An annuity is a legal agreement between you and an insurance company under which you make a single payment or a series of payments in exchange for regular payments that might start right away or at some time in the future. Annuities provide insurance against the risk that you’ll outlive your money after you retire. They give you the potential to grow your retirement savings and create a guaranteed income stream to last a lifetime.
- 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.
- Deferred Annuities - This annuity will begin payments from a specific date. Usually these are purchased with payments or sometimes a single payment. These payments are typically made while the insured is working in order to receive payments during their retirement.
- 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 every lose any of the principal. A fixed annuity will provide steady and guaranteed growth with the tax-deferred benefit.
Annuity Myths & Truths
How do I set up a Indexed Universal Life plan
Talk to a Women Financial Power consultant to adjust plan to meet your objectives. When designing the strategy to satisfy the goals of the customer, Women Financial Power will collect information from the prospect
Does the IRS approve of Indexed Universal Life plans?
Section 7702(a) provides that, for a contract to qualify as a life insurance contract for Federal income tax purposes, the contract must be a life insurance
What is an Annuity?
Annuities give your the opportunity for lifetime payments and tax-deferred earnings.