Immediate Annuities

Immediate Annuities- Income for Life!

Immediate annuities offer an annuitant an income for life or for a period certain.  It works similar to a pension whereby the income can be deposited into a bank account worry free for life.

There is just one problem.  The majority of immediate annuities offer a level payment over a period of time or for life and inflation will eat away at the income.  Most people ask us for immediate annuities with a rising inflation type rider.


Photo-Immediate Annuity

The good news is that there are some annuities that can rise between 3-5% a year.  The downside, you will begin receiving payments at a lower amount compared to an annuitant who receives a level payment.

Usually between the 3-5 year marks, the rising income annuitant will catch up to and pass a level payment annuitant. 

The majority of the immediate annuities that are sold through our offices are 10 year certain plus life.  This means the annuitant receives an income for life.  If however, the annuitant dies in year 8, the remaining 2 years on the contract will be paid to the designated beneficiary.

We recommend getting a quote on both a rising income immediate annuity as well as level payment annuity.  Depending on the situation we could recommend using both strategies.  It just depends on You!

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