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What kind of annuity is right for you?

An annuity can be an appropriate investment for anyone who is looking to generate a stream of income in the future. Annuities are sold by insurance companies and are aimed primarily at people looking for a guaranteed source of income when they retire. There are many different types of annuities and many different insurance companies that offer them. 

An annuity can be immediate or it can be deferred. With an immediate annuity, you make a one-time lump sum payment and begin receiving monthly payouts immediately. With a deferred annuity, you make a payment today and start receiving monthly payouts at some point in the future. 

You can purchase an annuity that will guarantee income for the rest of your life, or, you can purchase a period certain annuity that pays out for a specified period of time like 10 years. When you purchase an annuity, the amount of your monthly check is determined by such things as the amount you invested, your life expectancy, and the rate of interest you receive on the annuity. 

Annuities are complicated financial products and it is always good to review them with an insurance professional before you buy. For answers to all of your annuity questions, please contact Save-on Health Insurance Services in Los Angeles, California.