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The world of annuities can be somewhat confusing and you may not know whether you need a fixed annuity, a deferred annuity, a deferred fixed annuity, or any other type of annuity. Florida Insurance and Retirement Associates have been helping residents of the sunshine state in the area of annuities since 1999.
Basically an annuity is a contract of sorts that exists between you and a certain insurance company. You make a lump sum of payments to the insurer and in return the insurer promises to pay you periodic payments at some point in time either current or in the future.
Annuities are typically a tax-deferred vehicle for all growth and earnings that your annuity may experience. Additionally, an annuity may include a death benefit that will pay your beneficiary a guaranteed minimum amount of money. This is usually at least the total purchase price.
The professionals at Florida Insurance and Retirement Associates can help you determine what type of annuity may be right for you and we specialize in:
- Fixed Annuities: A fixed annuity is a great alternative to a CD. They offer a great rate of return that is both guaranteed and tax-differed. At retirement, this type of annuity can pay you a fixed lifetime payment.
- Indexed Annuities: An indexed annuity is in a special class of annuities that yields returns on the money you contribute based on a specified equity-based index. Like the fixed annuity, an indexed annuity can guarantee a rate of return.
- Immediate Annuities: An immediate annuity is one that is purchased with one payment only. This type of annuity has a specified payment plan that starts up, as the name implies, immediately.
Annuities can be wonderful instruments for certain individuals, but not everyone is well suited for the same type of annuity. While some may be better suited with fixed annuities, others may require immediate annuities. Call the annuity specialists at Florida Insurance and Retirement Associates today and let one of our professional and courteous staff members sit down with you and explain all your annuity options.
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