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If you are thinking about retirement and considering an annuity plan, you might wonder where to begin. Annuities can be an incredibly stable source of income for you and your spouse. However, picking the right plan can get complicated. Let the experts at Lane Insurance Group help you understand the process and choose the ideal plan for you!
At their core, annuities provide a steady source of income for you until death, and occasionally beyond for spouses or other beneficiaries. There are typically two phases: the accumulation phase and the distribution phase.
During the accumulation phase, you make either one large payment or several regular payments to the provider. Your money will be secured and earn an interest, much like a bank.
During the distribution phase, your provider will send you regular payments until death. If your original payment exceeds the amount you received before death, many plans will pay the remainder to your beneficiary. Other plans simply forfeit the remainder. However, if you live longer than expected and receive more money than you originally invested, you are still guaranteed payment until death!
Each provider and plan can be very different. Annuity plans are known for being versatile and confusing. But don’t let this deter you! The right plan can actually afford you with peace of mind and a better quality of life. In order to make a well-informed and profitable decision, seek help from our expert agents at Lane Insurance Group.
Click on the “Get a Quote” above and start working with our agents today!