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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Where can I get annuity quotes?

If you are looking for annuity quotes, you can find them right now buy clicking on our free quote tool provided on this page. This is a fast and easy way for you to compare the prices between insurance companies that offer annuities as well as learn what their minimum premium requirements are.

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There is another way to get annuity quotes and that is through insurance company websites. The benefit to using an insurance website versus a quote tool like ours is that they get more specific information in order to provide you with a more accurate quote. The downside is that they collect your personal information and will call and email you in an effort to sell you their product. In addition, you will have to fill out your information on each site in order to get multiple quotes.

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You can also visit a bank, brokerage house or insurance company to get quotes. One of the benefits to doing this is that you can speak to someone and get investment advice. The downside is the same downside that applies to filling out forms with insurance companies. Once each company has your information, they will work hard to get your business and if you aren’t ready to buy this can be a bit frustrating.

What do I need to know when I get annuity quotes?

Here are some things to decide before getting annuity quotes:

  • How you want to pay: Before you can get an annuity quote, you are going to know whether or not you want a single premium annuity or a flexible premium annuity. A one time premium annuity means that you pay a single premium and nothing more to your annuity. A flexible premium or deferred annuity means that you pay monthly, quarterly or even annual premiums to your annuity over time.
  • How much you want to pay: You will also need to know how much you have to invest. Most insurance companies have a minimum investment of around $2,000, but this can vary. Banks typically allow for smaller initial investments, which is great for someone who may only have a few hundred dollars to start. It is important to note that in order for this to be a good investment you need to ensure that you grow your annuity over time by adding to it regularly.

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You will also need to understand that there are fees associated with opening an annuity. There are specific differences between fixed and variable annuities. If you choose a variable annuity, your fees will be higher and there will be more fees if you choose a fixed annuity you typically only need to pay a one-time fee to open your account. This is called a load fee and it provides the commission to the agent helping you to open your account.

You can find websites that sell no load annuities. The benefit to this is that if you need to surrender your annuity, you don’t pay the penalties that you would whit an annuity purchased through other sources.

The downside to no load annuities is that you don’t get the benefit of expert advice. You will have to figure out what type of investments to make with your annuity and manage it for yourself. If you aren’t a hands on person, or you don’t understand how to manage your investments, then it is better to pay a fee than to mismanage your investments.

You should also look for a free look provision when you purchase an annuity. What this means is that you get a certain amount of time, usually 30-days, to determine whether or not an annuity is right for you. If you change your mind during the allotted time, then you can get your money back for your annuity.

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Can I name a beneficiary when I purchase an annuity?

There are different types of annuities and if you want to name a beneficiary to your annuity, you need to ensure that you choose a deferred annuity with a joint option, which means the joint person on the annuity also receives the annuity or an annuity that allows you to assign a beneficiary. If you don’t choose this type of annuity then your investment is absorbed by the company who sold you the annuity.

How long does it take for an annuity to pay off?

This depends on what type of annuity you purchase and the terms of your annuity. An immediate annuity pays off immediately versus a deferred annuity which can be contracted to mature in a certain period of time from 5 years to 20 years typically.

To determine when you want your annuity to pay off you need to think about when you want to retire and plan accordingly. In addition, you need to remember that if your annuity pays off before you turn 59 and 1/2 years old then you will have to pay an additional 10% in taxes as a penalty from the government.

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