What is a fixed interest deferred annuity?
A fixed interest deferred annuity is a product that is designed to help
you accumulate funds for your retirement. The money in your annuity
earns a fixed rate of interest and your money accumulates on a
tax-deferred basis, meaning you do not pay taxes on your earnings until
you actually withdraw them from your policy.* You can choose to lock in
your initial interest rate for different periods. After the initial
interest rate guarantee period, your policy receives a new interest
rate each year on your policy anniversary. At your request, the money
you've accumulated can be used to provide guaranteed income payments to
you for the rest of your life.
* Withdrawals may be taxable and a 10% IRS penalty may apply to withdrawals taken before age 59 ½.
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