Annuities for Individuals
What are Annuities for Individuals? An annuity is a type of investment account typically used for retirement savings. As well, it can be used to generate lifetime income payments in retirement. By definition, an annuity is a contract between you and a third party. Usually, that third party is an insurance company. The contract is written in exchange for making a lump sum payment. Also, it can be written by paying a monthly premium. Generally, the issuing insurance company provides some type of guarantee on your investment.
In these policies, the premium paid during years worked provides death benefit protection. Upon death, the benefit is usually tax free to the beneficiaries. The policy owner may choose to use cash value during the coverage period. In the case of a qualified illness diagnosis, the owners may choose to accelerate the death benefit during working and/or retirement years.
Longivity Planning with Annuities in Retirement
Longivity Planning using permanent life insurance can enable you to prepare for a long and healthy retirement. Theree are multiple options available including Universal Life (UL) or Indexed Universal Life (IUL).
An annuity can be purchased outright. Or, roll over money from an employer-sponsored retirement plan can be the funding source. These types of plans are:
- or other profit sharing plan.
Rolling over your assets into an annuity offers you numerous benefits. These include:
- Continued tax deferral.
- Growth potential.
- Potection from market downturns.
- Guaranteed lifetime income and flexibility.
- Allows you to leave a legacy for your loved ones.
Dominion Insurance of Texas can assist you with identifying and purchasing the annuity that will best help you achieve your retirement goals. Contact us to learn more.
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