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Annuities are the most efficient means of generating retirement income, and perhaps the only way to mitigate longevity risk . Commission-Free annuities can quickly outperform fixed income in generating retirement income, and provide payouts long after fixed income portfolios would be depleted. Use our Guaranteed Income tool to see how a no-load annuity can address your clients' retirement income needs.

The benefits of Commission-Free fixed index annuities for guaranteed income
Fixed Income Allocation

Research by Wade Pfau and Michael Finke finds Commission-Free annuities can generate income 40% more efficiently than bonds.

100% Downside Protection

A Commission-Free FIA can give clients’ assets complete downside protection with non-correlated exposure to the market.

Sequence of Returns Risk Mitigation

Fixed index annuities can provide guaranteed income, protecting clients' income from market volatility as they enter retirement.

Jonathan Barth
Why Annuities Are the New "Plan A"

DPL Consultant Jonathan Barth examines why advisors are using annuities — not bonds or cash — to complement equities and help improve portfolio performance for their clients.

Why stocks and annuities are the new "Plan A"

DPL's Jonathan Barth explains why stocks and bonds are no longer the best solution for clients who want to de-risk their portfolio and why using both investments and Commission-Free insurance can provide the best value for clients. 


Type Carrier Name Sort descending AM Best Rating DPL Insights
Multi-Year Guaranteed Annuity Security Benefit Advanced Choice A-

Provides a 4-year guaranteed interest rate for those close to retirement or recently retired


Multi-Year Guaranteed Annuity Great American Life Advantage 5℠ Advisory A

MYGA with 5-year duration and $50K minimum investment.

Ameritas Advisor No-Load VA A

Offers Vanguard and DFA funds and includes ROP

Security Benefit ClearLine A-

Provides exclusion ratio on living benefit withdrawals

Security Benefit EliteDesigns® A-

Exclusion ratio applied on withdrawals without annuitization

Multi-Year Guaranteed Annuity Guaranty Income Life Insurance Company Guaranty Rate Lock™ B++

MYGA with 3–10-year durations, and three rate bands based on premium.

Integrity Life IncomeSource® A+

Issued up to age 95 with multiple annuitization options

Integrity Life IncomeSource® Select A+

Deferred income product eligible for QLAC classification

Registered Index Linked Annuity Allianz Index Advantage ADV® A+

Customizable downside protection via four different blendable strategies

Registered Index Linked Annuity Allianz Index Advantage Income ADV℠ A+

Provides customizable growth opportunity and downside protection with guaranteed lifetime income

Great American Life Index Protector 4℠ A

FIA with no market value adjustment

Great American Life Index Protector 5 MVA℠ A

Surrender-free FIA with multiple participation rate strategies issued up to age 90

Great American Life Index Protector 7℠ A

8% guaranteed roll-up on living benefit value, and advisory fee does not impact benefit base

Registered Index Linked Annuity Jackson Market Link Pro Advisory A

Surrender-free RILA providing 1- and 6-year terms with floor and buffer options.

Jackson MarketProtector Advisory® A

Surrender-free FIA

Midland National® Midland National Capital Income℠ A+

FIA with ability to double income payments for up to 5 years with health-related trigger

Integrity Life MultiVantage® A+

Guaranteed interest rate periods of 4, 5, 7, and 10 years with flexible withdrawal periods

Multi-Year Guaranteed Annuity Midland National® Oak ADVantage℠ A+

MYGA with 3-, 5-, and 7-year durations, and a $50K minimum investment.

Pacific Life Pacific Advisory Variable Annuity A+

Advisory fee-friendly annuity with a guaranteed minimum withdrawal benefit.

Pacific Life Pacific Index Advisory℠ A+

FIA with optional living and death benefits

Jackson Perspective Advisory II® A

Several living and death benefit options with complete investor freedom

Lombard International Private Placement VA A-

Non-traditional investments within a tax-deferred account for the high-net-worth client

Protective Protective Investors Benefit Advisory Variable Annuity A+

Allows advisory fee without impacting the living benefit value

Allianz Retirement Foundation ADV® A+

Provides an increasing income option for clients who anticipate a greater income need later in retirement

Jackson Retirement Investment Annuity A

Features investment freedom and a living benefit with pricing based on the phase of the policy.

Registered Index Linked Annuity Equitable Structured Capital Strategies® A

Liquid buffer annuity with downside protection

Registered Index Linked Annuity Equitable Structured Capital Strategies® Income A

Allows flexibility in duration and protection levels and provides an income benefit

TIAA The Intelligent Variable Annuity® A++

Lowest-cost variable annuity on the market for accounts over $500K, includes Vanguard and DFA funds

Transamerica Variable Annuity I-Share II A

Low-cost VA with an optional protected growth living benefit.


Annuities are perhaps the only way to mitigate longevity risk, but they also are a more efficient means of generating retirement income. Annuities can quickly outperform fixed income in generating retirement income, and provide payouts long after fixed income portfolios would be depleted.

