Annuities in Knoxville

Understanding what an annuity is and how it works can be simple; the real problem is figuring out how it will work within your current and future lifestyle. 

In plain English, an annuity is an insurance product offered by an insurance company that functions as a retirement tool.  The actual goal of an annuity is to make sure you don’t outlive your retirement savings.

To obtain one, you pay the insurance company either a lump-sum payment or multiple payments. In return, they promise to pay you a regular income either immediately or n the future. This makes an annuity a nice benefit if you’re looking to retire, because you get to put a single payment into a product that pays you back when you need it. However, you have to consider all factors regarding your overall financial situation.

While these products may be simple to explain, they are very involved in nature and can be very confusing when trying to learn how they work. We specialize in seeking the best products and product features available for your individual situation.

There are a few good reasons why an annuity can be a good addition to your portfolio such as tax deferrals, benefiting a beneficiary, principal guarantee options, unlimited guarantee options, a guaranteed stream of income for as long as you live, and some even have unlimited contributions. 

The downside of these products are the ability to access funds when considering surrender charges, distribution payouts, management fees, additional benefit rider fees, mortality and expense risk fee in relation to the interest rate earned during the contract.

Your age and financial situation has to be analyzed when considering if an annuity is the right investment tool for you. We will evaluate your situation to determine if your investment portfolio will benefit from choosing an annuity.

Contact us at (865) 940-0278 to see if an annuity is right for you and how we can help you with your insurance and financial needs.

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(865) 940-0278
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