Improvements In Income Annuities

Is it time for you to consider using Income Annuities in your retirement mix?  Many companies today are improving their options to make them more attractive to you.

A recent joint LIMRA/CANNEX study finds that a majority of the companies offering income annuities have added features designed to address consumer concerns and attract new sales.

Income annuities provide a guaranteed stream of income for as long as the owner or annuitant lives and can ensure that this income covers both lives of a couple. The study, Features in Income Annuities, surveyed 39 insurance companies that offer income annuities representing 84 percent of the 2012 industry sales.

Many income annuities now include features that offer retirees increased access to cash or liquidity in case of an unforeseen need. Other features include death benefits to address the event of a premature death and flexible income options to keep up with inflation. All these features are designed to make income annuities an appealing part of anyone’s portfolio.

In the past, one objection of advisors to recommending income annuities for their clients was loss of liquidity. However, the majority of immediate annuities— including 9 of the top 10 companies— now offer access to cash outside of their scheduled payments in case of emergency or other needs. Liquidity may come in several forms: access to the guaranteed payments, access to the life contingent payments or an acceleration of several months of scheduled payments in advance.

Assurance of receiving death benefits can offer owners and their beneficiaries peace-of-mind and confidence during the purchase process. All carriers surveyed offer the simplest form of death benefit, where if the annuitant dies, payments will continue to their estate for a specified number of years and most provide the option to guarantee that the client never loses money by continuing guaranteed payments until the sum received equals the initial amount invested. Most of the companies in the survey (31 out of 39) offer at least one death benefit that provides additional money upon the annuitant’s death as a payout option.

When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move.  Give us a call at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com