An annuity is a unique financial vehicle designed to help people accumulate money for their retirement and/or turn a lump sum of money into a guaranteed stream of income payments.

Deferred annuities offer the advantage of tax deferral and are used to accumulate money for retirement. There are two types of deferred annuities: fixed and variable.

Fixed deferred annuities pay a fixed rate of interest. Variable annuities usually offer investment divisions such as stock, bond, money market, and specialty investment divisions, and fluctuate in value with market conditions.

An Income annuity is used to generate a stream of income payments that is guaranteed to last for as long as you need it to - even for the rest of your life.

Income annuities can be used by a business to pay pension benefits to retired employees. Or they can be used to provide for a spouse as in the case of a Joint and Survivor Annuity.

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