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What is an annuity?

An annuity is a investment vehicle used to generate growth and income over a period of time.  Use an annuity to create a guaranteed stream of income for your retirement.  With an annuity you can defer taxes on interest earned until you withdraw money.

Who is an annuity right for?

Anyone at any age can invest in an annuity.  Our clients invest in annuities when they have an existing 401k or IRA to roll over.  They also invest in an annuity when looking for an account which will perform better than a low-interest savings account or CD.  Investments can be made in a lump sum or multiple payments over time.

Options to consider when investing in an annuity

  • Long term care riders
  • Terminal illness waivers
  • Confinement waivers
  • Freedom to maintain access to funds if needed
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Important Terms:

Contract Owner – This is the person who purchases the annuity contract and pays the premiums (may also be called the annuitant). There can also be more than one owner on a annuity contract.

Annuitant – The person named in the annuity contract who is scheduled to receive the annuity payments.

Beneficiary – The person who will receive the funds from the annuity in the event that the annuitant/owner dies before the funds are redeemed.

Insurance Carrier – The life insurance company that holds the annuity funds, administrates the contract and is responsible for making payments to the beneficiary.

Should I invest in an annuity?

This depends on the individual. Annuities were designed to limit the annuitant’s risk by providing a guaranteed return.  An annuity can provide eliminate the fear of outliving your savings and retirement funds.  They can also provide a quick source of funds for family members in the event of your death.

Not sure if an annuity is right for you? Just ask!

Want more information? Contact K&B.