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What are Annuities?
Annuities are financial products offered by insurance companies designed to provide a reliable income stream, typically during retirement. They are a contract between you and the insurer, where you pay a lump sum or a series of payments, and in return, the insurer provides periodic payouts, either immediately or in the future.
About Insurafi
Key Features of Annuities
Steady Income:
Annuities are often used to ensure you have a stable income during retirement, protecting you from outliving your savings.
- Tax-Deferred Growth:
Funds in the annuity grow without being taxed until you withdraw them, making annuities a tax-efficient way to save for retirement.
Customizable Terms:
You can tailor the payout structure to meet your needs, such as receiving payments for a fixed number of years, for life, or a combination.
Types of Annuities
By Timing of Payments:
Immediate Annuities: Payments start right after you purchase the annuity.
Deferred Annuities: Payments begin at a future date, allowing your money to grow over time.
By Growth Method:
Fixed Annuities: Provide guaranteed, predictable returns over time.
Variable Annuities: Returns depend on the performance of investment options you select.
Indexed Annuities: Growth is linked to a market index (e.g., S&P 500) but includes downside protection.
By Payment Duration:
Lifetime Annuities: Pay income for the rest of your life.
Period Certain Annuities: Pay income for a specific number of years.
Joint-and-Survivor Annuities: Continue payments to a surviving spouse after the policyholder passes.
Who Should Consider Annuities?
Pros:
- Guaranteed income.
- Tax-deferred growth.
- Flexible payout options.
Cons:
Returns may be lower compared to direct market investments.
Limited liquidity (early withdrawals may incur penalties).
Fees and charges can be high.
Why Choose Annuities from Insurafi
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