Types of Annuities

Two Categories

The Two Types of Annuities Are:

Deferred and Immediate Annuities

Deferred Annuities are by far the most popular annuities.

For a few reasons:

• You can defer taking payments for as long as you want until you are 70 ½.

• Your money is placed in annuity so that it can grow tax deferred.

• Deferred annuities can be converted to immediate annuities when you need it. This is called annuitization.

• Upon your death, the money will go probate free directly to your beneficiaries.

The Three Types of Deferred Annuities

Fixed Annuities

Indexed Annuities

Variable Annuities

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Other Types of Deferred Annuities


A Single Premium Deferred Annuity allows for a one time purchase of an annuity. If you want the option to add or roll more money into an annuity, you would purchase a Flexible Premium Deferred Annuity .

You can roll over your 401k or IRA into an annuity. Other types of annuities are bonus , pension , charitable gift , Swiss , and joint and survivor annuities .

Some people are given the option to contribute to a Tax Shelter Annuity (TSA) through their employer.

Some annuities will even give you a refund or a return of premium for purchasing their annuity. Sometimes this option is added as a rider. The rider may have a charge associated with it.

If you are about to enter a nursing home, you should consult with an insurance agent about purchasing a Medicaid Qualified or Medicaid Friendly Annuity .

If you are looking for an income right away and you know the amount of money you need to live on, you might be a candidate for a split annuity.

Immediate Annuities

With Immediate Annuities, you will begin payments immediately or you can have the payments delayed for up to a year. Some carriers allow you to defer taking the income stream to up to a year. It is not recommended to buy an immediate annuity and then delay the income. If you need the income, take it right away.

Immediate annuities are also known as income , fixed income , and single premium immediate annuities .

Immediate annuities also are designed for different needs. They are Life with Refund , Survivor , Single Life , and Impaired Life Annuities.

Other Types of Annuities


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