Two variable and indexed annuity heavyweights. We compare Lincoln Financial (A) and Allianz Life (A+) on MYGA rates, financial strength, product range, and customer experience.
Highlighted cells indicate the carrier that wins on that metric.
Strong variable annuity provider
Lincoln Financial is a top-10 U.S. annuity carrier by volume. Best known for their variable annuity programs with living-benefit riders, they also offer competitive MYGA rates and a strong fixed-indexed lineup.
Get Lincoln Financial quote Read full review →Fixed-indexed annuity leader
Allianz Life is the U.S. subsidiary of German insurance giant Allianz SE. They're a top-two fixed-indexed annuity issuer by volume in the U.S. — LIMRA has ranked them #2 behind Athene in recent years. MYGA rates are competitive but not class-leading.
Get Allianz Life quote Read full review →| Term | Lincoln Financial | Allianz Life | Difference |
|---|---|---|---|
| 2-year | — | — | — |
| 3-year | — | — | — |
| 5-year | 5.80% | — | — |
| 7-year | 5.95% | — | — |
| 10-year | 6.00% | — | — |
Lincoln Financial and Allianz Life are tied on MYGA rates across all terms shown. Illustrative rates for comparison — not a live quote. Confirm current rates with a licensed specialist.
| Metric | Lincoln Financial | Allianz Life |
|---|---|---|
| A.M. Best Rating | A | A+ |
| Our rating | 4.5/5 | 4.5/5 |
| Founded | 1905 | 1896 |
| Min Purchase | $10,000 | $20,000 |
| State Coverage | 50 states | 50 states |
| 5-year MYGA (published) | 5.80% | no MYGA |
Choose Lincoln Financial if you prioritize strong variable annuity provider. Their standout feature is: a rating with deep balance sheet.
Choose Allianz Life if you prioritize fixed-indexed annuity leader. Their standout feature is: a+ A.M. Best — top-tier financial strength.
For safety-first buyers, the carrier with the higher A.M. Best rating wins (Allianz Life is rated higher). Both clear our A- preferred-tier threshold on the letter grade alone. An A.M. Best rating is an opinion of an insurer's ability to meet its obligations, not a guarantee, and it can be changed or withdrawn at any time; annuity guarantees are not FDIC-insured. Track Retirement is not a licensed insurance agent and does not recommend either contract; this comparison is general information, not advice.
The headline MYGA rate is only meaningful if the carrier honors a multi-decade contract. Lincoln Financial and Allianz Life differ on both axes — use the table for the numbers and the framing below for the decision.
Illustrative, 24% tax bracket, both lines after tax: $6,635 more over 5 years, almost all of it from the rate difference (5.75% vs 4.4%) rather than from deferral. The 4.4% CD leg is an assumed APY, not a quote; the FDIC all-institution average is 1.41%. A MYGA is an insurance contract, not FDIC-insured.
Whichever carrier you lean toward, most of the gap above is the rate difference rather than the tax treatment — the deferral itself is the smaller part. Either way it only pays off if the money can stay put for the full term with a strong insurer.
Read the full Lincoln Financial review and Allianz Life review, learn how to vet carrier safety, and see the full field in best annuity companies.
Allianz Life does not currently market a multi-year guaranteed annuity that we track, so there is no MYGA rate comparison between these two carriers.
Lincoln Financial is rated A by A.M. Best; Allianz Life is rated A+. Both currently sit at or above our A- financial-strength floor on the letter grade alone. An A.M. Best rating is an opinion of an insurer's ability to meet its obligations; it is not a guarantee, and it can be changed or withdrawn at any time. Annuity guarantees are not FDIC-insured.
For MYGAs, neither carrier charges explicit fees. The quoted rate is what you earn, provided you hold to term. For variable annuities, fees vary significantly by product; check the specific contract.
Lincoln Financial operates in approximately 50 states; Allianz Life in approximately 50. State counts are approximate and change as filings are approved or withdrawn — some carriers are not admitted in every state, and California, New York and Oregon in particular have their own filing requirements. Confirm with the carrier or a state-licensed agent that a specific contract is available where you live before you apply.
No carrier, advertiser, or listed agent can pay for a ranking, and none reviews our content before publication. Figures are drawn from primary sources — A.M. Best, NAIC, the IRS, SSA, and Treasury — and checked against them. Our content is researched and drafted with the help of AI tools and verified against those sources; see our editorial policy.
Track Retirement scores every annuity carrier on financial strength (A.M. Best), MYGA rate competitiveness, product breadth, surrender flexibility, and state availability. All affiliate relationships disclosed. See our full methodology.