You should consider annuities when developing your long-term financial plan. There are two main types of annuities - deferred and immediate. Annuities give you the opportunity for lifetime payments and tax-deferred earnings. Our licensed agents can assist you in selecting an annuity.
- Deferred Annuities - This annuity will begin payments from a specific date. Usually these are purchased using a payment plan, but can be purchased with a single payment, while the insured is working in order to receive income during retirement.
- Immediate Annuities - For a specified period of time or for the rest of your life, you can use an immediate annuity for regular payments. Immediate annuities are single-payment annuities. A large sum of cash can be used for income for a specific time frame. These are not intended to offer liquidity or growth.
- Fixed Annuities - This annuity is used for retirement or savings for long-term investors that want to have the stability of a fixed interest rate with no risk that they'll ever lose any of the principal. A fixed annuity will provide steady and guaranteed growth with the tax-deferred benefit.
- Variable Annuities - With a variable annuity, the insurance company pays periodic payments to you either now or at a future date. The insured might see higher growth from a variable annuity, but will also be at risk from market changes. Variable annuities will vary with the performance of the investment options that are chosen.
- Income Annuities - An annuity that is fixed or variable paying a certain monthly amount. Income annuities are usually purchased in a lump sum and are used to provide a stable income for retirement.