Single Life Annuities:
The 5CC Single Life Annuity
What is a 5CC Single Life Annuity?
A 5CC single life annuity is simply a single life annuity that guarantees an income for a period of 5 years. Unlike the basic life annuity, if you die before the 5 year term is over, the remaining portion of the payments will be made to your designated beneficiary. Although it can be helpful in other situations, this type of annuity is usually best for someone who is either very elderly or ill.
Interest Options on a 5CC Single Life Annuity
As an annuity, you will have the option of earning interest on a fixed rate or on a variable basis. The fixed annuities are stable and offer guaranteed growth and earnings, while the interest rates on the variable annuity goes up and down based on a specific market index. To decide which is best for you, it might be best to get professional guidance.
Payment Options on a 5CC Single Life Annuity
Whether you need your income to start now or later, either is possible with the single life annuity. If you choose to set it up as an immediate annuity, you will start receiving payments immediately. If you want to start receiving income at a later time, then simply elect for the deferred annuity. Even if you already have a counselor, it is always a good idea to get advice from an independent retirement planner before making your final decisions.
Setting Up a 5CC Single Life Annuity
The 5CC Single Life Annuity, as with any annuity, can be an integral part of your retirement planning. Because of the potential impact on your retirement lifestyle, please take advantage of our free retirement and annuity counseling service. It is free, but what you learn can be priceless.
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