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Frequently Asked Questions

What is an annuity, and how does it work?

An annuity is a financial product designed to provide a steady stream of income, typically for retirement. You contribute money either as a lump sum or through periodic payments, and in return, the annuity grows tax-deferred. Later, you can receive guaranteed payments for a specific period or for life, depending on the type of annuity you choose.

Are annuities safe investments?

Annuities, particularly fixed and indexed annuities, are considered safe because they are backed by insurance companies rather than the stock market. Unlike stocks or mutual funds, they protect your principal from market downturns. It’s important to choose a financially strong insurance company to ensure the security of your investment.

What are the main types of annuities?

There are three main types of annuities:

**Fixed Annuities: Provide a guaranteed interest rate and predictable income.

**Indexed Annuities: Offer growth potential linked to a market index, with downside protection.

**Variable Annuities: Invest in the market, meaning your returns and risks vary with performance.

Can I access my money if I need it?

Most annuities have a surrender period, during which withdrawals beyond a certain limit may incur fees. However, many annuities offer penalty-free withdrawals of up to 10% per year. Some also include liquidity options for emergencies like illness or long-term care needs. Always check the terms before purchasing.