Income Annuities

An income annuity allows you to convert part of your retirement funds into a stream of guaranteed lifetime income payments using a single lump-sum of money called a premium, or through flexible premium payments over time, depending on the type of product selected.

In return, you receive a check from the insurance company on a monthly, quarterly, semi-annual, or annual basis—guaranteed—for the rest of your life, starting when you choose it to, usually at or after retirement.

An income annuity can help protect against the risk of outliving your savings. No matter how long you live, you will always have the security of knowing that you have a regular monthly income. The amount you receive each month is guaranteed, and payments will continue for as long as you live.