USAA annuities

Overview

USAA, the San Antonio insurer and bank for the military community, sells annuities through its life insurance company, USAA Life Insurance Company, and in New York through USAA Life Insurance Company of New York. The USAA group ranked #20 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with $6.59 billion in premiums and a 1.56% share. That makes it one of the few top-25 annuity writers that sells mainly direct to consumers rather than through outside agents and brokers.

USAA Life is a stock company wholly owned by United Services Automobile Association, which is owned by its members. As with its life insurance, USAA says its retirement products are available to U.S. citizens generally, not only to USAA members. You buy annuities online or by phone from USAA Retirement Income Specialists, who offer only USAA products. For USAA's life insurance, membership rules and claims process, see the USAA Life Insurance Company profile.

Annuities it sells

USAA's annuity lineup is short. As listed on its website in October 2026:

• Fixed Guaranteed Growth (FGG). A fixed deferred annuity that pays a guaranteed interest rate for a term of 3, 5 or 10 years, which works like a multi-year guaranteed annuity. The minimum to open is $20,000 to $50,000, depending on the option. A renewal endorsement is available except in California and New York.
• Fixed Indexed Annuity. Introduced in October 2023, a seven-year deferred fixed indexed annuity whose interest is based on the S&P 500, up to a cap, with principal protected from market losses. The minimum is $100,000. It is not sold in New York and is not offered to residents of Idaho, North Dakota or Oregon.
• Single Premium Immediate Annuity. A Single premium immediate annuities (SPIAs): how they work with a $20,000 minimum that pays income for life, for a guaranteed period (usually 10 to 20 years) or for life with a guaranteed period, so beneficiaries receive any remaining payments if you die early.

USAA does not list variable annuities, registered index-linked annuities, income riders or deferred income annuities in its current lineup. Its website also refers to an older Guaranteed Retirement Income Plan contract in its disclosures but no longer describes it as a product for sale.

The trade-offs are simpler than with most insurers' lineups, but they still matter. A fixed or indexed deferred annuity locks your money up for its term, with surrender charges if you take out more than the free amount early. The indexed annuity's cap limits how much of the S&P 500's gain you keep, and the company can reset it. An immediate annuity gives up access to your lump sum for good in exchange for income. A single-index product with one term is also less flexible than the menus offered by agent-sold insurers, which may or may not matter to you. Our are annuities a good idea? guide sets out the case for and against.

Ownership and reinsurance

USAA Life has the same parent as USAA's auto and home insurers: United Services Automobile Association, a reciprocal insurer owned by its members, founded in 1922 by Army officers who insured each other's cars. USAA added its life company in 1963. There are no outside shareholders and no private-equity or foreign owner.

For an annuity buyer, that means the company backing the contract is part of a member-owned group with a large property and casualty business, not a public company or an asset manager. Its investment and capital decisions still affect the rates it credits, so compare renewal provisions before you buy.

Financial strength

In June 2026 AM Best affirmed the A++ (Superior) financial strength rating, its highest, of USAA and its life subsidiaries, including USAA Life Insurance Company and USAA Life Insurance Company of New York, with a stable outlook. It had done the same in July 2025, citing balance sheet strength it assesses as the strongest. USAA's website also lists Aa1 from Moody's and AA from S&P Global Ratings for the life company. These are among the highest ratings held by any top-25 annuity writer. See AM Best, S&P, Moody's and Fitch ratings explained for how the grades compare.

State guaranty associations also back annuities up to set limits, commonly $250,000 per person per insurer. Check your state's limit with our state guaranty association coverage lookup.

Who it suits

USAA suits people who want a straightforward annuity, such as a fixed-rate term, a single S&P 500-linked indexed annuity or lifetime income, bought directly and from one of the highest-rated insurers, without an outside agent. Military families who already bank and insure with USAA may find it convenient. It is a weaker fit for buyers who want income riders, variable or index-linked products, a choice of indexes, or an advisor comparing several insurers. New York residents and people in Idaho, North Dakota and Oregon cannot buy the indexed annuity.

• Strengths: A++ (Superior) from AM Best, plus Aa1 from Moody's and AA from S&P; bought directly online or by phone; simple products with clear terms and minimums; member-owned parent with no outside shareholders.
• Weaknesses: a narrow lineup with no income riders, variable annuities or RILAs; the indexed annuity is a single seven-year product tied to one index and is not available in four states; minimums of $20,000 to $100,000; representatives offer only USAA products.

How to contact USAA