Understanding Immediate Annuities
An immediate annuity is a contract between yourself and a life insurance company, whereby you exchange a lump sum of money for a stream of income.
An immediate annuity is a great way to turn retirement savings into guaranteed lifetime income.
Immediate annuities provide for immediate income. The terms of the annuity contract govern who owns, who pays, and who benefits from the income. While this may be the same person, it can actually be three different people.
Immediate Annuities vary in payout with the state of you residence, your age, and with the performance and financial strength of the issuing company. It pays to shop around before buying an immediate annuity because you may find that the highest payout offered comes from a company with a less than stellar credit rating.
Let AnnuityStraightTalk be your guide to selecting the immediate annuity with the best combination of safety, profitability, and flexibility.