Annuity Features

Fixed Annuity

What is a fixed annuity? A fixed annuity is a contract with an insurance company that provides a guaranteed rate of return each year on your premium (the amount of money you contribute to the annuity). Using a fixed annuity to help build reliable assets for your retirement may give you the confidence you’ll need in this upcoming stage of life, as well as access to income when you need it.

Income Annuity

(Immediate Income)

An immediate annuity provides a stream of income, or annuity payments, to you from a single lump-sum that you give to an insurance company when you buy the annuity contract. The insurance company, in turn, makes payments to you for a set amount of time, or for the rest of your life – depending upon your preferences. These payments are guaranteed by the insurance company to last for the time period you’ve chosen.

(Deferred Income)

A Deferred Income Annuity allows you to use today’s savings to help remove these risks from your retirement plan. You can also count on a guaranteed lifetime income, starting when you’ll need it the most – retirement. The income can last for your lifetime and a loved one’s lifetime, if desired.

Benefits:

Dependability. Along with the guaranteed interest, your principal (the money you paid to buy the annuity) is guaranteed to stay intact unless you make withdrawals or decide to end the contract early.

Tax-Deferred Growth. The interest you earn during the life of your annuity grows tax-deferred, which means you don’t pay taxes on the interest until you withdraw it. This may provide a tax advantage, especially if you begin to make withdrawals when you’re in a lower tax bracket.

Compounded Growth. All interest that remains in the annuity also earns interest. This is called “compound” interest. This growth can continue for as long as you hold your annuity (subject to age limits).

Guaranteed Income. After the first year, you can convert the amount in the annuity into a guaranteed stream of fixed income for a specified period of time, or even for the rest of your life, if you choose.

Flexible Withdrawals. You may withdraw the money in your annuity at any time as a single withdrawal, or through scheduled payments. A charge of up to 7% may apply to withdrawals.

Opt to Renew. We offer an array of renewal options that can continue to provide you with guaranteed growth after your initial interest rate period expires.