Annuity Insurance | Want to know how annuity works for you?

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ANNUITY INSURANCE

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Want to know how annuity works for you?

At first sight you may have a feeling that an annuity is something only the very rich dare have. It seems to be too complicated to become a part of your financial plan. Actually, an annuity opens for you good prospects for great savings if you want to use your long term savings to the best advantage.

Annuity is very similar to an insurance policy in many ways. If you have an insurance policy, you pay a premium every month and you have a guarantee that the insurer will provide you with enough money to cover the costs if an accident or damage to the insured property occurs.

With life insurance your beneficiary will get a predefined amount of money. This amount depends on your monthly premium. With an annuity, you make occasional payments to a financial institution or an insurance company. An annuity payment you will receive depends on the sum you pay every time and the time period during which the payments are effected.

If you, for example, buy an annuity that will provide you with $1000 every month till your last day, you will have to effect payments determined by the insurance provider every month for about 20-25 years. Over these years, the sum you have paid into the annuity will reach $30,000. If you live more than 30 months after you have finished effecting payments and started getting the payout, a good amount on your investment will be gained. Of course, if you live less than 30 months, any left-over in your account will be used by the insurer.

If you are to retire and have saved some money while working and put money into your company's 401k plan, it is possible to use the funds to buy an annuity and further defer some taxes. But the greatest benefit you will get from purchasing an annuity from a 401k if you outlive your savings. In case you have saved $50,000 and stop working at age 62, then that money will be enough for about 10-25 years. But if you have an annuity, you will turn the $50,000 into a monthly income for the rest of your life.

Want to know how annuity works for you?

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