We are pleased to announce that we have just launched our second website UtahAnnuities.com.
Utah Annuities helps people in Utah find safe and reliable ways to protect and grow their money.
So what is an annuity?
Simply put an annuity is a contract. You give an insurance company a specified amount of money and they promise to give you back all of the money you deposited, and any interest accrued at the end of the designated term. With annuities, you can usually withdraw your money as one lump sum, or as a guaranteed income (either for a set number of years, or for the rest of your life).
We offer four types of annuity
- Multi-Year Guaranteed Annuities
- Single Premium Immediate Annuities
- Deferred Income Annuities and
- Indexed Annuities
Multi Year Guaranteed Annuities (MYGAs)
- MYGAs are a simple annuity where you get a declared interest rate for a set amount of time. In a lot of ways they resemble a bank's CD. They usually have stronger penalties for early withdrawal, but in return they tend to offer better interest rates if you can leave the money where it is for the entire length of the designated term.
Single Premium Immediate Annuities
- Single Premium Immediate Annuities (SPIAs), are one of the simplest forms of an annuity. You purchase a SPIA with one lump sum payment, and then the insurance company guarantees to pay you a specific amount every year for a set number of years or for the rest of your life. Some policies will also allow you to receive a cost of living increase for your income payouts.
Deferred Income Annuities
- Deferred Income Annuities are similar to Single Premium Immediate Annuities (SPIAs). The biggest difference between a deferred annuity and an immediate annuity is when you start to receive money from the annuity. If you can postpone your income from the annuity for a year or more, you can often get a nice bonus from the insurance company that you sign up with.
- An Indexed Annuity (sometimes called a Fixed Indexed Annuity) is a tax-deferred, long-term savings option that protects your principal from loss no matter what the market does and provides an reasonable opportunity for growth. Assets are not directly invested in a specific stock market index, but they do offer opportunity for growth based on the performance of a stock market index.
To learn more about the annuities we offer and how they can help you protect and grow the money you have saved for retirement check out our new website. UtahAnnuities.com