Annuity

Protect your future with guaranteed income for the rest of your life. Speak with our financial experts today to find the best options for your financial situation.

What is an Annuity?

Annuities are contractually-executed, relatively low-risk investment products; the insured (usually, an individual) pays a life insurance company a lump-sum premium at the start of the contract. That money is to be paid back to the insured in fixed, incremental amounts, over some future time period (predetermined by the insured). The insurer invests the premium; the resulting profit/return on investment fund the payments received by the insured, and, compensate the insurer

Conventional annuity contracts provide a predictable, guaranteed stream of future income (e.g., for retirement) until the death(s) of the beneficiaries(s) named in the contract, or, until a future termination date – whichever occurs first. These financial instruments have been used to accumulate funds and provide significant and sudden increases in personal income (via future, lump-sum withdrawals), all while legally avoiding the taxes (e.g., income-, capital gains-, estate-) that would otherwise be assessed on them.

Immediate Annuities vs. Deferred Annuities

Immediate annuities and deferred annuities are two different types of annuity contracts that offer various benefits and features to individuals looking for guaranteed income in retirement.

Immediate Annuities

Deferred Annuities

Overall, immediate annuities provide immediate income, while deferred annuities allow for accumulation and growth of funds before beginning income payments. The choice between the two annuity types depends on an individual’s financial goals, time horizon, and need for immediate income.

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