Annuities are long-term financial contracts that are designed to be a source of retirement income. They can offer you an opportunity to provide for a more secure future for you and your loved ones.

You can grow money tax-deferred and, when needed, provide an option to set up a monthly income that you can't out live, or choose a specific number of years during which you want to receive payments.

An annuity is an insurance policy that can provide options to pay a series of payments for a fixed period over a person's lifetime. The purpose of an annuity is to protect against the possibility of outliving one's income.

Basically a life annuity can be defined as a contract in which the insurer can provide options to pay the insured a series of payments throughout the insured's life.

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There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. Withdrawals before age 59 ½ may be subject to a 10% IRS tax penalty in addition to income tax.