Is Wichita National a good annuity company?
It depends on how much weight you put on size versus rate. Wichita National holds a B+ (Good) rating from AM Best, the sixth tier out of fifteen, well below the A- or better bar most buyers use as a screen. What it offers in exchange is a Security MYGA that often prices near the top of the market for its terms. Its year end 2024 statutory filing showed about $85.4 million in admitted assets against $68.4 million in liabilities, a healthy ratio for its size but still a small balance sheet next to the national carriers. If you like the rate and keep your deposit inside your state's guaranty limit, it can make sense. If a stronger rating matters more to you than an extra fraction of a point, look elsewhere first.
Wichita National at a glance
| Owner / parent | Pillar Life Insurance Company, acquired June 10, 2022 |
|---|---|
| State of domicile | Oklahoma |
| NAIC code | 70548 |
| Founded | 1957 |
| Products offered | Fixed annuities, the Security MYGA series |
| AM Best rating | B+ (Good), sixth of fifteen levels, as of October 2025 |
| Admitted assets | About $85.4 million, year end 2024 statutory |
| Capital and surplus | About $17.0 million |
Where Wichita National sits on the AM Best scale
B+ is grade 6 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- A
- A-
- B++
- B+Wichita National
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Wichita National
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.
Who owns Wichita National, and why that matters
Wichita National Life Insurance Company has been writing policies since 1957, based out of Lawton, Oklahoma. Pillar Life Insurance Company took over ownership on June 10, 2022 and has since rebuilt the annuity side of the business along with the systems behind it. Wichita National still holds its own charter as the issuing insurer, though, which means its own statutory balance sheet, not Pillar Life's, is what actually stands behind every contract.
That history shapes what Wichita National sells today. Rather than build a wide product shelf, Pillar Life chose to push one simply designed MYGA through independent distribution and price it to compete on rate. Every contract carries the additional backstop of your state's guaranty association, on top of whatever Wichita National itself can pay.
What Wichita National sells
The Security MYGA is the entire lineup: a multi-year guaranteed annuity with a choice of four term lengths, 3, 5, 7 or 10 years. Whichever term you pick, the rate locks for the full period, $10,000 opens the contract, and the plain base version carries no optional riders at all.
Two riders are available at the time you apply, and each one costs you a bit of rate:
- A 10% free withdrawal rider, letting you pull out up to 10% of the contract value each year without a penalty.
- An enhanced death benefit rider, which pays your beneficiaries the full account value with no surrender charge deducted.
Adding both riders trims the credited rate the most, so if you are confident you will not touch the money during the term, the plain base contract usually makes the most sense. Wichita National does not currently sell a fixed index or income annuity, and the Security series is only offered in states where it has been approved, so confirm availability for your state before assuming you can buy it.
Is Wichita National financially sound?
AM Best rates Wichita National B+ (Good) with a stable outlook, the sixth level out of fifteen on its scale, as of October 2025. That is meaningfully below the A- or better bar that most carriers we work with clear. Look at the year end 2024 numbers and you get a small but solidly run insurer: $85.4 million on the asset side, $68.4 million owed out, leaving $17.0 million of capital and surplus as a cushion, a decent ratio for its size even if the total footprint is tiny next to a national carrier. Our guide to insurance company ratings breaks down how to read the AM Best scale, and our guide to whether annuities are safe covers how the guaranty association backstop works if a smaller insurer ever ran into trouble.
A common rule of thumb for a carrier this size: keep any single contract at or under your state's guaranty association limit, which turns the size question into a simple sizing decision rather than a reason to avoid the carrier outright.
How to buy a Wichita National annuity
Wichita National sells only through licensed independent agents, not directly to consumers. A licensed strategist can confirm the current Security MYGA rate for your term, state and deposit amount, walk you through the optional riders, and complete the paperwork electronically. Funding typically comes by check, wire, or a transfer from an existing IRA or annuity.
Other companies to consider
If you like the rate but want a stronger rating, these carriers are worth comparing:
- Midland National: A+ rated, broad MYGA and index annuity lineup
- American National: A rated, long operating history
We can put Wichita National's Security MYGA side by side with these and other carriers so you can weigh rate against rating with real numbers.
Pros and cons
Pros
- Security MYGA rates often sit near the top of the market for a given term
- Optional riders let you add penalty-free withdrawals or an enhanced death benefit if you want them
- A healthy asset-to-liability ratio of roughly 125% for its size
- Straightforward product lineup with no confusing add-ons on the base contract
Cons
- B+ sits well below the A- or better rating most buyers treat as a minimum
- A roughly $85 million balance sheet is small next to national carriers, so a large deposit is a bigger slice of the company
- Rated by AM Best only, with no S&P or Fitch rating for a second opinion
- New ownership since 2022 means a shorter track record under its current parent
- Only one product family, so there is no fixed index or income annuity to move into later
Frequently asked questions
How financially stable is Wichita National Life?
Stable for its size, though it is genuinely a small insurer. AM Best's B+ (Good) grade carries a stable outlook, and the balance sheet backs that up: capital and surplus of about $17.0 million sat on top of $68.4 million in liabilities at year end 2024, against $85.4 million in total admitted assets. Because it is a smaller carrier, most buyers keep any single contract inside their state's guaranty association limit rather than concentrating a large sum there.
Who owns Wichita National Life?
Pillar Life Insurance Company, headquartered in the same city of Lawton, Oklahoma, bought Wichita National Life on June 10, 2022. Wichita National kept its own charter and remains the entity that legally issues every contract, so its own statutory balance sheet, not Pillar Life's, is what backs your guarantees.
What annuity products does Wichita National offer?
Just one family: the Security MYGA. It comes in four term lengths, 3, 5, 7 or 10 years, and each one needs a $10,000 minimum deposit to open. You can add an optional 10% free withdrawal rider, an enhanced death benefit rider, or both, though each addition trims the credited rate a little. There is no fixed index or income annuity in the lineup right now.
What is the minimum deposit for a Wichita National annuity?
$10,000 across every term of the Security MYGA. Rate bands can shift with deposit size, so ask a licensed strategist to confirm the exact rate for your amount and state before you commit.
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.
