Question

In, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did n purchase?

Answer 1

N purchased the fixed deferred annuity.

How fixed deferred annuities function?

You get a guaranteed interest rate for a specific period of time when you buy a fixed deferred annuity. You'll be presented with a new interest rate for a new time period when that one expires. Most fixed annuity contracts specify a minimum interest rate as a guarantee that you will never get less interest than that amount.

When it's time to start receiving payments from your annuity, you can either take money out of your contract or choose from a variety of choices for structuring an income that is guaranteed for your lifetime, a specific amount of time, for joint lifetimes, and/or to support beneficiaries.

Learn more about fixed deferred annuity with the help of the given link:

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