Annuities

An annuity allows a customer to deposit money (premiums) with an  insurance company that can earn interest and grow on a tax-deferred  basis with the agreement that the insurance company will then provide a  series of payments back to the customer at regular intervals. 



People typically purchase annuities to provide or supplement  retirement income they will receive from Social Security, pension  benefits, investments and other sources. You can convert your annuity  into a stream of income that can then be paid over a fixed period or for  your lifetime. You can take withdrawals of varying amounts when you  need the income.


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There are generally two different types of annuities:

Immediate

 Provides income payments that normally begin within a year after the premium is paid.  

Deferred

Provides income payments that begin later, often after many years.  Deferred annuities are designed for long-term savings purposes. 

  • Available to purchase using a single lump sum, or with flexible premiums over time.
  • When it comes time to take income from your deferred annuity, you will have many options available to meet your needs.