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Annuity Basics

What is an annuity?

The simplest definition of an annuity is a contract between you and an insurance company. In exchange for your lump-sum premium payment or a series of premium payments, the insurer promises to provide you with a regular, reliable income stream* for a period of time, even for the rest of your life.**

Annuities for retirement

These days, fewer employers offer company-sponsored pensions, you may want to consider an annuity to help supplement your Social Security benefits during your golden years. Plus, if you are concerned about running short of money, an annuity can help protect your retirement assets by providing a guaranteed* income stream you can't outlive.**

Annuities for emergencies

Some annuities offer living benefits, as well, to help keep you from dipping into your retirement savings during financial or health emergencies. These extra features may be available to you with the purchase of annuity riders, for an additional charge+.

Annuities as alternatives to investments

Investments in the stock market have the potential for high returns, and with that potential comes increased risk. On the other hand, the guarantees* and reliability of annuities could help ensure that your regular living expenses are covered throughout your retirement years.**

 

Although investments with stock market exposure might have potentially higher returns, the guarantees* and reliability of annuities can help ensure that your basic needs are met throughout your retirement years.