Mutual Funds - Concord Insurance & Financial Planning Group Inc.

Annuities:

An annuity provides regular, fixed income payments for the rest of your life or for a fixed period. It is an insurance contract between you & the insurance company. You deposit a lump sum of money to the insurance company and it agrees to pay you a guaranteed income for the rest of your life or a fixed period of time. Annuities are available through life insurance companies and their brokers only.

Once you buy an annuity, you don’t need to make any further investment decisions about the money you’ve deposited. And you know exactly how much you’re going to receive every month in income.

You can use an annuity for other financial planning goals like providing money for your beneficiaries or estate, or leaving a gift to charity. For example, an insured annuity gives you a steady stream of income during your lifetime and pays your beneficiaries a lump-sum amount of your death.

Once you buy an annuity, you can’t get your savings out. Your annuity payments are locked in, you can’t change them for any reason.

Annuities can be ideal for investors who:

  • Want the highest guaranteed income amount possible from their investment
  • Wish to help cover essential expenses in retirement
  • Are concerned about outliving their savings
  • Wish to minimize tax on their investment income
  • Value security and peace of mind while reducing the need for ongoing investment decisions
  • Want to subsidize early retirement income
  • Need income until pension and government benefits become available
  • Wish to fund a child's ongoing educational costs

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Have questions?

For more information about annuities, please contact us directly.