Variable Life Annuities
An annuity contract is designed to pay to the policyholder a benefit if he or she survives to a pre-established future age.
An annuity is insurance against an unusually long life. It may seem odd to insure against an event that most people would welcome. However, living a very long time would strain many people's financial resources, just as a fire which destroys their house would strain many people's finances if they didn't have fire insurance.
The benefit is paid in the form of a guaranteed income stream for the remainder of the individual's life.
Annuities can be ideal for individuals who:
- Want the highest guaranteed income amount possible
- Wish to help cover essential expenses in retirement
- Are concerned about outliving their savings
- Wish to minimize tax on their investment income
- Value security and peace of mind
- Want to subsidize early retirement income
- Need income until pension and government benefits become available
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