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APPLY NOWWhat Is An Annuity?
An annuity is a unique financial vehicle designed to help people accumulate money for retirement. However you can also use a lump sum of money to make a guaranteed stream of income for the rest of your life.
There are two basic types of annuities, deferred and immediate.
Immediate Annuities
If you opt for an immediate annuity you begin to receive payments soon after you make your initial investment. These types of annuities are usually funded with a lump sum payment.
The deferred annuity accumulates money while the immediate annuity pays out. Deferred annuities can also be converted into immediate annuities when the owner wants to start collecting payments.
Deferred Annuities
With a deferred annuity, your money is invested for a period of time until you are ready to begin taking withdrawals, typically in retirement.
Deferred annuities offer the advantage of tax deferral and are used to accumulate money for retirement.
There are two types of deferred annuities, fixed and variable.
Fixed Interest Deferred Annuities
A Fixed Interest Deferred Annuities is a product that is designed to help you accumulate funds for your retirement. The money in your annuity earns a guaranteed fixed rate of interest.
Variable Deferred Annuities
Variable annuities are long-term investment vehicles used for retirement savings. A variable annuity is a contractual agreement in which payments are made to an insurance company, which agrees to pay out income at a later date. You allocate your money among a variety of investment divisions and/or a guaranteed Fixed Account and your money accumulates on a tax-deferred basis, meaning you do not pay taxes on your earnings until you actually withdraw them from your policy.
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