Single Premium Annuities Provide Extra Income in Retirement

    CHICAGO, IL, September 26, 2009 /24-7PressRelease/ -- By purchasing a single premium annuity now, you can accumulate a decent chunk of money by the time you hit your retirement years. With a single premium annuity, you pay one lump sum--typically a minimum investment of at least $5,000 to $10,000 but insurance companies differ when it comes to requirements.

"The biggest attraction to a single premium annuity is that you can choose to defer the payment out of the annuity for many years, allowing it to gain interest which will be paid back to the annuitant," the article, Single Premium Annuity: Secure Your Financial Future, says.

For individuals interested in the benefit a single premium annuity offers, but who don't have a large lump sump of money lying around the house, there are still some options. You can sell property under your name, liquidate mutual funds or investments, take advantage of any inheritance, life insurance settlement proceeds, or retirement plan payouts.

Single premium annuities are for those who are deeply concerned they may use up their retirement funds prematurely and want added financial security by obtaining additional income.

"If you're searching for a safe, guaranteed income that cannot be outlived, consider investing in a single premium annuity," the article states. However, "investing in an annuity, especially a single premium annuity, is a large responsibility that should not be taken lightly. If you decide to surrender your annuity, you can face severe financial penalties that can greatly alter your future."

For more information, visit InsuranceAgents.com or contact your local life insurance agent.

InsuranceAgents.com connects consumers with local insurance agencies, and provides expert articles to help consumers make the right decisions.

Website: http://www.insuranceagents.com/

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