There are two basic types of annuities: deferred and immediate.
With a deferred annuity, your money is invested for a period of time until you are ready to begin taking withdrawals, typically in retirement. A deferred annuity can be used to fund both qualified money such as an IRA and non-qualified money.
When you purchase an immediate annuity, also known as an income annuity, you begin to receive payments soon after you make your initial investment. For example, you might consider purchasing an immediate annuity as you approach retirement age. There are multiple ways to structure how you receive this money such as guaranteed payments for life, payments guaranteed for a specified number of years or a combination of both.
The deferred annuity accumulates money while the immediate annuity pays out. Deferred annuities can also be converted into immediate annuities when the owner wants to start collecting payments.
Whether you are looking for a traditional multi-year guarantee annuity (MYGA), index products, lifetime income riders, or a basic immediate annuity, we have options for you.
Have clients that don’t want to take RMDs? Consider the QLAC-Qualified Longevity Annuity Contract. With a QLAC, individuals can move qualified money, up to $125,000 or 25% of their balance, whichever is less, and defer distributions up to age 85. QLACs cannot be variable or index contracts. They are fixed thus simple to understand. Example: 70yr old has $500,000 of qualified money and purchases a QLAC with $125,000. His RMDs are now calculated from $375,000. He can defer the $125,000 for 15yrs. After 15yrs, he can turn the QLAC into a lifetime income stream.
Long Term Care Annuity - If your client is interested in Long Term Care but concerned with ongoing costs or fear of underwriting, consider a Long Term Care Annuity. This annuity is funded with a single sum of money which is multiplied by a factor, usually 3x, for LTC. It also has a guaranteed crediting rate for principal growth if LTC is not need. Example: $100k lump sum creates $300k of total LTC benefit. When LTC funds are needed, the principal amount is depleted before tapping into the insurance company’s benefit pool.
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