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As you consider your questions, please keep
in mind that your Income Program can let you create an income stream to
fit your individual needs. You can:
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Guarantee
yourself an income for life and/or a specific number of years. |
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Choose
an income stream that takes advantage of the markets' ups and downs
or insulates you from them. |
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Provide
an income for your spouse or others beyond your own lifetime. |
Think about what kind of income stream will
work best for you. Just as no two people have the same financial needs,
no two annuities will be exactly alike. Make sure you understand what
an income annuity can and cannot do.
For example, the income payments
may or may not keep up with inflation. Or you could die soon after payments
begin - which can be an issue if, to receive a higher income, you
elect a payment for your lifetime only.
Also, you may or may not have
the option to change or stop the payments once they've begun.
Here
are some of the questions you'll need to consider:
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Do
I want the same income payment each time or one that changes with
the markets? With
the fixed income option, your income payments don't change. If you're
concerned about keeping up with the rising cost of living, you can
have your payments increase annually at a specified rate (1%-5%).
With the variable income option, your income payments may fluctuate
depending on the performance of underlying options you have selected.
We will makes sure to explain your options before your final decision.
request
info quote |
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Do
I want income for your lifetime only or for your and your spouse's
lifetime? As the annuitant, you can have the income payments last
for your lifetime alone or until both you and your spouse (the joint
annuitant) die. |
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Do
you want your beneficiaries to receive any money after you die?
You can set up your annuity so that if you die, your beneficiaries
will receive payments for a particular period of time. You can also
set it up so that if you die and the sum of the income payments you've
received is less than your purchase premium, your beneficiaries will
receive a lump-sum refund of the difference. request
info quote |
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How
much do you want to commit?
The larger your initial premium, the larger your income payments will
be. However, you should consider committing only a portion of your
retirement assets and retaining enough money to pay for emergencies
and other expenses that arise. |
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How
strong is the issuer of your annuity? When
you buy an annuity, you're relying on the underwriting insurer to
pay you regularly for years to come. So make sure you buy from a financially
sound underwriting insurer. You will only be quoted and presented
with financial sound companies. The companies will be older and well
established and they will have received some of the highest marks
for financial strength from major independent insurer-rating agencies,
such as A.M. Best Company, Standard & Poor's Corporation,
Moody's Investors Service, and Fitch Ratings. |
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