Your retirement does not have to mean the end of your income. Now more than ever, you need to plan for retirement after you've said goodbye to early-morning wake-ups and deadlines. An immediate annuity can help ensure that you will not outlive the funds you've put aside for retirement.
In return for your lump sum premium payment, Western & Southern promises to make regular payments to you or to someone else you've named. Where does the lump sum premium come from? You can fund your immediate annuity through a variety of sources, such as the death benefit from a life insurance policy you're the beneficiary of, a maturing Certificate of Deposit (CD) or investment proceeds.
With an immediate annuity, payments typically begin right away. You can establish an immediate and guaranteed income stream for as long as you choose – a specified number of years or even for the rest of your life.
An immediate annuity is permanent. Owner has no access to premium, which converts to an income payout stream. There is no cash value, no death benefit and the annuity can't be surrendered. Contract terms, such as payment amount and frequency, cannot be changed, unless commutation is available and elected. An immediate annuity should not be purchased if access may be needed to any of the premium for living expenses or other purposes.
Payouts end at the annuitant's death unless a certain period or installment refund option is selected. If a payout for life or for two lives is selected, whether the payouts received are less than or greater than the premium paid will depend on how long the annuitant(s) lives. If death occurs after any guaranteed income payouts have been made, no additional payments will be made to the beneficiary.
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