A lifetime Annuity is a financial product that is provided by a financial institution such as a life assurance company. The buyer, also known as the Annuitant, will receive a series of payments or regular payments in exchange for the immediate payment of a lump sum.
There are many types of annuity available including Fixed, Variable, Guaranteed, Joint and Impaired. There are also other options to consider such as whether or not to defer payment and so it’s important to get the right one that meets your needs.
If you’d like further information on Annuities and the options available to you, feel free to get in touch.