An annuity is an insurance product that may be used to accumulate savings for retirement or to convert your retirement savings into a series of guaranteed income payments spread over your lifetime (or a specified period of time). No other product can offer you guaranteed income for life. With unique benefits such as tax deferral and flexible payout options, an annuity helps eliminate a fundamental concern: outliving your savings.

Deferred Annuity

A deferred annuity is a way of pre-funding retirement by setting aside money for a future date when you need it. Deferred annuities build tax-deferred income, allowing your money to increase more rapidly than in an alternative savings plan, where tax must be paid on interest as it is earned.

Immediate Annuity

With an immediate annuity you, in effect, buy a stream of income payments from your original purchase payment. An immediate annuity can begin benefit payments as early as one month and no later than 13 months from the date of purchase and is intended for investors who need a guaranteed income stream right away.