InsuranceAgents.com Deconstructs Annuities, Annuity Purchase

    CHICAGO, IL, December 05, 2009 /24-7PressRelease/ -- An annuity is more beneficial for some people than others--the baby boomer generation, women and the middle class, for example, should probably take advantage of annuities before it is too late. With many people anxious over the security of their financial future, now may be the time to invest in annuities, according to a recently posted InsuranceAgents.com article, "An Annuity: Should You Get It?"

An annuity is a life insurance product that is used as part of a retirement plan. This investment guarantees a fixed, stable income once you retire. But an annuity is dependent on certain factors and so may help some more than others.

"Needing an annuity depends on how old (or young) you are, the size of your assets, and how investment-savvy you are. And just like there isn't one type of person who needs an annuity, there isn't one universal type of annuity that is right for people who need them," according to the InsuranceAgents.com article.

People who will benefit the most from an annuity are the baby boomers, women, and the middle class.

Baby boomers--or individuals and couples in their mid-50s--typically manage their money after retirement and live on a limited fixed income. Women, who statistically live longer lives than men, are a "longevity risk" and will most likely outlive their assets. An annuity will help both boomers and women maintain an income after retirement. The middle class typically have enough assets or "surplus wealth" to purchase an annuity that will insure a steady income post-retirement without having to scrape the bottom of the savings barrel.

There are four kinds of people who most likely won't need an annuity benefit (and if you fall under one of these categories, you may want to reconsider getting an annuity): the youth, the very old, the very rich, and the very poor. In these categories, individuals either haven't enough money or assets to make an annuity investment worth it, or in the case of the rich, they simply don't need it.

However, InsuranceAgents.com encourages individuals to confirm with a professional as to whether or not an annuity is right for them.

"Of course, there are always exceptions to every rule. This is why you should find a reputable insurance agent who can talk with you in depth about annuities and will help you decide whether or not an annuity would be truly beneficial for you."

About InsuranceAgents.com

InsuranceAgents.com provides insurance quotes and expert articles to help consumers make the right decisions.

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

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