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What is an Annuity?
An annuity is a contract between an insurance company and the purchaser.  An Annuity contract may be funded with a single lump sum payment or by multiple payments over time.  In return for the lump sum payment or multiple payments over time the insurance company guarantees fixed or variable payments back to the purchaser.  Annuity contracts grow on a compounding tax deferred basis.  A purchaser may pay as much into an annuity as agreed upon with the insurance company.

Payments from the insurance company to the purchaser may be immediate or deferred depending on the contract selected.  Immediate annuities are used by individuals needing immediate income while deferred annuities are used by individuals attempting to grow and protect an asset that they may choose to receive income from in the future or make a lump sum withdrawal.

Deferred annuities may be either fixed or variable.  Fixed annuities have a guaranteed interest rate over a contract period agreed upon by the insurance company and purchaser.  Variable annuities have growth dependent upon investment subaccounts.

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