Annuities

An Annuity is an investment contract that provides a guaranteed income stream. When looking at retirement income streams, the most secure vehicle is an Annuity.

How an Annuity Works

In exchange for a lump sum investment, a financial institution makes regular income payments that pay both principal and interest. Payments can be made for the life of one or two individuals or for a fixed term.

Three types of Annuities:

• A Single Life Annuity provides an income for as long as a person lives
• A Joint and Survivor Annuity covers the lives of two individuals, a primary annuitant and a secondary annuitant (usually a husband and wife). Upon the death of the primary annuitant, the surviving annuitant will continue to receive an income
• A Term Annuity provides guaranteed income for a specified period of time

Annuities can be customized in a variety of ways to meet your financial goals. Options can be added to a Life Annuity Contract but each option that you add increases the cost and reduces the payments. You will get the highest income with a basic annuity that covers only you.

There are multiple guarantee periods for survivor benefits and indexing options for individuals to choose from.

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