There is a wide variety of annuities available, and it is important to understand which type of annuity is best for you. The Open Market Option gives everyone the right to shop around for the best annuity products. It is important for you to speak with a qualified advisor to find the annuity product that is right for you.
Some of the more common annuity types are:
- Joint life based annuity: this product is set up so that it will continue to pay the annuity to the survivor if one of the joint annuitants (usually a husband and a wife) dies. This product can be set up to pay all of the monthly annuity payments or any fraction thereof to the survivor.
- Guaranteed annuity: this type of annuity guarantees to pay the monthly payment on the annuity for a set period of time (say 10 years) regardless if one or all of the annuitants die. The payment would be made to a specified beneficiary (children, estate, etc.).
- Investment-linked annuity: this type of annuity is tied to some investment and therefore the monthly payment can go up or down, depending on the performance of the investment.
- Enhanced or impaired life annuity: this type of annuity can pay a higher rate if one or both of the annuitants is sick, smokes, or is in poor health. This annuity is typically done in combination with some guaranteed payment of up to 10 years.
To get help finding the best type of annuity for you, fill out our short form, and one of SimplyFinance's investment advisors will review your information and then connect you with an annuity specialist that will answer any questions you may have. Once you feel ready to invest, this same specialist will search through all available offers to find the best annuity for you.