When you need a sound financial strategy for the future, an annuity contract may help fulfill your needs. An annuity is simply a contract between you and your insurance company that specifies that in exchange for your payment (premium), the company agrees to pay you an income in the future.
Effective retirement-planning strategies often include life insurance and income annuities. In addition to helping your loved ones by providing survivor income benefits, these unique tools may help you secure your retirement by guaranteeing a lifetime income.
Our highly qualified life insurance representatives will be happy to help you find the right retirement planning solution for you. If you would like to locate a Security Mutual Representative in your area, click here to find a representative or please contact us. To help determine how much retirement income you may need, try our Retirement Planning Calculator.
Single Premium Deferred Annuity
Single premium contracts, no additional premiums accepted after initial premium; provides income payments that begin at a later date.
A single premium deferred annuity is a long-term growth vehicle. With a single premium deferred annuity you can shift some of your tax burden to your retirement years and postpone taxes on earnings until the time of withdrawal. A deferred annuity offers tax-deferred growth, income management options, flexibility and protection for beneficiaries. It offers the owner the opportunity to help money grow faster than a taxable investment earning a similar return.
Single Premium Immediate Annuity
Single premium contracts, no additional premiums accepted after initial premium; begins paying installments generally within 12 months after premium payment.
A single premium immediate annuity is most often used to obtain a regular income, most frequently for retirement purposes. An immediate annuity may help provide you with the peace of mind of a guaranteed income stream for life, without the challenge of continuous fund management and investment transactions.
Optional liquidity features can provide a level of flexibility and control over the money in the contract. For details, please contact your Security Mutual representative.
Flexible Premium Annuity
Flexible premium contracts allow the owner to make additional, unscheduled contributions after the initial premium; guarantees cash accumulation of retirement assets.
A flexible premium annuity allows the owner to make smaller, more manageable payments, over a period of time. The contract allows for flexibility in the amount paid into the annuity yearly and flexibility in the time between payments made to the contract. A flexible premium annuity can offer guaranteed cash accumulation of retirement assets and also offer guaranteed retirement income, if desired.
Note: Security Mutual Life Insurance Company of New York does not provide tax, legal or accounting advice. The above information is based upon the Company’s understanding of current federal income tax law applicable to annuities in general. Purchasers are cautioned to seek competent tax advice regarding the tax consequences of annuities.