An annuity is a financial product that you buy from a life insurer who, in turn, pays you a regular income for a fixed period, or for the rest of your life. Annuities are ideal for transforming a lump sum payment into a dependable income stream. Annuities can provide stable and secure income payments for life and there is no need to manage investments.
The basic life annuity provides you with an income for as long as you live. Convenient and practical, a life annuity ensures you will never outlive your money.
Payable while either you or your spouse are living. When one spouse dies, the survivor can continue receiving the same income stream or elect to reduce the payments by a given percentage.
If you would like more information on annuities or if you would like a quote please contact us.
Robin Muir, CFP®, CLU®, CH.F.C.