Ask your query on affordable life insurance

Aug. 30, 2011 - PRLog -- Question: What other advantages does this annuity provide?
Answer: An income annuity can provide protection against losing retirement savings if stock market performance declines. Regardless of the ups and downs of the financial markets, you can be confident that your annuity income is locked in and guaranteed. Additionally, with this product you set aside a reasonable part of your assets to help cover future living expenses. Monthly income checks, should you choose this payment option, make it easier for you to stay on budget, and to ensure your basic needs such as food, housing and health care are covered.
Question: What is the rate of return on an income annuity?
Answer: A Lifetime Income Annuity is not an investment that provides you with a rate of return over a fixed period of time, like a CD****. Rather, this annuity is an income product that provides you with fixed monthly income that is guaranteed for life... no matter how long you live... and no matter how the markets perform. The total payout you receive from this income annuity will be largely determined by your own longevity. The longer you live, the more income you will receive.
Question: How soon can payments begin?
Answer: Income payments generally begin one payment period after the policy date. If you choose to receive a monthly income, your payments will begin one month after the policy date, whereas if you choose to receive a quarterly income, payments will begin three months after the policy date. You may select the start date for receiving payments, but payments must begin within one year of the policy issue date.
Question: Are there age or health restrictions?
Answer: For non-qualified funds, owners and annuitants must be younger than age 96. For tax-qualified funds, owners (primary annuitants) must be between the ages of 18-89, and joint annuitants must be younger than age 90. No medical history is required. Additional age restrictions may exist depending on specific benefits selected at time of purchase.
Question: What kind of funds can I use to purchase an income annuity?
Answer: To fund your annuity, you may want to use a portion of your checking or savings accounts, CDs and mutual funds, or inheritances. You may also be able to transfer certain retirement accounts, such as your IRA, 401(k) or lump-sum pension plan payout. In some cases, you can even combine multiple assets to fund a single lifetime income annuity, however, tax-qualified and non tax-qualified funds may not be commingled.









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