Annuities are a popular choice for retirement planning for those who want to receive a steady income stream.
Difference between Annuities & Life Insurance
Both annuities and life insurance should be considered in your long-term financial plan. While both include death benefits, you buy life insurance in the event you die too soon and an annuity in case you live too long.
In other words, life insurance provides economic protection to your loved ones if you die before your financial obligations to them are met, while annuities guard against outliving your assets.
If you’re worried about outliving your income, you may wish to consider an annuity as part of your
An annuity is a long-term contract you purchase from an insurance company. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life. It is designed to help accumulate assets to provide income for retirement. Annuities do have limitations. If early withdrawals occur penalties may apply and earnings are taxable as ordinary income and may be subject to a 10% federal tax penalty if withdrawn prior to age 59½.
Annuities are flexible and enable you to:
Invest a lump sum or invest over a period of time
Start receiving payments immediately or at some later date
Select a fixed, variable or indexed rate of return
Please ask your SeniorHealthPro agent what type of annuity could fit into your investment plan.
Whether your needs are short or long-term, one of our agents can provide you with details on the annuity whose features work best for your situation. Whether it’s variable or fixed, SeniorHealthPro can provide multiple options.
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