Annuity companies offer tax-sheltered pension plans as an option for retirement savings, in which participants contribute to annuities in exchange for future payments.
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List of the top 9 Annuity Companies in Shortlister as of October 2023, presented in the order they appear in the full Vendor Listing tab.
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National Life Group® is a trade name of *National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely ... View Full Profile
An American-owned and operated company headquartered in the heart of the Midwest, American Equity Investment Life Insurance Company® is a leader in the fixed indexed annuities marketplace. American Equity’s growth and success is attributed to our dedication... View Full Profile
Headquartered in the Philadelphia region, Lincoln Financial Group is a Fortune 500 company offering a diverse range of financial services and solutions. With a strong focus on four core business areas — life insurance, annuities, retirement plan services, ... View Full Profile
Our associates are passionate about their work, the value our products offer to society and the impact the company makes in the communities where they live and work. Headquartered in Lansing, Michigan, with offices in Nashville, Tennessee, and Chicago, ... View Full Profile
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy ... View Full Profile
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to ... View Full Profile
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Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in ... View Full Profile
Hi, we're New York Life, one of America's largest mutual life insurance companies. New York Life and its subsidiaries provide insurance, investment and retirement solutions. For 175 years, we've been helping people put their love into action. As a mutual ... View Full Profile
Living mutual has always been at the core of our human existence, and it's the principle that's guided us since our founding in 1851. It's not a concept we invented, but one we champion for the simple reason that people take it for granted today. While the ... View Full Profile
The companies of OneAmerica have a solid foundation in the financial services marketplace dating back more than 140 years. During that tenure we have implemented a variety of retirement plan products and services to meet the financial needs of our clients. We ... View Full Profile
As a national retirement services company, The Retirement Advantage (TRA) provides third party administration and fiduciary services to plan sponsors, financial advisors, wealth managers and businesses of all sizes. Our commitment to providing expert ... View Full Profile
Headquartered in Carpinteria, California just south of Santa Barbara, PlanMember Financial Corporation is a leader in the retirement planning market with more than 500 representatives and over 40 regionally-based Financial Centers located across the country. ... View Full Profile
Principal Financial Group® helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients ... View Full Profile
Allianz Life Insurance Company of North America (Allianz Life®) has been keeping its promises since 1896. As a leading provider of annuities and life insurance, today we carry on that tradition by helping Americans achieve their retirement income goals. We’... View Full Profile
American National has been building meaningful relationships with our clients, employees and surrounding communities for more than 110 years. We provide protection, security and comfort to more than 5 million policyholders who put their trust in our financial ... View Full Profile
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, leisure/lifestyle and business insurance to 2.8 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 ... View Full Profile
As one of the largest providers of annuities and life insurance in the U.S., we specialize in products designed to help people protect what they’ve earned and ensure it lasts. We are built on a foundation of experience and knowledge, which allows us to keep ... View Full Profile
On Jan. 1, 2020 The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company and two holding companies amalgamated. They are now one company – The Canada Life Assurance Company... View Full Profile
We were founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage™-branded consumer insurance ... View Full Profile
At Fidelity, our goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. We do this by focusing on a diverse set of customers: - from 23 million people investing their life savings, to 20,000 businesses ... View Full Profile
An annuity is a financial product that refers to an insurance contract designed to pay out invested funds as a fixed income stream in the future. Investors contribute through monthly premiums or lump-sum payments. In return, the holding institution issues a stream of payments over a specified period or for the rest of the annuitant's life. Primarily used for retirement planning, annuities help individuals address the risk of outliving their savings by providing a reliable source of income during their post-employment years.
Annuities work through individuals or investors making payments to an insurance company or financial institution as a lump sum or regular premiums. The money contributed is invested by the company to accumulate and grow over time, either on a tax-deferred basis for deferred annuities or for immediate payments with immediate annuities. There are different types of annuities, such as fixed, variable, and indexed annuities, each offering unique features and potential returns. The annuity provides a reliable income stream during the payout phase, which can be for a specified period or the annuitant's lifetime. However, annuities may come with fees and surrender charges if funds are withdrawn prematurely.
