Understanding Annuity Plans
A Friendly Guide
Annuities can be a great way to ensure a steady income during retirement. Whether you're just starting to explore your options or looking to understand annuities better, this guide will help you grasp the basics and make informed decisions.
What is an Annuity
An annuity is a financial product offered by insurance companies designed to provide a steady income stream, typically during retirement. You make a lump-sum payment or series of payments, and in return, you receive regular disbursements starting either immediately or at some point in the future.
How do we work?
An annuity is a financial product designed to provide a steady income stream, typically used for retirement planning. When you purchase an annuity, you make either a lump-sum payment or a series of payments to an insurance company.
In return, the insurer agrees to make periodic payments to you, either immediately or at a future date. Annuities come in various types, including fixed, variable, and indexed, each offering different levels of risk and potential return.
What's your benefit?
A benefit annuity is a financial product designed to provide a steady income stream, typically during retirement. Upon purchasing an annuity, either through a lump sum or a series of payments, the annuitant receives regular disbursements for a specified period or for life.
This ensures financial security and helps manage longevity risk, offering peace of mind by guaranteeing income regardless of market fluctuations.
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