AuguStar Financial Annuity Review (2026)

AuguStar Financial is the 2024 rebrand of a company with 115 years of operating history – the Cincinnati-based insurer formerly known as Great American Life Insurance Company (not to be confused with the similarly named carrier acquired by MassMutual in 2021). Today AuguStar operates under Constellation Insurance, backed by two of Canada’s largest pension funds. The result: an A-rated carrier with a low complaint index, competitive MYGA rates, and a product line that includes a 12% free withdrawal MYGA – among the most generous in the market.

AuguStar Financial at a Glance

AuguStar’s Financial Strength and Background

AuguStar Life Insurance Company traces its roots to 1909 in Cincinnati. The company operated under multiple names before becoming “Great American Life Insurance Company” – a name that coincidentally was also used by a different, unrelated insurer (the one acquired by MassMutual in 2021 and now called MassMutual Ascend). AuguStar and MassMutual Ascend are completely separate companies with no affiliation.

In 2022, Constellation Insurance acquired AuguStar’s parent, bringing in institutional backing from La Caisse de depot et placement du Quebec (CDPQ) and Ontario Teachers’ Pension Plan Board – two of Canada’s largest pension funds with a combined $740+ billion in assets. In early 2024, the company rebranded as AuguStar Financial. In May 2025, Fitch upgraded the company’s rating from A- to A, reflecting improved financial standing under Constellation.

AM Best rates AuguStar at A (Excellent), and the NAIC complaint index of 0.36 is well below the 1.0 industry average. Verify current ratings at ambest.com.

What Annuity Products Does AuguStar Offer?

• LunarLock MYGA – 3, 5, and 7-year terms. Up to 10% annual penalty-free withdrawal. MVA and non-MVA versions available. Current rates approximately 4.90-5.00% for 5-7 year terms. $10,000 minimum.
• LunarGuard MYGA – 5 and 7-year terms. Up to 12% annual penalty-free withdrawal – among the highest free withdrawal provisions in the MYGA market. Rates slightly lower than LunarLock (approximately 4.65-4.80%) to offset the enhanced liquidity. MVA and non-MVA versions available.
• LunarLock Prime MYGA – Premium tier with higher-band rates for deposits over $100,000.
• OrionShield FIA – Premium bonus options with Guaranteed Accumulation Protection (GAP). Optional Equilibrium Plus rider for guaranteed lifetime income. Updated April 2025.
• Orbiter Growth FIA – Accumulation-focused with Enhanced GAP (EGAP) protection. Updated April 2025.
• Orbiter Income FIA – Income-focused indexed annuity.
• Single Premium Immediate Annuity (SPIA) – Maximum issue age 90. Multiple payout options.

Who Is AuguStar Best For?

• MYGA buyers who want maximum liquidity – the LunarGuard’s 12% annual withdrawal is the highest standard provision we track among major MYGA carriers.
• Buyers who value institutional backing without brand-name premium – Canadian pension fund ownership provides deep capital but the rebranded name has less consumer recognition than household carriers.
• FIA buyers who want downside protection with income options – the Orbiter and OrionShield lines offer multiple crediting strategies with optional lifetime income.
• Buyers who searched “Great American Life annuity” and found the brand – AuguStar is the current brand for products formerly sold as Great American Life (Cincinnati). For the Cincinnati-based products, AuguStar is the company to contact.

AuguStar Financial Pros and Cons

Pros

• AM Best A, Fitch A (Fitch upgraded May 2025) with low complaint ratio (0.36)
• 12% free withdrawal on LunarGuard – best-in-class for a MYGA
• Institutional backing from two of Canada’s largest pension funds ($740B+ combined AUM)
• 115-year operating history
• Broad product lineup covering MYGA, FIA, and SPIA
• SPIA maximum issue age 90

Cons

• Rebranded twice recently – brand recognition is low among consumers
• No S&P rating (Moody’s Baa1 is also below AM Best/Fitch levels)
• Limited public-facing rate transparency – details require agent access
• State availability not fully disclosed publicly
• FIA cap rates not publicly posted

Frequently Asked Questions About AuguStar Financial

Is AuguStar the same as MassMutual Ascend?

No. These are two completely separate companies that coincidentally both used the “Great American Life” name at different points. MassMutual Ascend is the company formerly known as Great American Life Insurance Company of American Financial Group (AFG), acquired by MassMutual in 2021. AuguStar is a different company – the Cincinnati-based insurer formerly known as Great American Life Insurance Company (Ohio National lineage) that rebranded in 2024 under Constellation Insurance ownership. See our MassMutual Ascend review for the separate entity.

What is the LunarGuard’s 12% withdrawal provision?

The LunarGuard MYGA allows penalty-free withdrawals of up to 12% of the account value annually. This is 20% more than the standard 10% most MYGAs offer. The trade-off is a slightly lower interest rate compared to the LunarLock (which allows 10%). For buyers who want a MYGA but value more emergency access to their funds, LunarGuard is one of the few options offering this level of built-in liquidity. Check current rates at our rate comparison tool.

How do I buy an AuguStar annuity?

AuguStar products are sold through licensed independent agents and IMOs. My Annuity Store can compare AuguStar alongside 20+ carriers. Request a free quote or call 855-583-1104.

Other Annuity Companies to Consider

• MassMutual Ascend Annuity Review
• F&G Annuities and Life Review
• North American Company Annuity Review
• Browse All Annuity Insurance Companies

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