An annuity is a contract with a life insurance company, in which the life insurance company will a guaranteed set income for a specific time frame or for life. Once the annuity has been purchased you are not able to make any changes to the contract. The amount of money you will receive on either a money, quarterly, semi-annual or annual basis is based on specific factors. These include current interest rates and life expectancy. 

Within a life annuity, you have the ability to set guaranteed payment periods, such as 5 or 10 years. If you were to pass away during the guarantee period, your named beneficiary or estate will continue to receive the income until the period ends. Annuities are a great way to secure your income for retirement. 

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