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 90+ top annuity companies. 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 90+ 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 855-277-8088 to speak with an independent annuity specialist.
Who Is Schwab Best For?
Schwab suits existing Schwab clients who want to convert part of a brokerage or IRA balance into guaranteed lifetime income without moving assets to another firm. Because the Schwab Income Annuity is issued by Protective Life, the guarantee rests on Protective’s A+ (Superior) financial strength rather than on Schwab itself.
Schwab is the wrong platform if you are shopping for a guaranteed fixed rate. It does not offer MYGAs or fixed index annuities, and it cannot show you how its income payout compares with other carriers. If a guaranteed rate or the highest available payout is your priority, compare current rates across multiple carriers before you decide.
Frequently Asked Questions About Schwab
Is Schwab a safe company for annuities?
Schwab carries no AM Best rating because it is a broker-dealer, not an insurance carrier. For safety, the rating that matters belongs to the issuing insurer. The Schwab Income Annuity is issued by Protective Life Insurance Company, which holds an A+ (Superior) rating from AM Best, so your guarantee is backed by Protective rather than by Schwab. State guaranty associations add a backstop up to state-specific limits; see NOLHGA.com for details.
What types of annuities does Schwab offer?
Schwab offers the Schwab Income Annuity, a single premium immediate annuity issued by Protective Life, plus variable annuities through its advisory and managed account services. It does not offer MYGAs or fixed index annuities. Use our rate comparison tool to see what is available from carriers that do.
How do I buy an annuity from Schwab?
The Schwab Income Annuity is purchased directly through Schwab, online or by phone at 1-866-855-9102, rather than through independent agents. My Annuity Store does not distribute Schwab-branded products. What we can do is quote income annuities from 90+ top annuity companies, including Protective Life, so you can see how Schwab’s payout compares before you commit. Request a free comparison or call 855-277-8088.
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 90+ top annuity companies, including Protective Life, Athene, and MassMutual. Get a free comparison quote or call 855-277-8088.
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.
Charles Schwab Pros and Cons
Pros
- Schwab Income Annuity backed by Protective Life (A+ AM Best)
- Convenient for existing Schwab account holders
- Simple SPIA structure - easy to understand
- Competitive income payout rates
Cons
- Does not offer MYGAs or fixed index annuities
- Schwab is a distributor, not an insurance carrier
- Cannot compare Schwab against other carriers through the Schwab platform
- Variable annuities are limited to advisory relationships, not open to every customer
