What is an annuity?

An annuity is a guaranteed contract between you and a life insurance company. You make a deposit called a premium payment and in return you receive a guaranteed financial contract that has stated terms and conditions. Annuities can be used to grow your money or to provide a guaranteed lifetime income stream. It’s possible to use some annuities for both growth and lifetime income.","example":"\Example: \u003cstrong\u003e Principal: $35,000 Income/Benefit Base after 7 years: $67,000(Bonus and growth are included) Lifetime Income = $3300 per year(bad market performance) Lifetime Income: $2500 per year