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Annuities - Overview
Do you ever worry you might outlive your income? An Auto-Owners annuity allows you to grow and protect your money now, in order to provide a steady stream of income in the future. An annuity can provide income that a person cannot outlive. The frequency of payments can vary and an annuity can be structured to make payments for a fixed period of time or at a fixed dollar amount.
Annuities also grow tax-deferred, meaning taxes are not paid on interest earnings until funds are withdrawn. This can be especially beneficial for individuals who are in a lower tax bracket during retirement years.* Funds held in an annuity pass directly to beneficiaries upon the death of the annuity holder. No surrender charges would apply and the funds may avoid probate, if payable to a named beneficiary.*
- No set up or annual administration fees
- Up to 10% of the cash value is available for withdrawal each year without penalty
- Contributions can be made at any time (minimum deposit requirements apply)
- Interest rate is guaranteed to never drop below the contract's minimum guaranteed interest rate
*References to tax aspects are not intended to constitute tax, legal or accounting advice. Consult your legal or tax advisor for specific advice.
Note: The analysis of coverage is in general terms and is superseded in all respects by the Insuring Agreements, Endorsements, Exclusions, Terms and Conditions of the Policy. Some of the coverage mentioned in this material may not be applicable in all states or may have to be modified to conform to applicable state law. Some coverages may have been eliminated or modified since the posting of this material.
Underwritten and issued by Auto-Owners Life Insurance Company