PERSONAL INSURANCE

Annuities

Bring your future income questions. We can explain annuity options and the contract details to consider before you make a decision.

START WITH WHAT MATTERS

Understand the contract behind the income.

An annuity is an insurance contract that can provide income under its terms. Whether one fits depends on your circumstances, your goals, and your need to access funds.

As an independent agency, Spice can help you compare available options and understand the details before deciding.

A CLOSER LOOK

Know what you are comparing.

Income timing

Review when payments may begin, how they are calculated, and the available payment arrangements. Immediate and deferred annuities differ in when income starts. Review whether payments last for a selected period or for life, and what any death-benefit or survivor provisions provide.

Access and costs

Understand withdrawal provisions, surrender charges, fees, and other conditions that may affect access to your money. Consider what happens if you need money early or die before receiving the income you expected. Payout and beneficiary choices can change that outcome.

Features and risks

Compare contract features, the insurer obligations, and any risks involved. Tax considerations deserve a conversation with a qualified tax professional. Fixed, indexed, and variable contracts determine returns and payments differently. Variable annuities involve investment risk. Discuss which options are available and suitable with appropriately qualified professionals; listing a type does not mean every contract or feature is offered.

Coverage, eligibility, costs, and benefits depend on the policy and carrier. Review the applicable terms and exclusions before choosing.

Explore Personal Insurance

HELPFUL ANSWERS

Questions worth asking.

Is an annuity the same as a savings account?

No. An annuity is an insurance contract with its own terms, costs, access provisions, and risks. Review the contract rather than treating it as a bank account.

Can I access my money whenever I need it?

Access depends on the contract. Withdrawals may be limited or subject to charges and tax consequences. Review those provisions before committing funds.

How do I know whether an annuity fits?

Discuss your income goals, time horizon, existing resources, and liquidity needs. Review the contract carefully and involve your tax or financial advisers where appropriate.

LET US TALK

Make your next decision with a clearer picture.

Tell us what you would like to understand or review. We will help you consider a practical next step.