Annuity Works

An income annuity turns your savings into guaranteed payments you can count on for life or a set period. You typically fund it with a single payment, and the insurer begins paying you either immediately or at a future date you choose.

  1. Fund the Annuity: You purchase the annuity with a one-time payment, often from savings or another retirement account.
  2. Insurer Calculates Payments: The insurance company determines your payment amount based on your age, investment amount, and chosen payout options.
  3. Payments Begin: You start receiving regular payments – either right away (immediate annuity) or after a set period (deferred annuity).
  4. Receive Guaranteed Income: Your payments arrive on schedule for life or for the period you selected, regardless of market changes.1
  5. Provide for Loved Ones: Depending on your contract, you can choose options that continue payments for your spouse or provide remaining value to loved ones.

Want a deeper dive? Read our full guide:   How Do Annuities Work?

Why Choose Western & Southern?

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Financial Strength

High ratings reflect stability you can count on
established 1888

Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is an Income Annuity Right for You?

An income annuity turns your savings into steady, guaranteed payments you can count on in retirement. It’s built for people who value predictable income, simplicity, and protection against outliving their money.

Below are examples of who might benefit from an income annuity:

Retired woman checking her monthly budget

Income Planner

People who want a steady, guaranteed income to help pay for housing, utilities, groceries, and other essential expenses.
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Fixed-Income Supplementer

People already in retirement want to add dependable income alongside Social Security or other fixed payments to live more comfortably.
Couple protected with IUL flexibility

Longevity Planner

Those who want to ensure their income will last for life – no matter how long they live.
Wife hugging her husband

Spousal Protector

Those who want to make sure a spouse continues receiving payments if they pass away first.
Man writing on notepad

Rule Follower

Prefers simple, clear payment rules with no surprises – the amount, timing, and length of payments are all set in advance.
Senior couple reviewing expenses

Legacy Planner

Those who want to make sure that they can continue payments or pass remaining value to a spouse or loved ones.

An income annuity is designed for predictable income and lifetime protection. While it limits liquidity, it offers guaranteed payments you can plan around – helping create lasting financial stability.

Not sure if an income annuity is right for you? Compare growth and retirement annuities to find the best fit for your goals.

Frequently Asked Questions

What is an income annuity and how does it work?
An income annuity is a contract that converts your savings into a stream of guaranteed payments for life or a set period. You make a lump-sum payment, and the insurer provides predictable income based on your age, amount, and payout option.

How does an income annuity quote help me decide?
A quote shows your estimated monthly income based on your contribution amount, age, and income start date. Comparing quotes helps you understand payout differences and set a clear income goal for retirement.

Who should consider buying an income annuity?
Income annuities may suit people who want predictable retirement paychecks, less market exposure, and peace of mind about lifetime income. They can benefit those with essential expenses to cover or who expect a long retirement.

How much income can I get from an income annuity?
Your payment amount depends on factors such as your age, gender, investment amount, and the payout option you select. Getting a personalized quote is the best way to see potential monthly income for your situation.

How are income annuities taxed?
Earnings grow tax-deferred and are taxed as income when paid out. Qualified funds (like IRAs) are fully taxable upon withdrawal, while nonqualified annuities use an exclusion ratio to reduce taxes on part of each payment.
IMPORTANT DISCLOSURES

1 Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based upon the claims paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

An annuity is a long-term financial vehicle designed for retirement. An insurance company accepts premiums and provides future income or a lump-sum amount to the contract owner by contractual agreement.

Annuities are issued by Integrity Life Insurance Company and Western-Southern Life Assurance Company, both in Cincinnati, Ohio. Securities offered through W&S Brokerage Services, Inc., member FINRA / SIPC. All companies are members of the Western & Southern Financial Group.

Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59 ½ may be subject to 10% IRS penalty.