Single Life Annuities:
The Basic Single Life Annuity
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What is the Basic Single Life Annuity?
As a single life annuity, the most basic version is one which you make one deposit and set up a payment plan to receive your payments from that account. The basic single life annuity has none of the available options attached which will change the annuity from this pure form.
How Much Interest Will My Basic Single Life Annuity Earn?
When setting up your single life annuity, you will be offered different annuity interest rates based on the specifics of your annuity. If it is to be a fixed single life annuity, then you will earn a consistent rate of interest. If it is to be a variable annuity, then the rates will change from time to time. To know for certain, you'll need to speak with an annuity specialist.
When Will My Payments Start?
When setting up your single life annuity, your counselor will set all that up with you based on your needs. As a general rule, you can receive your first check from your annuity within 30 days from the date is completely set up.
Death Benefits of a Basic Single Life Annuity
As a life annuity, your single life annuity will probably not have any death benefits. This is because they are set up as a means to provide income for the remainder of your life. However, you may choose a different type of single life annuity, if that is a concern. Of course, we are ready to help you with any questions about annuities you might have. Feel free to get a free annuities consultation today.