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Annuities are Insurance Contracts which are designed to pay a monthly income benefit to the “Annuitant.” Where as Life Insurance policies are designed to pay a death benefit to Beneficiaries of the policy in the event of the death of the insured, Annuities are designed to pay an income for life for the annuitant. Annuities are bought by means of installments, with benefits scheduled to begin at a specified age. Usually the pre-determined retirement age of the annuitant, say 65.
At ArcLight Insurance we are happy to discuss Annuities and other retirement options with you. Our Financial Planners are experts in the field and are ready to assist you in determining whether Annuities are right for your retirement goals.