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Products: Annuities

What is an annuity?

An annuity is a financial vehicle designed to help you accumulate money for retirement or turn your retirement savings into an income stream.

What are the different types of annuity products?

There are three types of annuities: fixed interest, fixed index and immediate.

  • A fixed interest annuity helps you accumulate funds for retirement. The money in your annuity earns a guaranteed fixed interest rate. Plus, your money accumulates tax deferred, which means you don’t pay income taxes on earnings until you actually withdraw them from your policy.
  • A fixed index annuity has the same guarantees as a fixed interest annuity, but it offers an additional opportunity to earn interest based on the performance of a market index. You’re not actually participating in the market, so the money in your annuity is never at risk of decreasing.
  • An immediate annuity is purchased with a single lump-sum payment. In exchange, the annuity pays you a guaranteed income stream that can begin immediately.
What are the biggest advantages of an annuity?

An annuity can help you:

  • Protect your principal.
  • Avoid probate in most cases.
  • Have guaranteed income for life.
  • Gain potential protection against creditors, claims, lawsuits, bankruptcies and more.

Plus, annuity payouts do not affect your Social Security benefits.