An annuity is a long-term savings product that can help protect you against the risk of outliving your assets. It is a contract between you and an insurance company; you receive future income in return for your premiums. All LBL annuities are traditional fixed annuities, which have a guaranteed minimum interest rate.
Our annuities may help you:
- Secure your future against loss of principal.
- Grow assets on an income tax deferred basis.
- Receive guaranteed income payments for as long as you live.
- Diversify your assets.
- Simplify your record keeping.
Your assets grow on an income tax deferred basis until they are withdrawn, usually at retirement. You may receive income in a number of ways, including guaranteed payments that will last for as long as you live. Annuities can be a valuable addition to your retirement plan at any stage of life.
Most annuities have charges associated with withdrawal of funds and may have market value adjustments based on movement in interest rates. After a stated number of years or in the event of death, the company may reduce or eliminate these charges. Withdrawals prior to age 59½ may be subject to income tax penalties.
Be sure to carefully read and understand your policy, ask questions of your agent and consult your tax advisor for information about possible tax consequences. Annuities are not insured by the FDIC nor guaranteed by any federal government agency.
LBL offers all of the following types of annuities:
SINGLE PREMIUM DEFERRED ANNUITIES (SPDA)
FLEXIBLE PREMIUM DEFERRED ANNUITIES (FPDA)
SINGLE PREMIUM IMMEDIATE ANNUITIES (SPIA)