Annuities

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Types of Annuities

Annuities are a type of contract you can enter into with an insurance company. The insurance company agrees to pay you periodically. Depending on when the payments start, immediately or at some future time, the annuity is called immediate or deferred. Deferred annuity payments are delayed to the future and immediate annuity payments start immediately. An annuity can be bought either with a single payment or with multiple scheduled payments. Multiple scheduled payments are called premiums.

There are two types of annuities, fixed and variable¹. Fixed annuities' rate of return and payout are guaranteed by the insurance company. A variable annuity'srate of return, on the other hand, varies with the investments options you choose, typically stocks, bonds, or money market funds. Variable annuities do not guarantee that you will earn any return on your investment, and there is a risk that the value of your investment will decrease. Variable annuities are securities registered with the Securities and Exchange Commission (SEC).

¹Variable annuities are insurance products with investment options that are subject to market risk. These products are long term investments designed for retirement purposes. The product offers tax deferral potential growth; however, withdrawals prior to age 59 ½ may by subject to taxes and penalties. While variable annuities offer a death benefit component and other guarantees, these guarantees are subject to the claims-paying ability of the issuer. Other risks are associated with variable annuities. For example, the value of the variable accounts will fluctuate and, when redeemed, your contract may be worth more or less than the original investment. Please note that death benefits may be subject to penalties and charges. Please consider investment objectives, risks, charges and expenses before investing. For this and other information about any variable annuity and its underlying investments, please call the variable annuity provider to request a prospectus. Please read it carefully before you invest.

Equity Indexed Annuities (EIAs)^{2, 3}

EIAs combine characteristics from fixed and variable annuities. There is more risk and potential return than in a fixed annuity, and less risk and potential return than in a variable annuity. The rate of return in an EIA changes more than a fixed annuity, but not as much as a variable annuity.

EIAs have a minimum guaranteed interest rate which they combine with an interest rate linked to a market index. Because the interest rate that the insurance company pays you is guaranteed, EIAs carry less market risk than variable annuities, whose interest rates change with the investment options you choose. When the stock market is rising, EIAs may earn returns better than traditional fixed annuities, whose interest rates are fixed and guaranteed.

²Please note the application of surrender charges could result in a loss of principal, the minimum guaranteed return may be 0% and investment return based on market increases may be capped. The guaranteed account value of an equity-index annuity only applies if the annuity is held until the end of the contract term and that loss of principal is possible if the annuity is surrendered before the end of the contract term. Equity index annuities are not FDIC-insured, unlike index-linked CDs. Guarantees are subject to the claims paying ability of the issuer. A fixed annuity is only as good as the financial strength of the company issuing the policy.

³Investments in preferred stocks and bonds involve risks, including the possible loss of principal invested.