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Disclosure: An annuity is a contract between a buyer and an insurance company that provides the buyer with a regular series of payments in return for a lump-sum payment. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities contain certain fees, risks, limitations, and restrictions, including free withdrawals up to a specified limit, as well as potential withdrawal fees or surrender charges for withdrawals exceeding that limit or early withdrawals. Please speak with an agent for costs and complete details. You should carefully consider your financial needs before investing in annuity products and benefits.
An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Consult a tax advisor for specific information. This is not a recommendation to surrender or otherwise purchase an insurance product. You should review your specific policy and financial situation with your advisor.
FIRM is not acting in a fiduciary capacity when it comes to the sale of annuities. FIRM will receive commissions based on the sale of annuity contracts. Annuity contracts are made by and for the benefit of the buyer, who should bear responsibility for premiums and understand their financial conditions. Annuity commissions typically range from 1 percent to 8 percent of the total value, though you may pay as high as 10 percent or as low as 0 percent if you buy a commission-free annuity.