Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Many people don’t have the first clue about what to do when it comes to planning for their future retirement. You can stay financially safe by planning ahead. Online annuities are one method of doing that.

Enter your zip code into the comparison tool and compare annuity quotes now!

If you are searching for online annuities then you are one step ahead of the rest of the population and are actively planning for your long-term future.

Annuities are contracts with insurance companies that guarantee you payment for a certain period of time upon retirement or some other predetermined date. Read on to decide if annuities are a good investment for your specific goals.

Types of Online Annuities

There are several types to annuities to choose from. The advantage of investing in an annuity, rather than just squirreling your money away in the bank, is because of how annuities are taxed. They are tax-deferred which means you pay no taxes on the money you are accumulating until the day you withdraw it; at that point, it is taxed at a normal rate. Some people also invest in online annuities in order to protect themselves from inflation or even to increase their balance.

There are two different types of annuities to look into for your retirement future: fixed annuities and variable annuities:

  • Fixed annuities guarantee a certain payment amount from a fixed interest rate, meaning you will have a non-fluctuating amount of income each month. This is good for those who do not like to take risks and who do not enjoy surprises. These tend to be safe and smart investments for your retirement future.
  • Variable annuities have variable interest rates based on investments. If the investments perform well, you do have a chance to make more money for your retirement years. However, if these companies perform poorly, you may end up losing money. Some variable annuities do guarantee a “minimum rate of return.” There is plenty to know and read about when it comes to these two types of annuities, and it is wise to educate yourself on all the differences in terms before deciding upon a contract.

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Online Annuities Contracts That Give You Confidence

Savings annuities are a long term investment in your future happiness. Not only do you want to read up on these types of contracts, as well as the terms, but you also want to do your homework on the insurance company offering the contract.

While the thought of your life long insurance provider suddenly going out of business is a scary thought, this is usually not the biggest concern. Most insurance companies in nearly every state are a part of a “guaranty association.” This is an organization that covers customers in the event of bankruptcy. There are some limitations though, so make an effort to read up on the local association.

All in all, what you should really be concern about is overpaying for your policy as well as working with unscrupulous insurance companies. It is always wise to check out online customer reviews as well as reviews of companies from the Better Business Bureau or Standard & Poor’s. In today’s current economy, insurance scams and poorly rated insurance companies are everywhere. If you want to sign with a smaller or lesser-known company, be sure to investigate the name thoroughly. You don’t want to end up having payment problems after sending a lifetime of faithful payments!

Different life insurance companies can and will quote varying prices for the same exact annuity with all of the same features. Plan for this future investment early! The earlier you start payments with an annuity contract, the more money you will receive as payout when you choose to retire.

Some insurance companies will offer protection for your investment, in the chance that you pass away before your payments have been fully completed. This protection will usually mean that your payments are sent to your named beneficiary who will continue to get payments until your full investment is paid off. Cost of living adjustments are also standard when dealing with a reputable insurance company.

Finding Help with Online Annuities

Some people prefer to talk with retirement investment counselors before putting any money into future investment. Counselors may advise investors to put forth a sum of at least $30,000 toward an annuity, but every situation is different. If you are just starting out and are not sure where to begin, speak to someone with expertise in the matter. An insurance representative can be very helpful in answering questions, though he or she will also have a hidden agenda of seeking your business.

No matter what you decide, always shop around. There are a number of questions you should know the answers to before signing a contract with any company:

  • Can both you and your spouse get coverage under the policy?
  • If your spouse is covered, is there a set amount of payments or are they covered for life?
  • Are there any age requirements or medical exams required?
  • If there are emergencies, can the plan be cancelled?
  • If so, what is the penalty or surrender charge?
  • Is there a minimum investment required?
  • What taxes and fees are required for the annuity?

Whatever you decide, with a little research, advice and some comparison shopping, you will find a policy that matches your needs. Start now by entering in your zip code and comparing online annuity rates now!