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Life & Annuity Insuance

Happy Senior Couple

What is an Annuity?

Annuity insurance is a type of financial product that provides a stream of income to an individual, typically over a set period of time. An annuity contract is typically purchased with a lump sum of money, and the insurer will then make regular payments to the policyholder, either for a fixed term or for the remainder of the policyholder's life.

There are two main types of annuities: fixed and variable. A fixed annuity guarantees a fixed rate of return and provides a guaranteed income stream for the policyholder. A variable annuity, on the other hand, allows the policyholder to invest in a variety of underlying assets such as stocks and bonds. The returns on a variable annuity are not guaranteed and may fluctuate based on the performance of the underlying investments.

Annuities are often used as a retirement savings vehicle, as they provide a guaranteed income stream in retirement. They can also be used to transfer wealth to future generations, as some annuities offer death benefits that can be passed on to beneficiaries.

It's important to note that annuities are long-term investments, and they come with fees and charges that can have a significant impact on the overall return. Therefore, it's crucial to understand the terms and conditions of the annuity contract, including the fees and charges, before making a decision.

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