Types of Annuities
Immediate or Income Annuity
Create a steady, predictable, guaranteed stream of income. Suitable for those who are ready for retirement. Some have features to name a few non-guaranteed dividends, death benefits, guaranteed periods of income or guaranteed amount of income or both. These features may have costs associated with them or some level of risks. You need proper guidance from our expert agents to help select those right for you.
Deferred Annuity
You can buy these annuities with single premium called Single Premium Deferred Annnuity (SPDA) or spread the premium over few years. The premium is then "grown" via investments in various financial instruments. The type of instrument used, will be declared by the company providing it. Some are guaranteed, most are non-guaranteed. In these types of annuities the income is deferred to the future. Also, tax payments on gains within the investment are deferred until payout. These annuities are suitable for clients wanting to retire in 5-10 years or more. Normally such annuities have a surrender charge for a certain period after the purchase date. The charge is related to the time after purchase and the amount of withdrawal. With so many investment choices, surrender periods, and other features available, it is important to use the services of our expert agents when buying these annuities.