As an investment product, an annuity is a long-term contractual agreement in which payment(s) are made to an insurance company agreeing to pay out a sum to you or your loved ones at a later date. People look at annuities to:

• Keep more of the money you earn today
• Know there might be income needed in retirement that traditional means will not cover
• Adding to your wealth tomorrow by saving today is appealing
• Worried about the shift in potential finances and are looking for a back-up plan