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An insurance annuity is basically a type of investment that is sold predominantly by insurance companies. Generally speaking, an annuity will either be an immediate annutiy or a deferred annuity, and variable annuity or a fixed annuity. In the case of an immediate annuity, the payments begin almost immediately after a lump sum is paid. In the case of a deferred annuity, there is an established period of time (usually at least 1 calendar year) before the annuitant can begin to receive annuity payments. An immediate annuity works well for people who have recently retired, and are looking to establish a regulated, continuous income into their late years. (Like a pension) A deferred annuity can also serve these people if they have some form of liquid account with which to live off of until they start receiving annuity payments. Also, those who are still working, but nearing retirement, may choose the option of a deferred annuity so as to act as an eventual source of retirement income.
Why choose an insurance annuity? Some of the reasons are as follows:
- Untaxed annuity gains allow for faster investment growth
- Receiving a source of retirement income
- Freedom to switch between investments within annuity tax free
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Learn more about retirement income through RETIREMENT ANNUITIES
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