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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.  

Why Annuities Pay Off, in the Long Run

Some people look down on annuities as investment vehicles because they tend to pay lower rates than stocks and some other investment opportunities. At the same time, there are some strong arguments in favor of having an annuity as part of your retirement portfolio, including:

1. Annuity income is predictable. You know how much you will receive each quarter and can budget accordingly.

2. If your budget permits, annuity proceeds can be reinvested in more aggressive investments, without risking your main retirement nest egg.

3. Annuity investors can have confidence they will not outlive their income, an important consideration as the average lifespan increases.

4. Annuity contracts can be written so that a spouse, children or other heirs will receive payments for a guaranteed period, even if the main beneficiary passes sooner than expected.

5. Annuities can be used as investment vehicles, with variable rates paid based on mutual fund performance. More conservative investors can choose fixed rate annuities, which will pay the same amount regardless of the market’s status.

Save-On Health Insurance Services, in Los Angeles, California, can help you with all of your retirement and insurance needs. To learn more or schedule an appointment, contact us.