Top Pension Insurance Products in the US and Canada for 2025: Secure Your Retirement with Confidence

Top Pension Insurance Products in the US and Canada for 2025: Secure Your Retirement with Confidence

Planning for retirement requires careful consideration of financial products that ensure stability and income for your golden years. Pension insurance products, such as annuities, offer a reliable way to secure a steady income stream. As an experienced insurance advisor, I’ve analyzed offerings from leading companies in the United States and Canada to recommend the best pension insurance products for 2025. Below, I outline top products from reputable insurers, supported by specific details, financial data, and reasons for their inclusion, drawing from official company resources and industry insights.

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1. United States: Mutual of Omaha – MutualCare® Custom Solution

Product Overview: Mutual of Omaha’s MutualCare® Custom Solution is a long-term care (LTC) annuity hybrid designed to provide both retirement income and coverage for long-term care expenses, offering flexibility for retirees who want dual-purpose protection.

Key Features:

• Guaranteed Tax-Free Benefits: Provides tax-free resources for long-term care, with benefits paid out for qualifying medical expenses.
• Customizable Options: Offers flexibility with coverage periods, benefit amounts (starting at $50,000), and inflation protection riders (3% or 5% compound).
• Financial Strength: Mutual of Omaha holds an A+ (Superior) rating from A.M. Best, A+ from Standard & Poor’s, and A1 from Moody’s, ensuring reliability in paying claims.
• Payout Statistics: In 2024, Mutual of Omaha paid millions in LTC benefits, with streamlined claims processes improving customer satisfaction.

Why I Recommend It: This product is ideal for retirees seeking a hybrid solution that combines annuity income with LTC coverage. The customizable riders allow tailoring to individual needs, and the company’s strong financial ratings provide peace of mind. According to LTC News, Mutual of Omaha’s focus on improving claim processes makes it a top choice for reliability and ease of access during critical times. Premiums are affordable for those in their 50s, averaging $2,500–$4,000 annually for a $100,000 benefit, depending on age and health.

Who It’s For: Individuals aged 40–60 who want to secure retirement income while planning for potential long-term care costs.

Where to Learn More: Visit Mutual of Omaha’s official website for detailed product information and to request a quote.

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2. United States: New York Life – Secure Term MVA Fixed Annuity

Product Overview: New York Life’s Secure Term Market Value Adjustment (MVA) Fixed Annuity offers guaranteed income with flexible term lengths, making it a stable choice for conservative retirees.

Key Features:

• Guaranteed Interest Rates: Offers fixed interest rates (currently 3.5%–4.5% for 5–7-year terms as of 2025), ensuring predictable returns.
• Market Share: New York Life holds over 5% of the U.S. life insurance and annuity market, reflecting its industry dominance.
• Flexible Terms: Choose from 3, 5, or 7-year terms, with minimum investments starting at $5,000.
• Financial Strength: Rated A++ (Superior) by A.M. Best, affirming its ability to meet long-term obligations.

Why I Recommend It: This annuity is perfect for risk-averse retirees seeking guaranteed returns without market exposure. The competitive interest rates and flexible terms cater to diverse financial goals, and New York Life’s 175-year history and top-tier ratings ensure reliability. Industry blogs like Financial Samurai highlight New York Life’s strong market presence and policyholder-focused approach, as it operates as a mutual company prioritizing clients over shareholders.

Who It’s For: Retirees aged 55–70 who prioritize safety and predictable income over high-risk investments.

Where to Learn More: Explore details on New York Life’s official website.

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3. Canada: Sun Life – SunFlex Retirement Income

Product Overview: Sun Life’s SunFlex Retirement Income is a flexible annuity product designed to provide customizable income streams for Canadian retirees, with options for guaranteed payments or market-linked growth.

Key Features:

• Customizable Payouts: Offers guaranteed income for life or a fixed term, with options to add inflation protection (2%–5% annually).
• Investment Options: Includes segregated funds for potential growth, with a minimum guaranteed return of 75%–100% of principal at maturity.
• Financial Strength: Sun Life, founded in 1865, holds an A+ rating from A.M. Best and manages $1.4 trillion in assets globally.
• Premium Range: For a $100,000 investment, monthly payouts for a 65-year-old non-smoker range from $500–$700, depending on options chosen.

Why I Recommend It: Sun Life’s SunFlex stands out for its flexibility, allowing retirees to balance guaranteed income with growth potential. Its long history and global reach make it a trusted choice, as noted in HelloSafe’s 2025 review of Canadian insurers. The ability to add riders like inflation protection ensures income keeps pace with rising costs, a critical feature for long-term planning. Canadian insurance blogs, such as Insurance-Canada.ca, praise Sun Life for its innovative solutions tailored to diverse retiree needs.

