What is an Annuity?
An annuity is a unique financial vehicle designed to help people accumulate money for their retirement and/or turn a lump sum of money into a guaranteed stream of income for life.
 

Deferred Annuities
Deferred annuities offer the advantage of tax deferral^*** and are used to accumulate money for retirement. There are two types of deferred annuities: fixed and variable.

Fixed Interest Deferred Annuities
A Fixed Interest Deferred Annuities is a product that is designed to help you accumulate funds for your retirement. The money in your annuity earns a guaranteed fixed rate of interest (interest rates are effective annual yields) and your money accumulates on a tax-deferred basis, meaning you do not pay taxes on your earnings until you actually withdraw them from your policy. Withdrawals are subject to ordinary income tax, and if they are taken before 59½, an additional 10% tax penalty may apply (the penalty tax is increased to 25% in the case of distribution from a SIMPLE IRA within the first two years of your participation in the SIMPLE IRA plan.)