What is a Simple definition of annuity?
An annuity is a long-term investment that is created by an insurance company to help safeguard you against outliving your money. You are converting your contribution (purchase payments) into periodic payments for life with annuitization.
As an investment option, an annuity is a long-term investment that is paid out by an insurance company and is designed to protect you from incurring debt after you pass away. By annuitizing, you can convert your purchase payments (your contributions) into periodic payments that can last your entire lifetime.
Contact Lowcountry Insurance Advisors today to learn how annuities work.