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Brief About Life Insurance Annuity

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Brief About Life Insurance Annuity

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  1. Brief About Life Insurance Annuity

  2. Type of Life Insurance Annuity

  3. The Difference between Annuities and Life Insurance • An annuity is a type of policy issued by an insurance company that allows you to save money for retirement. The money you pay in can be either a lump sum or a number of payments. These contributions then earn interest, generally tax-deferred, and after a period of time, provide you with a stream of income. • Both annuities and life insurance should be considered in your long-term financial plan • life insurance provides economic protection to your loved ones if you die before your financial obligations to them are met, while annuities guard against outliving your assets. • An annuity is a long-term contract you purchase from an insurance company. It is designed to help accumulate assets to provide income for retirement. Annuities do have limitations. If early withdrawals occur penalties may apply and earnings are taxable as ordinary income and may be subject to a 10% federal tax penalty if withdrawn prior to age 59½.

  4. How do annuities work? • Annuities are flexible so you can choose one that enables you to: • Invest a lump sum or invest over a period of time • Start receiving payments immediately or at some later date • Select a fixed, variable or indexed rate of return

  5. What type of annuity could fit into your investment plan? • Variable • Immediate • Fixed • Fixed Indexed

  6. Type of annuity whose features work for your situation: • Variable - With a variable annuity, you choose investments and earn returns based on how those investments perform. You can choose investments that offer different levels of risk and potential growth, depending on your investment goals and tolerance for risk. • Immediate - An immediate annuity is usually purchased with a lump-sum and guaranteed income starts almost immediately. Your investment converts into a guaranteed stream of income that is irrevocable once payments begin. In some situations, funds can be accessed, but some restrictions apply. • Fixed - With fixed annuities, the principal investment and earnings are both guaranteed and fixed payments are made for the term of the contract. • Fixed Indexed - This special class of annuities yields returns on contributions based on a specified equity-based index, such as the S&P 500.

  7. Need Advice Contact US • EFC Wealth Management Firm • 6080 Center Drive, 6th Floor , Los Angeles, CA 90045 • Contact us: (310) 645-0001

  8. References • efcwealthmanagement.com

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