When you are considering purchasing an annuity, you want to be sure that you understand your rights as a senior citizen.

An annuity is one type of insurance product. Being informed of your rights can help you to avoid being the victim of scams. It helps you to make educated decisions for yourself and your family.

All insurers, brokers, agents and others engaged in the transaction of insurance owe any prospects 65 years of age or older, a duty of honesty, good faith, and fair dealing.

Here are some brief explanations of the types of annuities available:

• Life Annuity – The insurer will pay you an income for as long as you live. However, there are no survivor benefits so this all ceases upon your death.
• Period Certain Annuity – The insurer will continue to pay your survivor an income for a specified period of time.
• Life Annuity with Period Certain – The insurer will pay you an income for as long as you live, but if you die before the period that you have chosen (Period Certain), the income will be paid to a beneficiary you designate until the end of that period.
• Joint and Survivor Annuity – The insurer will pay an income to you during your life, and after your death will pay a percentage of that income, usually 50-75% to a survivor you designate for his or her life.
• Deferred Annuities – When considering a deferred annuity, you need to understand what kinds are available and what would fit your needs.
• Charitable Gift Annuities – A charitable gift annuity is a contract under which a charity, in return for a transfer of cash, marketable securities or other assets (i.e. property, home) agrees to pay fixed annuity payments to one or two life annuitants, for their lifetimes. The annuity is backed by the organization’s total assets.
• Secondary Market Period Certain Annuities – Many times, people are awarded annuities as a result of a lawsuit, or winning a state lottery. Sometimes they don’t want to wait years to have their entire payouts. They can elect to sell their future payments to someone else in exchange for a lump sum payment today. The “resale” of these annuities are Secondary Market Annuities. These plans will typically offer a rate of return well above standard fixed annuities, immediate annuities, CDs, or bonds of a similar credit quality.

I hope that this has helped you to determine the various options you have. If you would like any questions answered or more information please contact us today.

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