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 90+ top annuity companies, 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+ top annuity companies 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.
Schwab Pros and Cons
Here is a balanced look at Schwab’s strengths and limitations for annuity buyers:
Pros
- Solid financial strength with an A-range AM Best rating
- Offers MYGA products with guaranteed rates and predictable returns
- Offers fixed index annuities with growth potential tied to market indexes and downside protection
- Available through independent agents, allowing side-by-side comparisons with other carriers
Cons
- Not the highest-rated carrier available, so buyers should weigh the rate vs. rating trade-off
- Product availability varies by state, so not all products may be offered where you live
- Surrender charges apply during the contract term, which limits liquidity
Who Is Schwab Best For?
Schwab is a solid choice for conservative savers and retirees who prioritize safety and guaranteed returns. If you are looking to park $50,000 or more in a tax-deferred vehicle with a guaranteed rate and strong carrier backing, Schwab’s MYGAs, fixed index annuities, variable annuities, immediate annuities are worth comparing against the field.
That said, no single carrier is right for everyone. The annuity market in 2026 has dozens of competing carriers, and rates and product features change frequently. The best approach is to compare current rates across multiple carriers before making a decision.
Frequently Asked Questions About Schwab
Is Schwab a safe company for annuities?
Schwab holds an A-range AM Best rating (N/A, Schwab is not an insurance carrier), which indicates a strong ability to meet ongoing policyholder obligations. In addition, annuity contracts are backed by your state guaranty association, which provides a secondary layer of protection typically covering $250,000 per contract. Always verify both the current rating and your state’s coverage limits.
What types of annuities does Schwab offer?
Schwab offers MYGAs, fixed index annuities, variable annuities, immediate annuities through independent agents and financial professionals. Product availability, rates, and features vary by state. Use our rate comparison tool to see what’s currently available from Schwab and competing carriers.
How do I buy an annuity from Schwab?
Schwab annuities are sold through licensed insurance agents and financial advisors. My Annuity Store is an independent platform that can quote Schwab alongside 20+ other carriers so you can compare rates, terms, and financial strength ratings in one place. Request a free quote or call 855-583-1104 to get started.
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.
Other Annuity Companies to Consider
Comparing carriers is an important part of finding the right annuity. Each company offers different rate guarantees, financial strength ratings, and product features. Here are a few other carriers worth reviewing:
- Guaranty Income Life Insurance Company (GILICO) Review
- Transamerica Annuity Review
- Global Atlantic Annuity Review
- Loyal American Life Insurance Company Review
- Browse All Annuity Insurance Companies
Want help choosing? Use our live rate comparison tool to see which carriers offer the best rates today, or request a personalized quote.
