What are Annuity Products?
Annuity products are available for a lump-sum premium and will help cover basic expenses in your retirement. These products guarantee you an income for the duration of the annuity contract and keeps your income secure from interest rate risks and market fluxuations.
Life Annuity
Life annuities will provide you with a guaranteed income for as long as you live. Joint life annuities will continue to pay out an income as long as both investors live. Because these funds pay out for life, you do not have to run the risk of out-living your investments.
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Term Certain Annuity
Term certain annuities are simliar to life annuities in that you will make a lump-sum premium payment in exchange for guaranteed income payments. The difference between term and life annuities is that term payments will come for a set period of time, not over an entire lifetime. If you pass away before the term is completed, your beneficiary will be awared the balance of the guaranteed payments left available to you.