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What to Know About Annuities

Annuities | Freeman Insurance Solutions

Today’s financial uncertainty presents major unknowns in life. Thus, to eliminate this uncertainty, it is vital to consider having a guaranteed retirement strategy, which lessens anxiety and stress levels. Annuities provide you with the opportunity to boost your guaranteed income. There are various annuities, and your selection highly relies on your range of fees and purposes. Read on to learn four things you need to know about annuities.

1. Depends on multiple factors

First, annuity payouts rely on several factors. Your payouts rely on gender, age, and interest rates at the time you purchase the annuity. The payouts are likely much lower for women because they tend to live longer than men (AARP).

2. It requires commitment

Annuities require a commitment. You should be willing to commit your funds to the selected insurance company. Annuities offer many different payment features which could all lock up your funds for various amounts of time. Depending on the annuity, accessing these funds inappropriately could result in high fees. Guaranteed income can be a great part of your retirement picture. It’s important to talk to your insurance agent about the different annuities to fit your desired commitment.

3. Different Payouts

Third, monthly payouts for income annuities can vary. You may be of the expectation that the same amount your friend receives will be the same that you will also receive, but this is not always the case. Monthly payouts are offered based on various aspects, which vary between the company offering the services. Working with us ensures that you get advice concerning the best rates for your age and the specific payout types.

4. The insurance agent

Be sure to do your research/contact an insurance agent. Annuities can pose significant challenges when it comes to selecting the best option. Insurance agents network with work with brokers who can ensure interested individuals get the required advice to act accordingly for maximum benefits. Annuities are complex, if you have a poor understanding of the primary factors determining your choice of annuities, consult with a reliable agent.

Learn More About Annuities

At Freeman Insurance Solutions, we value you as a client. We allow you to learn and discover more about life insurance and our various services and products. Get in touch for comprehensive and reliable services, including annuities.

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