Annuities

1. What is an annuity?

An annuity is an insurance product that provides regular payments, usually during retirement, in exchange for an initial lump sum. It gives you a guaranteed regular income for the rest of your life or for a fixed amount of time.

2. Why do I need an annuity?

You need an annuity to ensure you have a steady income during retirement, helping you cover expenses when you are no longer working.

3. What are the benefits of having an annuity?

An annuity offers a reliable income stream, helps manage the risk of outliving your savings, and provides financial security in your retirement years.

4. What document will I get after buying an annuity?

After buying an annuity, you will receive a policy document which is a written contract of insurance between the insured and the insurer. It contains terms and conditions of the insurance cover as well as the risks covered. Ensure that you read and understand the contents of your policy document.