Premium mutual vs. major retail carrier. We compare Pacific Life (A+) and Lincoln Financial (A) on MYGA rates, financial strength, product range, and customer experience.
Highlighted cells indicate the carrier that wins on that metric.
Top-tier carrier for income annuities
Pacific Life has been around since 1868 and is one of the top mutual carriers by both financial strength and product breadth. Best known for their SPIA and DIA programs, they also offer MYGAs at competitive (but not top) rates.
Get Pacific Life quote Read full review →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 →| Term | Pacific Life | Lincoln Financial | Difference |
|---|---|---|---|
| 2-year | — | — | — |
| 3-year | 5.25% | — | — |
| 5-year | 5.25% | 5.80% | -0.55 pts |
| 7-year | — | 5.95% | — |
| 10-year | — | 6.00% | — |
Lincoln Financial wins on 1 of 5 terms (1 tied). Illustrative rates for comparison — not a live quote. Confirm current rates with a licensed specialist.
| Metric | Pacific Life | Lincoln Financial |
|---|---|---|
| A.M. Best Rating | A+ | A |
| Our rating | 4.7/5 | 4.5/5 |
| Founded | 1868 | 1905 |
| Min Purchase | $25,000 | $10,000 |
| State Coverage | 50 states | 50 states |
| 5-year MYGA (published) | 5.25% | 5.80% |
Choose Pacific Life if you prioritize top-tier carrier for income annuities. Their standout feature is: a+ A.M. Best — top-tier financial strength.
Choose Lincoln Financial if you prioritize strong variable annuity provider. Their standout feature is: a rating with deep balance sheet.
On published rate alone, Lincoln Financial posts the higher figure on more of the terms shown here. For safety-first buyers, the carrier with the higher A.M. Best rating wins (Pacific 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Best rating is an opinion of an insurer's ability to meet its obligations, not a guarantee, and it can be changed or withdrawn at any time; annuity guarantees are not FDIC-insured.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. Pacific Life and Lincoln Financial 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 Pacific Life review and Lincoln Financial review, learn how to vet carrier safety, and see the full field in best annuity companies.
Lincoln Financial posts the higher figure on 1 of 5 MYGA term lengths in these illustrative, representative rates. Its 5-year figure is 5.80% vs. 5.25%. These are illustrative figures, not a live quote — your actual rate depends on premium, state, and carrier filing, and a higher posted rate often comes from a lower-rated carrier.
Pacific Life is rated A+ by A.M. Best; Lincoln Financial 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.
Pacific Life operates in approximately 50 states; Lincoln Financial 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.