What is an immediate annuity?
An immediate annuity is a contract between an insurance company and an individual to convert a lump sum of money into monthly income for a specified period of time.
Why would someone want an immediate annuity?
An immediate annuity is a useful tool to invest now and establish a source of cash income on a monthly basis.
For example, an individual could use $15,000 to create an immediate annuity that can be used for a child’s education expenses, make child support / alimony payments, or provide monthly income for a relative.
How long can an immediate annuity provide monthly payments?
An immediate annuity can be set up to make payments for a specified number of years such as; 5 years, 10 years, 25 years, or monthly until your death (or have the payments transfer to a beneficiary of your choice upon your death.)
How much can an immediate annuity pay on a monthly basis?
What an immediate annuity will pay on a monthly basis is dependent upon your upfront investment to the insurance company and how many years you wish to receive payments.
The more money provided upfront, the greater your monthly income payments will be. The shorter the term of the immediate annuity, the greater your monthly income payments will be.
Who offers immediate annuities?
Life insurance companies are the best source for immediate annuities. Consult with a life insurance professional for more detailed information of the benefits with an immediate annuity.
Latest Annuity News
March 19, 2007
Of all the financial products being sold today, the equity-indexed annuity has to be the worst for consumers. The principal can be locked up for years and have a surrender charge over 20%. The promise of a guaranteed return plus possibilities if the markets rise, has sparked unscrupulous salesman into targeting the senior market with this product.
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