A fixed annuity is a type of insurance contract that guarantees the buyer a specific, fixed interest rate on their contributions to the account. It offers a conservative and low-risk approach, providing individuals with a predictable and secure income stream during retirement. When an individual purchases a fixed annuity, they make a lump sum or regular premium payments to the insurance company. The company, in turn, invests the funds and promises a predetermined interest rate over a set period, typically several years. The interest earned on the principal is tax-deferred, and during the payout phase, the annuitant receives regular payments at the fixed interest rate, irrespective of market fluctuations. While fixed annuities offer stability, they may not keep pace with inflation, and early withdrawals may incur surrender charges. Despite this, for risk-averse individuals seeking reliable income in retirement, fixed annuities can be an attractive option to consider alongside other available choices.
A variable annuity is an insurance contract where the value fluctuates based on the performance of an underlying portfolio of sub-accounts. These sub-accounts are similar to mutual funds but lack ticker symbols, making them less convenient for investors to track. With a variable annuity, individuals have the flexibility to choose from various investment options offered by the insurance company. Unlike fixed annuities, the returns are not guaranteed and depend on how the investments perform in the market. The growth within a variable annuity is tax-deferred until payouts begin during the annuitant's retirement phase. While variable annuities provide the potential for higher returns, they also come with increased risk due to market volatility. They may also involve higher fees and expenses than other annuity options. As such, individuals should carefully assess their risk tolerance and investment goals.
A deferred annuity is an insurance contract with two distinct phases: the accumulation phase and the payout phase. It is referred to as "deferred" because the annuitant postpones receiving payments or income until later, typically during retirement. During the accumulation phase, the funds invested in the annuity grow on a tax-deferred basis, allowing earnings to compound without immediate taxation. The provider makes regular income payments or a lump sum to the annuitant at the chosen payout date. This sets deferred annuities apart from immediate annuities, which start paying right after the contract is established.
A non-qualified annuity is funded with after-tax money, meaning that the funds used to purchase the annuity have already been taxed. Unlike qualified annuities, which are typically purchased with pre-tax dollars from retirement accounts like 401(k)s or IRAs, non-qualified annuities are funded with money already subject to income tax. Non-qualified annuities are often used to supplement retirement savings, especially for individuals who have maximized their contributions to qualified retirement accounts or those looking for additional tax-deferred growth options outside traditional retirement plans.
An annuity fund is a financial pool or investment portfolio managed by an insurance company or financial institution to fund and support annuity contracts. When individuals purchase annuities, their payments are often pooled together into a collective fund. This fund is then invested by the insurance company or institution to generate returns and provide the income stream for the annuitants. Annuity funds can be structured in various ways, depending on the type of annuities offered and the investment strategies employed by the managing entity. The funds may include a mix of different assets, such as stocks, bonds, mutual funds, or other securities, depending on the annuity's type and features.
Annuities can be suitable depending on individual financial goals and risk tolerance. They offer guaranteed income, tax-deferred growth, and the potential for lifetime income, addressing the risk of outliving savings. However, annuities come with high fees and limited liquidity during accumulation. Fixed annuities may not keep up with inflation, and some investors may find better returns in other investment vehicles. It's crucial to carefully evaluate the contract's terms and features to ensure it aligns with one's financial needs. Consulting with a financial advisor can help determine if an annuity fits into a comprehensive and diversified financial plan.
An annuity provider is a financial institution or insurance company that offers and manages contracts. These companies design, market, and sell annuities to individuals seeking to secure a steady income stream for retirement or other long-term financial goals. Annuity providers play a vital role in the annuity market and provide various types of annuities to cater to the different needs and preferences of investors.
In most cases, you can transfer your annuity to another provider through a process known as a 1035 exchange. A 1035 exchange allows you to transfer the cash value of your existing annuity to a new annuity with a different insurance company without incurring any immediate tax consequences. This transfer is authorized by the Internal Revenue Code Section 1035.