What is an Annuity?

An Annuity is a contract between an individual and an insurance company in exchange for a premium that the company invests and returns to you, with interest.

We offer Non-Qualified and Qualified Annuity Accounts.

Non-Qualified Annuities

A Non-Qualified Annuity account is an Annuity into which money, on which taxes have already been paid, is deposited. The only portion of a Non-Qualified Annuity Account that is taxable upon distribution is the interest accumulated on the Account. There is no age requirement for distribution and there is no federal limit on how much money you may deposit into a Non-Qualified Annuity Account on a yearly basis.

Qualified Annuities & IRAs

Individual Retirement Annuities (IRAs) are savings programs for individuals to which yearly, tax deferred and tax-deductible contributions can be made.

Contributions are subject to specified amounts and cannot be made during or after the year a taxpayer reaches age 70 ½. After the account holder is aged 70 ½, minimum distributions must be withdrawn by the account holder.

Funds cannot be commingled with the taxpayer's other assets. IRA accounts can hold only allowable and rollover funds, and funds may not be used to buy life insurance.

No loans may be taken from an IRA account and an IRA account cannot be used to secure a loan.

An IRA is non-transferable. Its proceeds must be received by either the taxpayer or beneficiary at death of taxpayer.