Type Summary
Registered Index Linked Annuity

Registered Index Linked Annuities (also known as Structured Variable Annuities or Buffer Annuities) are tax-deferred insurance vehicles that provide upside potential with a defined degree of downside protection. The investor assumes the portion of the market risk that is in excess of the "buffer" or the initial losses before reaching the...

Solves for Principal Protection, Retirement Income
Deferred Income Annuity

A deferred income annuity is a contract funded with a lump-sum payment (premium) in exchange for guaranteed income payments at a future date. Also known as a longevity annuity because of QLAC-eligibility, a DIA can serve as a pension-like income stream for investors without a defined benefit plan through their employer. A DIA helps bridge an income gap and maintains an...

Solves for Retirement Income
Fixed Index Annuity

Fixed index annuities are tax-deferred insurance products that provide market upside, while protecting principal from market losses. Assets are allocated into indices that are designed to replicate market performance. These indices are typically accompanied with cap rates, spreads, or participation rates.

Solves for Retirement Income, Principal Protection, Annuity Rescue+
Multi-Year Guaranteed Annuity

Multi-year guaranteed annuities (MYGAs), a type of fixed annuity, offer a guaranteed fixed rate of return for the duration of the product. MYGAs provide tax deferral benefits, and can give clients the ability to annuitize their assets into a predictable lifetime stream of income.

Solves for Retirement Income, Principal Protection, Tax Deferral
Single Premium Immediate Annuity

A single premium immediate annuity is a contract funded with a single lump-sum payment (premium) in exchange for guaranteed income payments. Designed to supplement retirement income, a SPIA insures the purchaser against outliving their money or exhausting it within a certain timeframe. A SPIA can begin paying income immediately, bypassing...

Solves for Retirement Income
Variable Annuity

Variable annuities are tax-deferred insurance contracts with an underlying value that fluctuates based on the performance of the underlying investments. These products often offer insurance benefits such as guaranteed income or a death benefit. The ability to annuitize assets into a guaranteed lifetime income stream is the fundamental feature that qualifies a...

Solves for Tax Deferral, Annuity Rescue+, Legacy Planning, Retirement Income, Wealth Accumulation
Fixed Annuity

Fixed annuity are simplified products, offering a tax-deferred guaranteed fixed rate of return for a specified period.

Solves for Retirement Income, Principal Protection, Tax Deferral

Insights and Resources


Apr 07, 2020

DPL Founder and CEO, David Lau, and  David M. Blanchett, Ph.D., CFA, CFP®, head of...

David Lau


Dec 10, 2019

Bond yields being low makes annuities even more appealing compared to fixed income. David Lau...


Oct 28, 2021
Bonds no longer can be relied upon to provide sufficient retirement what? With traditionally...


Apr 20, 2020

David Blanchett, head of retirement research for Morningstar’s Investment Management group, and DPL’s David Lau...


Jun 11, 2020
DPL Financial Partners Founder and CEO, David Lau, provides an introduction to Transamerica, our newest...


Dec 06, 2021

Commission-Free annuities are designed to deliver greater benefits than commission-driven products, including lower costs, shorter...


Jan 30, 2020

Through this educational video series, you'll meet leading experts who come to speak with David...


May 03, 2021

DPL's Jonathan Barth explains


Mar 14, 2019
DPL Financial Partners Founder and CEO, David Lau, and Jackson National Life Insurance Company’s (“Jackson”)...

Common Questions

How can annuities help with wealth accumulation?

Annuities can help clients accumulate wealth in two ways: 1) through tax-deferred accumulation, and, 2) through the efficient funding of retirement income. The additional tax deferral that can be accessed through low-cost variable annuities can be beneficial to high income earners who quickly max out their 401(k)s and IRAs. Academic research shows that annuities can fund retirement income more efficiently than traditional fixed income portfolios. By requiring fewer assets to generate income than traditional fixed income strategies, allocating to an annuity to fund essential retirement expenses leaves a greater share of a client’s portfolio to be invested in long term equity strategies that leverage accumulation potential.

How can annuities improve legacies?

The basic premise is that by using an annuity to efficiently fund retirement income, more assets are available to be invested in equities to grow legacy assets. Clients with longer life expectancies will benefit most as they generate income from their annuities even after their cash balances have been exhausted.

My firm doesn’t address annuities clients already own, why should we?

Clients can often save thousands of dollars in product fees when it makes sense to move from a commissioned insurance product to a low-cost, commission-free product. In addition to providing potentially improved financial outcomes to your clients, offering insurance solutions as part of a holistic financial planning process enables you to expand services, potentially attract new clients and increase AUM.

Does DPL perform analysis of annuities my clients already own?

One of the services we provide to our members is the evaluation of clients' existing annuity policies to determine if it is possible to leverage current benefits to help meet the goals of the financial plan, or, if it makes sense to use the policy to fund a no-load annuity that may be able to achieve client goals more efficiently.

Have more questions about Commission-Free Annuities?

Call us at 888.327.0049 to speak to a DPL Consultant.


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DPL Financial Partners does business in the state of California as DPL Insurance Solutions
under California License #0M42434.

Securities offered through The Leaders Group, Inc. Member FINRA / SIPC
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