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An annuity allows a customer to deposit money (premiums) with an insurance company that can earn interest and grow on a tax-deferred basis with the agreement that the insurance company will then provide a series of payments back to the customer at regular intervals.
· People typically purchase annuities to provide or supplement retirement income they will receive from Social Security, pension benefits, investments and other sources.
· You can convert your annuity into a stream of income that can then be paid over a fixed period or for your lifetime.
· You can take withdrawals of varying amounts when you need the income.
There are generally two different types of annuities:
· Immediate - Provides income payments that normally begin within a year after the premium is paid.
· Deferred - Provide income payments that begin later, often after many years. Deferred annuities are designed for long-term savings purposes.
o Available to purchase using a single lump sum, or with flexible premiums over time.
o When it comes time to take income from your deferred annuity, you will have many options available to meet your needs.
FIXED INTEREST RATE ANNUITIES
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· Deposits accumulate at fixed rate of interest set by the company.
· Have a guaranteed minimum interest rate that will be earned.1
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· Interest is based on changes in a major index such as the S&P 500.2
· Over the long-term, an indexed annuity may offer the potential for greater earnings than a fixed annuity but may have years, when the index is down, when no interest will be credited.
· Downside protection through minimum guarantees 1 to ensure that your cash value will not decline due to decreases in the Index.
Indexed annuities do not directly participate in any stock or equity investments. Most indexed annuities permit owners to participate in only a stated percentage of an increase in an index, and also impose a “cap rate” that represents the maximum annual account value percentage increase allowed to contract owners. An investment cannot be made directly into an index.
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· Upside potential of the securities market.
· Choice of a variety of sub accounts as well as fixed income account options.
· Ability to transfer money between different types of investments without current tax liability.
· No guarantees which may result in a loss of principal.
1. Guarantees are based on the claims-paying ability of the issuing company.
2. Standard & Poor’s®, “S&P®, S&P 500®, Standard & Poor’s 500, and 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Life Insurance Company of the Southwest. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing the product.
Guarantees are dependent upon the claims-paying ability of the insurer and do not protect the value of the variable product portfolios, which may fluctuate. Variable contract holders are subject to investment risks, including the possible loss of principal invested.
Variable contracts are sold by prospectus. For more complete information, please request a prospectus from your registered representative. Please read it and consider carefully a Fund's objectives, risks, charges and expenses before you invest or send money. The prospectus contains this and other information about the investment company.
National Life Insurance Company and Life Insurance Company of the Southwest, both members of National Life Group, offer various types of annuities, each designed to help meet specific personal and business needs and objectives. If you would like more information, please contact us.
Variable contracts are underwritten by National Life and distributed by Equity Services, Inc., Registered Broker/Dealer Affiliate of National Life Insurance Company, One National Life Drive, Montpelier, Vermont 05604.
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limitation and availability. currently serving California state under license Oc90497 and the state of Nevada under license 3180841 The information provided herein is for general informational purposes only and is obtained from sources we deemed reliable. It’s accuracy, completeness or reliability cannot be guaranteed. Any strategies described may not be suitable for everyone. This information is not intended as tax or legal advice. Please consult with a qualified attorney or accountant prior to making an informed decision .
Legal Disclosure: Please Note: Neither 1lifequote insurance & financial services nor any of its agents or representatives give legal, tax, or accounting advice. The information provided here is a summary of our understanding of the current tax laws and regulations as they relate to annuities. All prospective purchasers should consult with their own attorneys, accountants, and tax advisers. The information provided herein is for general informational purposes only and is obtained from sources we deemed reliable. It’s accuracy, completeness or reliability cannot be guaranteed. Any strategies described may not be suitable for everyone. This information is not intended as tax or legal advice. Please consult with a qualified attorney or accountant prior to making an informed decision