Understanding Annuity Insurance: An Introduction

​Have you ever heard of the term annuity insurance? If this is the first time you've heard of it, we will help you understand and determine what it entails in terms of your policy in the future. What benefits can you get from this particular type of insurance down the line?

Please continue reading to find out the answers to these questions and more.

Annuities Defined
Annuities refer to an agreement between you and the insurance company wherein the latter will have to pay you certain amounts of money at a specific point in time. It is a kind of investment that allows you to earn from your insurance policy within several years.

An interested party can obtain it through monthly payments or a single large payment depending on the negotiations with the insurance company. In the same manner, the client will get his dues either as a lump sum payment or in installments.

Reasons for Annuity Insurance
There are many reasons why some people choose to have annuity insurance. These are as follows:

1. Financial Management During Retirement
   It is a way for people to invest their money during old age. They may even start paying the moment they get a job. This way, once they retire, they can cash out a significant enough investment to spend in their later years.
   
   
2. To Obtain Periodic Payments Even After Retirement or Death
   By investing in annuity insurance policies, you will be able to ensure your family's future even after you stop working. The insurance company will give payouts to its annuity policyholders at a certain point in time continuously. It depends on your contract with your insurance company.
   
   If you pass on before receiving any insurance company's payment, your beneficiaries will receive the monetary aid.
   
   
3. Tax-Deferred Growth
   If you decide to purchase annuity insurance, you will be exempted from paying taxes unless you withdraw the money. Your income and investment percentage growth will remain intact without any deductibles.
   
   
4. Affordability
   Since you have the option to pay it monthly or one time only, and you will be able to budget your money accordingly to afford it. As mentioned earlier, everything depends on your agreement with your insurance company, so you don't have to worry about not being able to pay the premiums.
   
   
5. It Has Discounts
   Clients will also be able to get discounts for annuity policies. If you bundle it with another type of insurance policy, you will save money for sure. Certain types of clients are also viable for discounts on insurance policies, depending on the provider.

Conclusion
These are just some of the reasons why annuity insurance policies can be an excellent investment not only for yourself but also for your family. It helps protect yourself from any other financial problems even after you retire from your job. It will be a great way to secure your children's future in the years ahead.

Please don’t hesitate to contact your local insurance agency and agents to find out more about this particular type of insurance policy and how to obtain it for yourself.

At Rick Case Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (405) 722-5556. Get your free quote today by CLICKING HERE.