Immediate Annuity - A Guiding Light For Retirees

Moving towards an advanced stage of life leads you to several worries. Financial trouble that you face after retirement is one of them. To help senior citizens avoid any kind of dependency on their family and friends, immediate annuity schemes have been introduced. As the name itself conveys, it is an immediate source of income for the individuals who invest a lump sum and purchase this retirement investment plan offered by the insurance companies. As soon as the sum is deposited, the senior citizens, begin to receive their regular income in return to the investment that they make. The retirees have no significant earning when they are released from their jobs. Immediate annuity gives them a chance to enjoy a regular income for rest of their life or for a particular period of time.

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The immediate annuity plans provide two alternatives, based on which an annuitant has to decide whether he yearns to avail the benefits of regular income for lifetime or he would like to enjoy it for a specific time range. With flexible terms and conditions, these retirement investment schemes have appeared to be the most beneficial programs for pensioners. In case of immediate annuity schemes, it has been found that the amount is allowed to be received by the annuitant himself and also by the secondary person, such as his or her spouse. This signifies that even if the original annuitant dies, the spouse left behind is eligible to continue receiving the annuity amount without any interruption.

Certain variations offered by the immediate annuity schemes provide the annuitant an opportunity to adjust their income according to their changing needs. Joints and survivor annuity is one of the most common forms of annuity in this respect. As per this scheme, the nominee or beneficiary, which is usually the spouse of the annuitant is subject to receive a specific portion of income, that the original owner of the annuity plan used to receive. In addition, you can also prepare yourself for the global economic changes, such as, inflation. To avail the benefits of these immediate annuity variations, however, an individual needs to pay more while making these retirement investment.

Numerous factors exist which needs to be determined by the annuity seekers before they choose immediate annuity schemes. Firstly, the monthly payment that you will be receiving once you invest in these plans and another one is the security. You must make sure that the investment you are making is safe for your further life. The insurance companies are never assured to be devoid of bankruptcy problems. Thus, the company must provide you a guarantee offered by the state insurance guaranty fund to prove that your immediate annuity investment is completely safe and secure.

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To purchase best possible immediate annuity plans, you must do a proper research and find out the top-notch insurance companies with competitive quotes. Annuity rates are the primary things to take into consideration while choosing a particular deal. Performing a full-fledged search will provide you a list of companies with suitable quotes, from which you can choose one to avail maximum benefits out of these annuity deals.

Source - - 02-07-2011

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