Annuity Insurance

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What Is an Annuity?

An annuity is a policy in which you put money into in order to grow those funds and receive them as income. That income can be received either immediately or at a later time with a rate of return, such as during retirement. You can choose to either pay a lump sum or a number of payments paid yearly.

Types of Annuities

Immediate Annuity - A long-term contract that provides guaranteed payments almost immediately after making your first payment. These payments can be received either over a lifetime or within a specified period of time.

Deferred Annuity - Lets you choose when you want the payments to start coming in, usually upon retirement after earning tax-deferred interest.

Fixed Annuity - The insurance company takes the investment risk by placing money into a fixed rate, such as in a bond. It guarantees a minimum interest rate you will earn over time.