Life insurance is the most effective way to ensure your family is financially secure when you pass away. Without life insurance, your loved ones may face financial trouble, be unable to access funds, or be left without the support of a breadwinner.

Life insurance policies are available in two basic types: term and whole life. Term insurance is very affordable but does not build equity. It provides insurance for a certain period of time or a specified “term” of years. Whole life insurance, often called “permanent” or “universal” insurance, guarantees an eventual payout. Whole life policies have higher premiums but have the advantage of accumulating value over time.

How Can Fixed Annuities Help with Retirement Planning?

Annuities are designed to help you save for your retirement and provide you with income when you retire. They offer several benefits, including:

  • Tax-deferred growth potential
  • Protection from market downturns, which is helpful in keeping up with rising medical costs and inflation
  • Flexible income options
  • Joint-life payout for both you and your spouse during retirement
  • Death benefit for your beneficiaries (or a cause or charity you believe in)

Fixed annuities can be immediate or deferred. Deferred fixed annuities accumulate interest at a regular rate, while immediate fixed annuities make fixed payments during your retirement, with amounts determined by your age and the value of the annuity. Fees for fixed annuities vary, depending on type and amount, and the costs involved may be difficult for a person to understand without assistance from a professional. If you are considering a fixed annuity to improve the quality of your retirement, our agent at Morin Associates LLC in Groton, Connecticut, can help find the right insurance product for you and your spouse.

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