Free Insurance Guide

What Is an Annuity?

Whereas life insurance protects you in case of dying too soon, annuities protect you in case of living too long.  They ensure that you have a stream of income (a pension) for the entire duration of your retirement.

How long does the pension last?

As a rule, your income will last for the remainder of your life (starting whenever you instruct your annuity seller to begin your pension).  Get more information on the duration of annuities.

When does the pension begin?

For immediate annuities, the pension begins immediately (well, usually 6 or 12 months after the annuity is created).  For deferred annuities, you can choose at any time to stop paying in and to make the annuity start paying out.

How big are the pension payments?

The size of your pension payments depends on how much you’ve paid into the annuity and on your life expectancy at the time you instruct the seller to begin your income stream.

Where can I buy annuities?

Only life insurance companies are licensed to create annuities, but banks and life insurance agencies can sell them.

At Wholesale Insurance, can shop for CD-type annuities and shop for immediate annuities online.

For other types of annuity or if you’d like to speak with an annuity expert, call us today and ask for a member of our annuity team: 1-800-823-4852.

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