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Annuities
Annuities
An annuity is a financial contract between you (the owner), and an insurance company. You invest either a lump sum or monthly payment for a fixed period, normally three to ten years.
Annuities Offered:
• Tax-Deferred Accumulation
• Competitive Yield
• No Market Risk
• Penalty-Free Partial Withdrawals up to 10%
• Avoids Probate
• Lifetime Income is currently paying 6-8%
• No Fees or Sales Charges
• 100% goes to your Beneficiary in the event of death
Fixed Annuity “MYGA” Multi – Year Guaranteed Annuity
Accumulation value is a guaranteed fixed interest rate for a specific period of time. Interest rates generally offer three times higher yield than Certificates of Deposit(CD).
Example:
Annuity: $100K invested at 4% for 5 years yields $121,665.29
CD: $100K invested at 1.5% for 5 years yields $107,500.
Immediate Annuity
Based on age and investment amount. Monthly, quarterly or annual income on your investment for your life, a specific period of time, or dollar value.
Example:
At age 65, $100K invested, returns a monthly cash flow of $540.43 which equates to 6.56%.
Fixed Index Annuity “FIA”
Accumulation value is linked to the stock market indexes, with a minimum return guaranteed. You have the opportunity to make a higher interest than is available on a fixed annuity without experiencing any market losses. Most have a bonus of 5%-10% on the initial investment. Below is a short informative video on Fixed Index Annuities.
Longevity Annuity or Guaranteed Income Rider
Guarantee fixed interest rate between 6% – 8% each year, as long as it is taken as life-time income. Must be attached to a Fixed or Index Annuity- does not stand alone. Surrender charges may apply for early withdrawals or above the penalty-free amount.
Example:
At age 65, $100K invested with a 10% bonus and a 7% income rider, after 10 years, will be $216,387.00 with a lifetime payout of $12,983 per year.
Hybrid Annuity/Long Term Care
This is a wondrful way to protest against the cost of Long Term Care without paying high premiums on a LTC Policy.
You would transfer an current investment to this Annuity. The Annuity pays an interest rate on your investment. There is a small premium that pays for the Long Term Care Rider. If you need Care at home, Assisted Living or Nursing Home the policy will pay 3 times your investment for Care.
Example:
$100,000.00 investment would payout 3 times for Long Term Care = $300,000.00
Whether you’re exploring insurance options, seeking eldercare solutions, or addressing concerns like elder abuse, SIA of Maine is ready to assist you every step of the way, ensuring your golden years are supported by a foundation of care, respect, and informed choice.