Annuities

Immediate Annuity

This is an insurance policy which, in exchange for a sum of money, guarantees that the issuer will make a series of payments. These payments may be either level or increasing periodic payments for a fixed term of years or until the ending of a life or two lives, or even whichever is longer.
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Index Annuity

Indexed annuities usually provide a purchaser with various options for interest crediting. A buyer may choose a declared account option which functions the same as a traditional fixed annuity. However, the annuity also provides other options which consider the performance of an outside stock index (such as the Standard and Poor’s 500, a.k.a. S&P 500) to determine interest.
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Deferred Annuity

All varieties of deferred annuities owned by individuals have one thing in common: any increase in account values is not taxed until those gains are withdrawn. This is also known as tax-deferred growth. A deferred annuity which grows by interest rate earnings alone is called a fixed deferred annuity (FA). A deferred annuity that permits allocations to stock or bond funds and for which the account value is not guaranteed to stay above the initial amount invested is called a variable annuity (VA).
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