Consumers who have just found out about annuities late in life -- and want to reap the benefits of one sooner rather than later -- should learn about the single premium annuity.
Online PR News – 06-October-2009 – – Geared toward those individuals who favor instant gratification, the single premium annuity is safe and guaranteed income that cannot be outlived by the consumer, according to an article recently published on InsuranceAgents.com.
The single premium annuity allows the consumer to make one payment ranging anywhere from $5,000 all the way to $1 million and then receive the pay out, usually in monthly installments, for the rest of their life or for a set number of years. The single premium annuity is perfect for the experienced investor.
“The single premium annuity is specifically formulated for those who don’t have much time and want to receive the benefits of their annuity immediately so they can enjoy their retirement,” states the article titled, ‘Single Premium Annuity: An In Depth Look.’
Digging deeper into the single premium annuity there are two kinds: immediate and deferred. The immediate single premium annuity starts paying out immediately and is more straightforward whereas the deferred single premium annuity gains interest until it pays out and is used generally for retirement purposes with a 10 percent penalty charged to withdrawal of funds before age 60.
Just like with insurance, consumers have options when it comes to annuities. The single premium annuity, both immediate and deferred, is just one of the attractive options that life insurance companies offer by way of annuities. Talk to a financial expert about single premium annuities as well as other types of annuities in order to find the best investment opportunity on the market.
Staff contribution: Kyle Fitzsimmons
Visit InsuranceAgents.com for more information, or for life insurance quotes from up to five local agents.