Security Benefit Life Insurance Company holds an A- (Excellent) rating from AM Best and brings over 130 years of operating history to the annuity market. Founded in 1892 and headquartered in Topeka, Kansas, Security Benefit is a not-for-share financial organization, meaning it operates without the pressure of publicly traded earnings requirements. The company is well-known for two products: the Advance Choice MYGA and the Total Value Annuity, a fixed index annuity with a no-surrender-charge option that set it apart in the marketplace.
This review covers Security Benefit’s financial strength, annuity product lineup, and contact information.
Security Benefit at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Security Benefit Life Insurance Company |
| Corporate Structure | Not-for-share organization (non-shareholder) |
| Headquarters | Topeka, Kansas |
| Founded | 1892 |
| AM Best Rating | A- (Excellent) |
| Total Assets | $45+ billion |
| Products Offered | MYGAs (Advance Choice), Fixed Index Annuities (Total Value Annuity) |
| States Available | Most states (varies by product) |
| Minimum Premium | $10,000 (varies by product) |
Security Benefit’s Financial Strength
Security Benefit holds an A- (Excellent) from AM Best with $45+ billion in total assets under management. As a not-for-share organization, Security Benefit doesn’t distribute profits to outside shareholders, surplus is retained for the benefit of its policyholders and to strengthen reserve levels, similar in structure to TIAA and other mutual-type organizations.
Founded in 1892 to serve Kansas schoolteachers, Security Benefit has grown well beyond its original public-school base while maintaining a disciplined balance sheet. The Kansas Life and Health Insurance Guaranty Association provides up to $250,000 in protection per covered contract for Kansas policyholders in the event of carrier insolvency.
What Types of Annuities Does Security Benefit Offer?
- Advance Choice MYGA: Security Benefit’s multi-year guaranteed annuity is available in multiple terms with competitive guaranteed rates. The Advance Choice series is straightforward: a fixed rate locked in at issue, no market exposure, with full account value accessible at maturity. Download the Advance Choice MYGA brochure.
- Total Value Annuity (FIA): Security Benefit’s signature FIA product is notable for its no-surrender-charge option, buyers can choose a version of the Total Value Annuity with no surrender period, providing unusual liquidity for a fixed index annuity. This structure appeals to buyers who want FIA growth potential but don’t want long-term lock-up commitments. Index crediting strategies include S&P 500 point-to-point with a cap and participation rate options.
Security Benefit MYGA Rates
Current Security Benefit MYGA rates from our live rate feed:
Current MYGA Rates
Live rates from AnnuityRateWatch · Rates updated April 16, 2026
| Product | Term | Rate (APY) | Min Premium | Last Rate Change | |
|---|---|---|---|---|---|
|
Advanced Choice 3
AM Best A- |
3 Years | 4.65% | $100,000+ | Apr 13, 2026 | View Details → |
|
Advanced Choice 3
AM Best A- |
3 Years | 4.45% | $10,000+ | Apr 13, 2026 | View Details → |
|
Advanced Choice 5
AM Best A- |
5 Years | 5% | $100,000+ | Apr 13, 2026 | View Details → |
|
Advanced Choice 5
AM Best A- |
5 Years | 4.8% | $10,000+ | Apr 13, 2026 | View Details → |
|
Advanced Choice 7
AM Best A- |
7 Years | 5% | $100,000+ | Apr 13, 2026 | View Details → |
|
Advanced Choice 7
AM Best A- |
7 Years | 4.8% | $10,000+ | Apr 13, 2026 | View Details → |
Rates apply to standard products. State availability varies. Not an offer or solicitation. Always verify current rates before purchasing.
Who Is Security Benefit Best For?
- FIA buyers who want liquidity: The Total Value Annuity’s no-surrender-charge option is rare in the FIA market. Buyers who want index-linked growth without a multi-year surrender commitment should evaluate the TVA closely.
- MYGA buyers comparing A- carriers: Advance Choice rates are frequently competitive within the A- tier. Security Benefit’s long operating history and not-for-share structure add credibility for conservative buyers.
- Educators and public employees: Security Benefit has deep roots in the educator market and maintains strong relationships with school districts and public employee benefit programs across the country.
- Buyers who value organizational structure: The not-for-share model means policyholder interests are structurally prioritized over shareholder returns, a meaningful distinction for buyers planning multi-decade annuity relationships.
Security Benefit Pros and Cons
Here is a balanced look at Security Benefit’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
Frequently Asked Questions About Security Benefit
Is Security Benefit a safe company for annuities?
Security Benefit holds an A-range AM Best rating (A- (Excellent)), 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 Security Benefit offer?
Security Benefit offers MYGAs, fixed index 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 Security Benefit and competing carriers.
How do I buy an annuity from Security Benefit?
Security Benefit annuities are sold through licensed insurance agents and financial advisors. My Annuity Store is an independent platform that can quote Security Benefit 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 Security Benefit
| Contact Method | Details |
|---|---|
| Website | www.securitybenefit.com |
| Customer Service | 1-800-747-2657 |
| Mailing Address | Security Benefit Life Insurance Company One Security Benefit Place Topeka, KS 66636 |
| Hours | Monday–Friday, 7:30 a.m.–5:30 p.m. CT |
Compare Security Benefit Against Other Carriers: My Annuity Store compares Security Benefit alongside Athene, North American, F&G, and 20+ other top-rated carriers. Get a free comparison quote or call 855-583-1104.
Security Benefit Product Reviews
We have published an in-depth review of one of Security Benefit’s fixed index annuity products:
- Security Benefit Strategic Growth Annuity Review, An independent analysis of this accumulation-focused FIA, including index options, cap rates, and how it compares to competitors.
Related: FIA Sales Leaders: Complete Indexed Annuity Market Data (2015-2025)
Related: FIA Sales Leaders: Complete Indexed Annuity Market Data (2015-2025)
