Investing in something like an immediate fixed annuity from your friendly Hendersonville insurance team at Laurel Insurance Partners can be a great way to generate a lifetime retirement income. They say that the feeling of security and well-being is essentially priceless, but we believe that our annuity insurance services at Laurel Insurance Partners are able to provide you with such a feeling, or at least help you work toward it. To learn more about what our Hendersonville fixed annuities look like, check out this page for more information.
We Have Your Future Covered With Index Annuities
We’re going to dedicate this blog post to what you should consider before you purchase annuity insurance and how to get the best value that you can possibly get when it comes to such an investment. Our Hendersonville, NC team of annuity insurance specialists want to make sure that you thoroughly understand making such an investment for your retirement. Consider the following thoughts to maximize your annuity investment and secure a sound financial future.
Ask And Understand How Annuities Work
Like our other Hendersonville insurance services at Laurel Insurance Partners, an annuity is a type of insurance product. With an annuity, you’ll make a lump sum payment or series of payments and the money will grow tax-deferred at a fixed or variable rate, also known as the accumulation phase. In return, the insurer (us) will agree to make periodic payments to you for the rest of your life, which is known as the payout or the annuitization phase.
Withdrawing Annuities Without a Penalty
Keep in mind that annuities cannot be withdrawn from until you’re 59.5 years or older, and if you do withdraw before that age, you’ll be hit with a considerable 10 percent penalty on all earnings from the annuity. You may also be required to pay a ‘surrender’ fee if you tap the annuity before a certain period laid out in the contract, which is usually about seven years. Of course, our Hendersonville insurance professionals are happy to discuss these kinds of things about annuities with you to make sure you know exactly how index annuities work.
With Multiple Annuities, Get The Details On Fixed Annuities
With a fixed annuity or index annuity, you’ll lock in a guaranteed rate of return for periods ranging from one year all the way to ten years. While this rate can fluctuate, it will never drop below what your guaranteed rate is. So, with an index annuity from Laurel Insurance Partners, you won’t lose money but you also won’t have the potential for growth that you would get by investing in stocks or stock funds.
If you meet what’s called the ‘annuity-buyer profile,’ a fixed-rate annuity is worth considering and could be the right option for you depending on your retirement intentions. This is especially true if you have a low-risk tolerance and a shorter time horizon for when you actually need the money.
Questions About Our Fixed Annuities? We’re Happy to Help!
Our friendly and knowledgeable annuity experts at Laurel Insurance Partners are happy to help you understand the ins and outs of annuity insurance here at our Hendersonville office. Everyone deserves a sound, secure and safe financial future and you owe it to yourself to partner with our annuity services to get the best retirement that you can possibly get. Contact Laurel Insurance Partners today!