Financial security is one of the most crucial aspects of our life. It’s the financial condition that determines the quality of our life. Being financial sound is a great relaxation that nothing can compensate. In order to get secured financially even after your retirement, going for insurance product called an immediate income annuity which is also known as a life annuity would be great choice.
In simple words, annuities are an investment that people make, either in a single amount or through installments paid over a particular period of time, in return for which they receive back a specific amount every year, every half-year or every month which may be for either for lifetime or for a rigid number of years.
A lot of people are there who choose an immediate annuity for themselves that can solve many of their income needs. Going for immediate annuities has a lot of advantages, such as: the unique guarantee, security and flexibility offered by an immediate annuity can make the product an ideal financial solution for many problems. In case you are looking for an easy way to manage your retirement income, then the immediate annuity can provide you with a great relief for your financial concerns with a simple one-time premium. Moreover, in case you are having a qualified plan and planning for early retirement, it will help you to avoid early withdrawal penalties. Finally, we can say that immediate annuity actually provides you the necessary protection against outliving your assets.