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What is an Annuity?
An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income. Only an annuity can pay an income that can be guaranteed to last as long as you live.
An annuity is neither a life insurance nor health insurance policy. It’s not a savings account or a savings certificate. You shouldn’t buy an annuity to reach short-term financial goals.
Your value in an annuity contract is the premiums you’ve paid, less any applicable charges, plus interest or earnings credited.
What are the Different types of Annuities?
Single Premium or Multiple Premium
Immediate or Deferred
Fixed or Variable
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