An annuity is a contract between you - the purchaser or owner - and an insurance company. In its simplest form, you open an account with an annuity issuer, fund the account with a lump sum of money, and the issuer pays out the principal and earnings back to you in payments over your lifetime. Life insurance companies first developed annuities to provide income to individuals during their retirement years. There are many different types of annuities with a large selection of benefit options, so each annuity plan is customizable to the needs of the owner.
Most people working today do not have pension benefits available to them through their employer, so annuities can take the place of the lifetime income benefit offered by a pension. Annuities can also be used as short-term instruments to guarantee* a fixed income rate, or can combine with long-term care policies in a hybrid approach to address costs later in life. We have helped many of our clients interpret the terms of their old annuity, and in some cases, help them decide if a new program offers benefits more relevant to their current needs.
We would welcome the opportunity to review your annuity or show you how an annuity could be an important part of your financial plan. Please contact us to schedule a time to meet.
*Guarantees are based on the claims-paying ability of the issuing company.
All Securities through Money Concepts Capital Corp.,
11440 N Jog Rd.
Palm Beach Gardens, FL 33418
Itasca Bank & Trust Co. is an independent firm not affiliated with Money Concepts Capital Corp.
Not a Deposit. Not FDIC Insured. No Bank Guarantee. May Lose Value. Not Insured by any Government Agency.