Annuity? What the heck is that?

An annuity is a contract between you and an insurance company that is used to meet retirement and other long-range goals. You can either make a lump-sum payment or a series of payments. Then the insurer's job is to provide you with payments to supplement your income during retirement age or at whatever point you chose. 

There are two basic types of annuities, either deferred or immediate.

Deferred annuities lets the money accumulate and gain interest. Eventually you get a pay out, you make payments up till that point and then you can make withdrawals by a certain date defined on your policy.

An immediate annuity will pay out not long after you make your first investment. These are usually great for people of retirement age that feel they don't have enough to live off of on their 401K and social security alone.

Annuities can be a bit tricky, so go ahead and give us a call at Copeland Insurance to help you pick the right annuity to protect your future!