Banks And Brokerage Firms
Products developed by life insurance companies are sometimes marketed through banks and brokerage
firms. The person who sells you the annuity should be a licensed
life insurance agent, and, in the case of a variable annuity,
a licensed securities dealer. If you purchase an annuity through these sources, you should ask
for the name of the insurance company, since they are the ones who will be
managing your money.
Finding A Good Buy !!
Guarantees
A fixed deferred annuity
always contains guarantees. For example, it might guarantee
that the interest rate on the funds accumulating in your policy
will be at least 4%. The guarantees are conservative, so that
the company will be able to pay you the guaranteed amounts,
even if conditions are very bad. Today, most companies pay
greater amounts than they guarantee, but do not promise to
continue to do that indefinitely. If you are shown any tables
of numbers illustrating how the annuity might grow in the
future, you should keep in mind that the non-guaranteed numbers
could turn out to be lower or higher than those shown. You
should also ask questions about the amounts you will receive
if you decide to surrender your annuity, and find out the
difference between the accumulation value and the amount you
will receive.
How To Protect Your Money ?
Be sure to check out the industry rating of any life insurance company
you are considering (as provided by independent rating services) before committing your
funds. Also make sure that your life
insurance company is licensed in California.
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