Is OneAmerica a good annuity company?
Yes, particularly if carrier stability matters more to you than chasing the top posted rate. OneAmerica's issuing companies hold an A+ (Superior) rating from AM Best that has not slipped below A in 74 consecutive years, plus an AA- from S&P Global, a pairing very few U.S. life insurers can claim. It is organized as a mutual holding company, so it answers to policyholders rather than shareholders. The lineup leans toward fixed index annuities and deferred income annuities rather than a wide menu, so it fits a buyer who values long-term strength and a strong deferred income option over rate shopping.
OneAmerica Financial at a glance
| Legal name | American United Life Insurance Company, part of OneAmerica Financial |
|---|---|
| Also issues through | State Life Insurance Company |
| Parent structure | OneAmerica Financial Partners, Inc., under American United Mutual Insurance Holding Company |
| Issuing carrier founded | 1877, Indianapolis, Indiana |
| Headquarters | Indianapolis, Indiana |
| Ownership | Mutual holding company, policyholder owned |
| AM Best rating | A+ (Superior), affirmed August 2024, 74 consecutive years at A or better |
| What it sells | Fixed index annuities, deferred income annuities, fixed deferred annuities, group retirement annuities |
Where OneAmerica Financial sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+OneAmerica Financial
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for OneAmerica Financial
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
OneAmerica's financial strength and background
OneAmerica's history starts in 1877 in Indianapolis, when the business began under the old fraternal insurance model common at the time. A string of mergers over the following century reshaped the organization, and by 2000 the group had taken the OneAmerica Financial Partners name it uses today. It still runs as a mutual holding company, which means policyholders, not outside investors, are the owners, and there is no board answering to Wall Street each quarter.
The insurance itself is written by American United Life Insurance Company, usually called AUL, along with a sister company, State Life Insurance Company. Both carry OneAmerica's AM Best rating, and that rating has not dipped below A in 74 straight years, a streak that puts the company among a small group of carriers with that kind of consistency. S&P Global rates OneAmerica AA- as well. Fewer than one in twelve U.S. life insurers hold both an A+ from AM Best and an AA- from S&P at the same time.
Most of OneAmerica's annuity business moves through independent financial advisors and general agents rather than a career sales force, so you will see it less often on the big IMO platforms that list rates across dozens of carriers side by side.
OneAmerica financial strength ratings
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A+ | Superior | Stable, affirmed August 2024 |
| S&P Global | AA- | Very strong | Not specified in the affirmation |
| Moody's | Not rated | ||
| Fitch | Not rated |
An A+ from AM Best puts OneAmerica in the Superior tier alongside carriers such as Protective Life and Pacific Life. Pairing that with an AA- from S&P is the rarer part, since that combination sits with a small slice of the industry.
A rating measures the company, not the product. It tells you how likely the insurer is to keep its promises, not whether a given annuity fits your plan.
Your state's guaranty association adds a second layer of protection up to a state-set dollar limit. See our state guaranty association guide for the limit where you live, and always check OneAmerica's current rating directly with AM Best before funding a contract.
What annuity products does OneAmerica offer?
- Freedom Builder Fixed Index Annuity. A growth-focused FIA that credits interest tied to market index movement while protecting principal from index losses. Optional income riders are available for buyers who eventually want lifetime withdrawals, but the product is built mainly for the accumulation years.
- Secure Income Stream Deferred Income Annuity. You deposit a premium now, and guaranteed payments begin at a future date you choose, commonly anywhere from 5 to 30 years out. The minimum deposit is $10,000. This is a useful tool for pre-retirees who want to build a future income floor while rates and their own timeline still allow flexibility.
- Fixed deferred annuities. Sold under the Secure5 name and similar products, these lock in a guaranteed rate for a set term, typically 1, 3 or 5 years, with principal protection and predictable growth.
- Group retirement annuities. Through AUL, OneAmerica runs a long-standing group retirement business that serves employers with 401(k), 403(b) and pension plans.
OneAmerica does not publish current FIA caps or DIA payout rates to the public rate feeds most comparison sites use, so ask an appointed advisor for a current illustration on any of these.
Who is OneAmerica best for?
- Buyers who put financial strength and mutual ownership first. The A+ rating streak, the mutual structure and the 149-year history are hard for most competitors to match.
- Pre-retirees who want to build an income floor ahead of time. The Secure Income Stream deferred income annuity rewards buyers who can lock in future payments years before they need the money.
- FIA buyers who want downside protection with a highly stable carrier behind the contract.
- Buyers already working with an independent advisor, particularly in the Midwest, who has access to the OneAmerica shelf.
OneAmerica is a weaker fit for buyers comparing MYGA rates across the big aggregator platforms, since carriers such as Athene and American Equity show up there more often, or for anyone whose top priority is the single highest posted crediting rate rather than carrier strength.
Other annuity companies to consider
- Penn Mutual: another mutual carrier with a long ratings streak
- MassMutual: mutual structure with a broader annuity shelf
- National Life Group: independent-channel carrier with a similar Midwest and national reach
Pros and cons
Pros
- A+ from AM Best held for 74 consecutive years
- Combined A+ (AM Best) and AA- (S&P) rating, a pairing few carriers hold at once
- Mutual holding structure with no outside shareholders
- 149 years of operating history, including two world wars, the Great Depression and 2008
- Deferred income annuity option that many independent-channel carriers do not offer
- Licensed in all 50 states
Cons
- Less visible on IMO rate-comparison platforms than higher-volume competitors
- Minimum premiums and current rates require a call to an advisor rather than a public rate sheet
- Brand recognition trails off outside the Midwest
- FIA cap and participation rates are not posted publicly
Frequently asked questions
Is OneAmerica the same company as American United Life?
Not quite. American United Life, the carrier behind the OneAmerica brand, signs and stands behind your contract. Sitting above it is the holding company, OneAmerica Financial Partners, and above that sits American United Mutual Insurance Holding Company. Either American United Life or its affiliate, State Life Insurance Company, shows up as the issuer on your paperwork, and both share the same A+ rating from AM Best.
How does OneAmerica's Secure Income Stream deferred income annuity work?
You hand over a lump sum today, and OneAmerica starts sending guaranteed checks at a future date you pick, often somewhere between 5 and 30 years out. Push that start date back and the payment amount typically climbs. Unlike a SPIA, which begins paying right away, or a MYGA, which just builds value with no forced income date, this product exists specifically to lock in tomorrow's paycheck at today's terms.
How do I buy a OneAmerica annuity?
OneAmerica sells through independent financial advisors and general agents rather than direct to consumers or through a captive sales force. A licensed strategist can request pricing on your behalf and set it next to other A-rated carriers so you see how the numbers compare before you decide.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
