Frequently Asked Questions

 An annuity is a financial product that provides a stream of income payments in exchange for an initial lump sum or series of payments. They are often used as a retirement savings vehicle and can provide guaranteed income for life. 

 Annuities work by converting a sum of money into a series of payments over time. The amount of each payment depends on the type of annuity, the amount invested, and the length of the payment period. 

 There are several types of annuities, including fixed annuities, variable annuities, and indexed annuities. Fixed annuities provide a guaranteed rate of return, variable annuities offer returns based on the performance of underlying investments, and indexed annuities offer returns based on the performance of a market index 

 Annuities can provide a guaranteed income stream in retirement, which can help protect against outliving your savings. They can also offer tax-deferred growth, which can help your money grow faster over time. 

Annuities may come with substantial fees and surrender charges, which can diminish your overall returns. Additionally, they may not offer the same liquidity as other investment options, potentially making it challenging to access your funds when required. It's important to note that you cannot cancel the policy without incurring a surrender fee.

 Annuities are typically tax-deferred, which means you won't pay taxes on your earnings until you begin taking withdrawals. When you do take withdrawals, the earnings portion of the payments is taxed as ordinary income. 

 With fixed annuities, your principal is guaranteed and you won't lose money. 

 Choosing the right annuity depends on your financial goals, risk tolerance, and retirement income needs. It's important to carefully consider your options and consult with a Fl-Annuities financial advisor to determine the best annuity for your situation. 

 Yes, most annuities allow for withdrawals, but there may be fees and penalties associated with early withdrawals. It's important to carefully review the terms and conditions of your annuity before making a withdrawal.

 The death benefit of an annuity depends on the type of annuity and the options you select. Some annuities offer a guaranteed death benefit, while others may provide a payout to your beneficiaries based on the value of the annuity at the time of your death. 

  Our consultation services at FL-Annuities are completely free of charge for clients. There is no fee for discussing your financial goals, retirement plans, or any inquiries you might have about annuities. We are here to assist you in making informed decisions about your financial future, and our consultation comes at no cost to you.