Charles Schwab is one of the largest brokerage and investment platforms in the United States — but for annuity buyers, understanding what Schwab is and is not will save you time. Schwab does not issue annuities. It distributes them through a limited platform. The primary annuity product available through Schwab is the Schwab Income Annuity, a single premium immediate annuity issued by Protective Life Insurance Company (A+ AM Best). MYGAs and fixed index annuities are not available through the Schwab platform.
Schwab at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | The Charles Schwab Corporation |
| Type | Broker-dealer and investment firm — not an insurance company |
| Headquarters | Westlake, Texas |
| Founded | 1971 |
| Annuity Products | Schwab Income Annuity (SPIA, issued by Protective Life); variable annuities through advisory channels |
| Direct MYGA Products | None — Schwab does not offer multi-year guaranteed annuities |
| Issuing Insurance Partner | Protective Life Insurance Company (A+ AM Best) for income annuities |
| AM Best Rating | N/A — Schwab is not an insurance carrier |
What Annuity Products Does Schwab Offer?
Schwab’s annuity lineup is narrow by design. The firm has scaled back its annuity platform over the years to focus on its core investment services. Here’s what’s currently available:
- Schwab Income Annuity (SPIA): An immediate annuity that converts a lump sum into guaranteed monthly income for life or a set period. The product is issued by Protective Life Insurance Company (A+ AM Best) and distributed through Schwab. Buyers can request payout quotes online or by phone. This is Schwab’s primary annuity offering.
- Variable annuities: Available through Schwab’s investment advisory and managed account services. These are not available to all Schwab customers — they’re primarily accessible through advisor-managed relationships. Variable annuities offer market-linked returns with no guaranteed rate.
Does Schwab Offer MYGAs?
No. Charles Schwab does not offer multi-year guaranteed annuities. If you’re looking for a 3-, 5-, or 7-year guaranteed fixed rate annuity — the product that competes with bank CDs and is issued directly by an insurance company — Schwab is not the right platform.
For MYGA rate comparisons, you need an independent annuity broker with access to 20+ competing carriers. Carrier-specific platforms like Schwab can’t show you how their product stacks up against Athene, MassMutual, Midland National, and the rest of the market.
Who Should Consider Schwab for Annuities?
- Schwab account holders seeking guaranteed income: If you already have a substantial brokerage or IRA account at Schwab and want to convert a portion into guaranteed monthly income without moving assets, the Schwab Income Annuity is a straightforward option.
- Immediate annuity (SPIA) buyers: The Schwab Income Annuity offers competitive payout rates backed by Protective Life’s A+ financial strength. If your goal is guaranteed lifetime income starting within one year, it’s worth getting a Schwab payout quote to compare.
- Clients who want simplicity over rate optimization: Schwab’s platform won’t show you the best available rates across 20+ carriers — but for clients who prefer to stay inside a familiar platform for simplicity, it’s a workable option for SPIA purchases.
Looking for MYGA or FIA Rates?
If you arrived here searching for fixed annuity rates or guaranteed yields, Schwab won’t offer what you need. My Annuity Store compares current MYGA and fixed annuity rates from 20+ A-rated carriers including MassMutual, Athene, Midland National, North American, and more — side by side with no sales pressure.
Get a free rate comparison or call 855-583-1104 to speak with an independent annuity specialist.
Contact Charles Schwab Annuity Services
| Contact Method | Details |
|---|---|
| Website | www.schwab.com/annuities |
| Annuity Services | 1-866-855-9102 |
| Mailing Address | Charles Schwab & Co., Inc. 211 Main Street San Francisco, CA 94105 |
| Hours | Monday–Friday, 8 a.m.–8 p.m. ET |
Compare Annuity Carriers Head-to-Head: My Annuity Store compares Protective Life, Athene, MassMutual, and 20+ other top-rated carriers. Get a free comparison quote or call 855-583-1104.
