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An income annuity is an annuity contract that is designed to pay out a guaranteed income payment for life, similar to a pension. It can start paying income in several ways. 

1. As soon as the policy is initiated. 

2. When or if annuitant decides to activate the income.

3.  Most commonly 1-12 months after an income annuity is issued.

• These financial products are designed to exchange a lump sum amount for guaranteed periodic cash flow (monthly or annual payments).
• An income, or immediate annuity, generally starts payment 1-12 months after the premium is paid and may continue for as long as the buyer is alive. Spousal annuitants can be added to receive a guaranteed payment for the rest of their lives once primary annuitant has passed.

A growth annuity is a financial product that helps your invested money grow over time, typically used as a retirement vehicle. These are widely used in place of the traditional 401k, 403b, 401a, IRA ect. Due in large part to the guaranteed projected growth and safety from market risks. It also allows your investment to grow taxed deferred, which can save you money in the long run.

• A guaranteed income for life 
• Protection for your principal 
• Major tax benefits. The ability to increase your investment without being taxed immediately. 
• Gives annuitants flexibility. Having the ability to access your money if your circumstances change due to long term care needs,

Growth annuities can help you prepare for retirement by: 

• Fighting off the devastation of inflation. 
• Lessen the impact of rising healthcare costs. 
• Providing a flexible and guarantincome stream that can't be outlived

Having an annuity that can both grow and have a guaranteed income stream for life can be super beneficial. There are several options in creating a hybrid annuity, especially for those living in a hybrid retirement where they are still working part time after their official retirement and don't quite need to start taking income yet. They can, in the meantime grow their retirement accounts, protect the principal and activate that income later down the road when they need it.

Initial Coverage Election Period: turning 65

Annual Enrollment Period: October 15-December 7

Open Enrollment Period: January 1-March 31

What qualifies? There are many!

What is term Life?

• Term life insurance is a type of life insurance that pays out a death benefit to a beneficiary if the insured dies within a specified time period, or "term":

How it works: You pay premiums for a set period of time, usually 10–30 years, and if you die during that time, your beneficiary receives the death benefit. 

The 3 main types of term life insurance are level term, renewable and decreasing term: 

• Level term: The death benefit remains the same throughout the policy. 
• Renewable Term: The premium increase upon renewal, typically every year (annually renewable) or every 5 years (5 year renewable)
• Decreasing term: The death benefit decrease over time, usually in one year increments.

• Benefits: 
  • Term life insurance is often the most affordable way to get a large amount of insurance coverage. 
• Renewability: 
  • Some term life insurance policies can be renewed without a medical exam or additional underwriting. However, premiums will be higher based on your current age. 
• Conversion: 
  • Some term life insurance policies can be converted to a permanent life insurance policy without a medical exam. However, the converted policy will be more expensive. 

What is whole life?

• Whole life insurance is a type of permanent life insurance policy that provides coverage for your entire or "whole" life, as long as you pay your premiums on time. Whole life insurance is the most common type of permanent life insurance policy. It's different from term life insurance, which only covers you for a set number of years.

• Death benefit:
  • A guaranteed payout to your beneficiaries when you pass away. This benefit is usually income tax-free. 
• Cash value:
  • A financial asset that grows over time and can be withdrawn or borrowed from during your lifetime. You can use the cash value if your needs for protection change. 
• Fixed premiums:
  • Your premiums remain the same throughout your plan, unless you want to increase the cash value. 
• Tax benefits:
  • A portion of your premiums goes into a tax-free account that accumulates over time. 

What is universal life?

• Universal life (UL) insurance is a permanent life insurance policy that offers a death benefit and cash value, and is customizable to your needs, in which you can increase or lower the premiums and/or death benefit at any point in time.

The 3 main types of Universal Life Insurance are indexed universal life, variable universal life, and guaranteed universal life:

• Indexed Universal life (IUL): Indexed universal life (IUL) insurance is a permanent life insurance policy that offers a death benefit and a cash value component. The cash value in an IUL policy can earn interest based on the performance of a stock market index, like the S&P 500 or the NASDAQ Composite.

• Variable Universal life (VUL): VUL policies allow policyholders to invest a portion of their premiums in sub-accounts that are similar to mutual funds. These sub-accounts can vary in risk and return, and can be used to grow the policy's cash value.

• Guaranteed Universal life (GUL): Guaranteed universal life insurance is a type of long-term life insurance that can provide lifetime protection and carries a guaranteed death benefit, fixed premiums, and cash value (but it's usually minimal compared to the other 2 types. Most notably GUL policies usually have an end date that you choose when you purchase the policy, such as age 95 or 102. 

• Flexibility:
  • You can change your premiums and death benefit amount. You can also use your cash value to cover premium cost. 
• Cash value:
  • You can build cash value that you can borrow against while you're alive. The interest rates on these loans are often lower than personal loans. However, unpaid loans will reduce your death benefit. 
• Cost:
  • UL can cost less than whole life coverage because you can raise or lower your premiums.
• Coverage:
  • ULs cover you for an extended time, often longer than a term life.