Fixed annuities

A fixed annuity contract is not a life or health insurance policy. It is not a savings account, a savings certificate, or must be purchased for short-term purposes.

Fixed annuities are one of the main annuity options offered by insurance companies. They provide investment security and guaranteed profitability. People who want to invest their money, but they have limited funds and therefore are not willing to take any chances of investment, are benefited with the fixed annuities.

Strictly speaking, a fixed annuity is a contract between you and an insurance company that offers a fixed rate for your money. (There is a minimum guaranteed interest rate generally amounts to between 1 and 3%.) The current rate is dependent on the current market conditions and varies, but is usually around 4%. In general, an insurance company guarantees a fixed annuity is attributed the current interest rate for a period of between one and five years. After this period, the insurance companies guarantee a minimum rate of return, based on the guaranteed interest rate).

The accrued interest grows in the account tax-deferred until you decide to withdraw the funds or begins to receive payments from income. Since a fixed annuity is tax-deferred, you earn additional interest with money with which normally would be paying taxes.

The principal and interest are backed by the financial strength of the insurance company that issues the annuity.

Together with this warranty, some insurance companies may also provide a guarantee of return of capital that protects beneficiaries against loss of capital.

It is possible that you purchase an annuity with single premium fixed or a flexible premium fixed annuity.

Fixed single premium annuity: you pay only a global amount (premium) payment to the insurance company.

Flexible premium fixed annuity: you make a series of payments: a payment of initial purchase (premium) and periodic payments (after contributions).

By virtue of fixed annuities, the buyer has two payment options:

Immediate annuities provide income payments will begin immediately after the beginning of the annuity, usually within a month / or one year from the date of purchase, depending on if the rent is paid monthly or annually.

Deferred annuities can be purchased that they offer payments of income at a future date specified in the contract. This is a way of accumulating cash that is not subject to tax before retirement. The pensioner receives funds accumulated in a single payment, or make you pay in installments, when the mature annuity.

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