Protection Benefits

Protect Your Retirement With a Lifetime Income Annuity

Fixed indexed annuities (FIAs) offer several benefits.

  • FIAs can provide a stream of lifetime income, tax benefits, and tax-deferred growth over time.
  • They have no contribution limits. 
  • These contracts protect against the risk of losing money in the market. 
  • Additionally, FIAs give you the option of earning interest based on index performance. 
  • Annuities also offer riders that can be transferred to beneficiaries in the event of death.
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Lifetime Income Options

A few additional benefits are associated with fixed index annuities. You can choose from a number of protection options. The insurer that issued the FIA assumes risks, therefore, protecting your retirement income. Below, we describe these benefits in detail.

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An index fixed annuity (FIA) grows in value over five or ten years. You will not have to pay a surrender fee if you follow the contract. During the accumulation phase, your contract’s interest credit will remain secure. To boost profits, it may also be possible to extend this phase.

An FIA allows you to control your retirement income.  When you are in the accumulation stage, your money grows. Following this phase, you will be able to access your income payments. You could get a lifetime income stream from the contract value.  The value of your contract will determine payments once withdrawals begin.

Annuities are either received as annuitization payments or as income withdrawals. Different types of payments are taxed differently. Annuities are generally paid out each year, and part of them are tax-free. Some annuities are refundable. You may have to pay taxes on the other part if you earn interest. As an alternative, you may withdraw your income and pay the tax. Before making any decisions, get more information from a tax professional. 

Benefits Beyond Your Lifetime

When you pass away, an FIA is payable to your beneficiary. Also, some types offer a death benefit after income payments are made. The beneficiary may also receive a lump sum in addition to the money. People who don’t expect to access annuity income can use fixed index products.

Get Access To Your Money Whenever You Need It

The options offered by FIAs make them appealing to retirees. You are not at risk from a stock market crash. Instead, it is the insurance company that takes on the risk. Through its protection features, an FIA helps you prepare for your retirement. Also, loved ones may receive the death benefits without going through probate court. Contact us to walk you through your options when selecting a guaranteed* lifetime income annuity.

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