Question By: Annuities are financial products intended to enhance retirement security. An annuity is an agreement for one person or organization to pay another a series of payments. Usually, the term “annuity” relates to a contract between an individual and a life insurance company. In general, annuities have the following features.
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Tax deferral on investment earnings
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Protection from creditors
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An array of investment options
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Tax-free transfers among investment options
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Lifetime income
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Benefits to heirs
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