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Deferred Annuity

Deferred Annuity

Deferred Annuity is one of the most useful and popular choices for the retirement purposes. Deferred Annuity is one type of long term, private-retirement plan that can assist you growing your wealth and assets. In addition to that, these annuities can provide you continual source of earning, even after your retirement.

Deferred annuities can be purchased through single, lump sum deposit. It can be added then. Or your deposits can be distributed over time.

Apart from deferring payments for the later time, deferred annuity also has income that is tax deferred. It means your income is not subjected to taxes unless you take out your money that you are entitled to do after your retirement.

Kinds of Deferred Annuity

Deferred annuities are either fixed (you will get a guaranteed and fixed rate of interest over a fixed period of time) or variable (you can invest in a fund according to your choice).

  • Fixed Deferred Annuity - It is critical to choose a stable insurance company, which will be there in future and able to hand over the guaranteed amount, because your insurance provider guarantees your principal amount of investment and also the interest rate. Insurance companies generally re-adjust the rate of interest from time to time, but the rate never goes below the minimum rate of interest mentioned in your contract.
  • Variable Deferred Annuity - This type of annuity is much flexible. It offers the choice of investing in bonds and stocks that can get higher returns against your investment than the return you may get from fixed deferred annuity.

Phases of Deferred Annuity

Deferred annuity normally has two key phases;

  • Investing Phase or Savings - During investing phase, the assets start developing potential growth.
  • Retirement Income Phase or Income - During retirement income phase, you need to select how your income payments are made. You can select from a wide variety of payment schemes, like periodic withdrawals. You can also annuitize the contract and go for steady income payouts same as a pension. You are entitled to get your payments over a fixed time-period or you can distribute them as your lifetime income.

Guaranteed Death-Benefit

Guaranteed death benefit is generally done prior to you annuitize the contract. You will also get the choice of raised death benefit over time. The death benefit will be added to the entire cost of your annuities.

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