Annuities can be categorized in various ways based on their purpose, payout structure, tax status, and payment method. Here are some common types:

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• Immediate Annuities: Provide regular payments for a specified period or for the rest of your life, using a single lump-sum payment. They are designed for immediate income but do not offer liquidity or growth.

• Income Annuities: Fixed or variable annuities that deliver a consistent monthly income. Typically purchased with a lump sum, these annuities are intended to provide stable retirement income.

• Deferred Annuities: Begin payments at a future date, often after a period of accumulation. Purchased with regular or single payments, these annuities are designed to provide income during retirement after accumulating value while the insured is still working.

• Fixed Annuities: Ideal for long-term investors seeking stability, fixed annuities offer a guaranteed interest rate and secure growth with no risk of losing principal. They provide steady, tax-deferred growth for retirement or savings.

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