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An income for life or lifetime annuity is a retirement option that acts like a personal pension plan. Lifetime annuities offer income for the rest of your life, even if your money is depleted. A lifetime annuity can supplement your Social Security or pension for the entire time you are retired with no worries of running out of money.

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These plans can benefit those who want the assurance and security of a steady and predictable income stream. If you die before all the funds in your account have been used up, the payment option to your beneficiaries will be determined by the choice you made when you purchased the annuity. In some cases, no payouts will be made to your dependents or other beneficiaries. Instead, you will be getting an income that you can't outlive.

An Income for Life annuity is ideal for someone who needs the most retirement income possible and does not plan to use the money invested for dependents or other beneficiaries.

 You can convert your annuity into a stream of income that can then be paid over a fixed period or for your lifetime. You can take withdrawals of varying amounts when you need the income.   

There are generally two different types of annuities:

Immediate

Provides income payments that normally begin within a year after the premium is paid.

Deferred

Provide income payments that begin later, often after many years. Deferred annuities are designed for long-term savings purposes.

• Available to purchase using a single lump sum, or with flexible premiums over time.
• When it comes time to take income from your deferred annuity, you will have many options available to meet your needs.

Indexed annuities do not directly participate in any stock or equity investments. Most indexed annuities permit owners to participate in only a stated percentage of an increase in an index, and also impose a “cap rate” that represents the maximum annual account value percentage increase allowed to contract owners. An investment cannot be made directly into an index.

OFFERS

• Interest is based on changes in a major index such as the S&P 500.2
• Over the long-term, an indexed annuity may offer the potential for greater earnings than a fixed annuity but may have years, when the index is down, when no interest will be credited.
• Downside protection through minimum guarantees1 to ensure that your cash value will not decline due to decreases in the Index.