An annuity is a contract between the consumer and a life insurer in which the insurer makes a series of regularly spaced payments to the consumer in return for a premium.

To increase financial security in retirement, more and more people are including annuities in their financial planning. Because there are many different types of annuity contracts and a variety of annuity options available, it can be difficult to understand how they actually work. When considering the purchase of an annuity, it is important to understand the different types of annuities, how annuities work, the contractual features of the policy, and the benefits, as well as risks, in order to choose the kind of annuity that would best fit your retirement needs.

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