Who It’s For: Canadian retirees aged 60–75 seeking a balance of security and growth in their pension plan.

Where to Learn More: Visit Sun Life’s official website for personalized quotes and product details.

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4. Canada: Manulife – Manulife PensionBuilder

Product Overview: Manulife’s PensionBuilder is a registered annuity product designed to mimic a defined-benefit pension, offering guaranteed income with optional market participation.

Key Features:

• Guaranteed Income: Provides lifelong payments, with options for single or joint-life annuities (e.g., $600–$800/month for a $100,000 investment for a 65-year-old).
• Growth Potential: Offers exposure to equity markets with a guaranteed minimum return, protecting against market downturns.
• Financial Strength: Manulife, a subsidiary of John Hancock in the U.S., holds an A+ A.M. Best rating and manages $1.3 trillion in assets.
• Tax Advantages: Registered under RRSPs or RRIFs, offering tax-deferred growth for Canadian investors.

Why I Recommend It: The PensionBuilder is ideal for Canadians who want pension-like security without relying solely on the Canada Pension Plan (CPP). Its hybrid structure allows for potential growth while ensuring a safety net, making it versatile for retirees with moderate risk tolerance. Industry sources, like Insurance Business Canada, highlight Manulife’s strong digital tools and customer service, enhancing the user experience. The product’s integration with registered plans also maximizes tax efficiency, a key consideration for Canadian retirees.

Who It’s For: Retirees aged 55–70 who want pension-like income with some investment growth potential.

Where to Learn More: Check out Manulife’s official website for more details and to connect with an advisor.

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5. Cross-Border Option: American National – Palladium MYG Annuity

Product Overview: American National’s Palladium Multi-Year Guarantee (MYG) Annuity is a fixed annuity available to both U.S. and Canadian residents (where permitted), offering competitive rates and flexible terms.

Key Features:

• High Interest Rates: Current rates range from 4.2%–5.0% for 5–10-year terms, among the highest in the fixed annuity market.
• Minimum Investment: Starts at $5,000, with no upper limit, making it accessible for various budgets.
• Financial Strength: Rated A by A.M. Best, with $33 billion in assets and a 120-year history.
• Liquidity Options: Allows partial withdrawals (up to 10% annually without penalty) after the first year.

Why I Recommend It: The Palladium MYG is a strong choice for cross-border retirees or Canadians with U.S. investments due to its high guaranteed rates and liquidity options. American National’s long-standing reputation and A rating ensure reliability, as noted on their official site. Financial blogs like Ogletree Financial praise its competitive yields compared to other fixed annuities, making it a standout for those prioritizing income certainty.

Who It’s For: U.S. or Canadian residents aged 50–80 seeking high fixed returns with some liquidity.

Where to Learn More: Visit American National’s official website for product specifics and eligibility.

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How to Choose the Right Product

Selecting a pension insurance product depends on your financial goals, risk tolerance, and retirement timeline. Here are key considerations:

• Income Needs: If you prioritize guaranteed income, opt for fixed annuities like New York Life’s Secure Term or Manulife’s PensionBuilder.
• Long-Term Care Concerns: Mutual of Omaha’s hybrid product is ideal for those planning for potential healthcare costs.
• Growth Potential: Sun Life’s SunFlex or Manulife’s PensionBuilder offer market-linked options for those comfortable with moderate risk.
• Financial Stability: Always check A.M. Best ratings (aim for A or higher) to ensure the insurer’s ability to meet obligations.
• Comparison Tools: Use platforms like PolicyGenius (U.S.) or RATESDOTCA (Canada) to compare quotes efficiently.

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Final Thoughts

Investing in a pension insurance product is a critical step toward a secure retirement. The products above—Mutual of Omaha’s MutualCare® Custom Solution, New York Life’s Secure Term MVA, Sun Life’s SunFlex, Manulife’s PensionBuilder, and American National’s Palladium MYG—offer diverse options to suit various needs. Each is backed by financially strong insurers with competitive features and reliable payouts. I recommend contacting a licensed advisor or visiting the companies’ websites to get personalized quotes and ensure the product aligns with your retirement goals.

For further insights, explore trusted blogs like Insurance Business Canada or LTC News for detailed reviews and updates on insurance trends. Secure your financial future today with a product that gives you peace of mind and stability.