What is an Immediate Annuity?
Otherwise known as an “Immediate Payment Annuity,” an Immediate Annuity is made of contracts that are acquired through a single lump-sum payment and that have steady payouts that begin immediately after they?re purchased.
Why Choose an Immediate Annuity?
Immediate Annuities start paying right away, which help prevent retirees from outliving their savings. An immediate annuity will help lock in a steady income for the rest of your client?s life, which can be a comfort to retirees who don?t want to worry whether they?ll be able to cover their living expenses month to month.
Who Does an Immediate Annuity Benefit?
These types of annuity products are most beneficial to clients in retirement who want to extend their savings. However, the payouts are never in large sums, which could prove difficult in an emergency. Talk to a SilverSide representative for information about specific Immediate Annuity products to determine what is best suited for your client.
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