RECOGNIZING THE DIFFERENT ANNUITIES
uExpress, August, 2008 by Scott Burns
Q: I would like to know the difference between a variable annuity and a life annuity. A few years ago I invested $100,000 in a tax-deferred variable annuity. Later, I came to know there is a surrender charge for seven years. Is a life annuity tax-deferred? Is there a surrender charge? --V.B., by e-mail
A: Many people get confused when talking about annuities because the same word applies to many insurance products that are very different from one another. Here is a list of the basic types of annuities.
CD-equivalent annuities. The most basic type of annuity is the functional equivalent of a CD issued by an insurance company. You make a commitment for a fixed period of time and receive a stated amount of interest, tax-deferred and guaranteed by the insurance...
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