Annuity Investment Good Idea Or Rip Off?

Annuity Investment – Good Idea or Rip Off?

by

Joe William

Most people don’t realize they are purchasing a annuity when one of their policies mature. The salesman for the insurance company will most likely tell you that your policy has matured and it is time to renew. By signing on the dotted line you are actually taking your proceeds from one policy and purchasing a new one.

What you might not realize is that when purchasing these policies, you would gain more by having the same amount of money in an interest bearing bank account. However most the time by law this money has to be invested in an insurance company, or face large penalties by the IRS. Your best bet is to shop around with different insurance companies. The insurance salesman won’t usually disclose this to you. You might want to look into investing in a way that does not include an annuity in the first place because once your money is in the annuity it has to stay there until retirement. Always remember when shopping for a annuity to carefully study each company and get the best policy for your needs. Is your annuity a rip off or not?

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Annuity Investment – Good Idea or Rip Off?