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Annuities Information

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Did you know a Annuity can give a stream of income for life.  Imagine never having to worry about out living your retirement savings.  People prepare there whole lives to to retire and annuity can help supplement your social security payments. If you would like to know more about what a annuity in Columbus Ohio can do for your retirement give us a call.

ANNUITY

A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant’s lifetime. There are two basic types of annuities: deferred and immediate: Deferred annuities allow assets to grow tax deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase.

ANNUITY ACCUMULATION PHASE OR PERIOD
The period during which the owner of a deferred annuity makes payments to build up assets.

ANNUITY ADMINISTRATIVE CHARGES
Covers the cost of customer services for owners of variable annuities.

ANNUITY BENEFICIARY
In certain types of annuities, a person who receives annuity contract payments if the annuity owner or annuitant dies while payments are still due.

ANNUITY CONTRACT
An agreement similar to an insurance policy for other insurance products such as auto insurance.

ANNUITY CONTRACT OWNER
The person or entity that purchases an annuity and has all rights to the contract. Usually, but not always, the annuitant (the person who receives incomes from the contract).

ANNUITY DEATH BENEFITS
The guarantee that if an annuity contract owner dies before annuitization (the switchover from the savings to the payment phase) the beneficiary will receive the value of the annuity that is due.

ANNUITY INSURANCE CHARGES
Covers administrative and mortality and expense risk costs.

ANNUITY INVESTMENT MANAGEMENT FEE
The fee paid for the management of variable annuity invested assets.

ANNUITY ISSUER
The insurance company that issues the annuity.

ANNUITY PROSPECTUS
Legal document providing detailed information about variable annuity contracts. Must be offered to each prospective buyer.

A-SHARE VARIABLE ANNUITY

A form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge.

ANNUITANT
The person(s) who receives the income from an annuity contract. Usually the owner of the contract or his or her spouse.

ANNUITIZATION
The conversion of the account balance of a deferred annuity contract to income payments.

ANNUITY PURCHASE RATE
The cost of an annuity based on such factors as the age and gender of the contract owner


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