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Types of Annuities
There are two types of annuities:  Immediate and Deferred.

Immediate – Immediate annuities also referred to as a SPIA (Single Premium Immediate immediate Annuity), pay income to a purchaser immediately.  The payments may be for the life of the purchaser and/or their spouse, for a chosen period of time, or a combination of life and period of time to pay beneficiaries if the purchaser passes away.  Immediate annuities may be a solution for individuals needing income now and who want to make sure they won’t outlive their money.  Generally the older the individual the higher the income payment is to the purchaser

Deferred – Deferred annuities are funded by a one-time payment or multiple payments over a period of time.  The annuity may allow for percentage withdrawals, interest withdrawals, lump sum withdrawals, or the conversion of the value to an immediate annuity through annuitization to provide for lifetime payments or payments for a period of time.   Deferred annuities are used by individuals trying to grow an asset. Deferred annuities may be of the fixed or variable type. 

Fixed Annuities provide a guaranteed interest rate for a contract period agreed upon between the insurance company and purchaser. 

Variable annuities have contract value growth that is dependent upon investment subaccount performance.  While variable annuities may offer death benefit and lifetime benefit guarantee values these guarantees do not guarantee a current account value. experts recommend Fixed Deferred Multi-Rate guarantees and immediate annuities when suitable because of the safety and certainty they provide in planning.  Consult with an expert to see if an annuity may be suitable in your plan.

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