There are many types of annuities, but immediate annuities are one of the most popular options. These annuities are purchased with one lump-sum payment and begin paying out the agreed-upon amount right away. But, to be sure this annuity type is right for you, ask yourself these questions:
- Do you favor safety and guarantees* over more risky options?
- Are you healthy and do you think there’s a fair chance you’ll live longer than the average person?
- Is less than 50% of your predictable retirement expenses covered by guaranteed sources of income, like Social Security and pensions?
- Are you worried about spending too much early in your retirement, running out of money later, and defending yourself from poor cognitive decisions in the future?1
If you answered yes to any of the above, then immediate annuities may be the right choice for you!
Give us a call and we can go over all the information you need to make the right annuity decision for you and your family.
The content in this article is for informational purposes only. Life insurance and related guarantees are backed by the claims paying ability of the issuing life insurance company. Customers are required to complete an underwriting process in order to qualify for life insurance. Customers may not qualify for life insurance if the underwriting process yields adverse results.
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*Annuity products and their related features, benefits and guarantees are subject to the claims paying ability of the issuing insurance company.