Two top-safety mutual carriers. We compare Western & Southern (A+) and New York Life (A++) on MYGA rates, financial strength, product range, and customer experience.
Highlighted cells indicate the carrier that wins on that metric.
Conservative mutual with strong ratings
Western & Southern Financial Group is a privately-held mutual holding company with subsidiaries including Integrity Life, National Integrity, and Columbus Life. Strong A+ A.M. Best rating — one of the safest non-public carriers.
Get Western & Southern quote Read full review →Highest-rated annuity carrier
New York Life is the largest mutual insurance company in the U.S. and one of the very few carriers holding the top A++ rating from A.M. Best. For buyers prioritizing safety over yield, they're the benchmark. Their Secure Term MYGA is solid but not top-rate.
Get New York Life quote Read full review →| Term | Western & Southern | New York Life | Difference |
|---|---|---|---|
| 2-year | — | — | — |
| 3-year | 5.00% | 5.50% | -0.50 pts |
| 5-year | 5.15% | 5.55% | -0.40 pts |
| 7-year | 4.95% | 5.60% | -0.65 pts |
| 10-year | — | — | — |
New York Life wins on 3 of 5 terms (2 tied). Illustrative rates for comparison — not a live quote. Confirm current rates with a licensed specialist.
| Metric | Western & Southern | New York Life |
|---|---|---|
| A.M. Best Rating | A+ | A++ |
| Our rating | 4.6/5 | 4.8/5 |
| Founded | 1888 | 1845 |
| Min Purchase | $20,000 | $5,000 |
| State Coverage | 50 states | 50 states |
| 5-year MYGA (published) | 5.15% | 5.55% |
Choose Western & Southern if you prioritize conservative mutual with strong ratings. Their standout feature is: a+ A.M. Best — top-tier financial strength.
Choose New York Life if you prioritize highest-rated annuity carrier. Their standout feature is: largest U.S. mutual life insurer.
On published rate alone, New York Life 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 (New York 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Best rating is an opinion of an insurer's ability to meet its obligations, not a guarantee, and it can be changed or withdrawn at any time; annuity guarantees are not FDIC-insured.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. Western & Southern and New York 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 Western & Southern review and New York Life review, learn how to vet carrier safety, and see the full field in best annuity companies.
New York Life posts the higher figure on 3 of 5 MYGA term lengths in these illustrative, representative rates. Its 5-year figure is 5.55% vs. 5.15%. 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.
Western & Southern is rated A+ by A.M. Best; New York 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.
Western & Southern operates in approximately 50 states; New York 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.