The word "annuity" evokes emotion in the financial world. People have been blindly told to hate all annuities....regardless of the facts. Radio, print, TV, and internet ads repeat the "I Hate Annuities" slogan to the point that people actually repeat it. Ridiculous, and shame on the annuity industry for not combating this nonsense head on.
Annuities were first introduced in the Roman Times as a pension payment to the dutiful Roman soldiers and their families. The Latin word "annua" means payment, and is the origin of the word "annuity." Annuities have been sold in the US for a couple of centuries and are used primarily for lifetime income needs.
Annuities are the only product on the planet that can provide a contractually guaranteed lifetime income stream that will pay regardless of how long you live. The annuity industry has a monopoly on lifetime income. That's a pretty big deal considering that over 10,000 baby boomers reach retirement age every single day in the United States. And by the way, most of them are looking for lifetime income guarantees in addition to their Social Security annuity type payments.
Annuity products, regardless of type, are commodities that should be shopped with all carriers to find the highest contractual guarantee for your specific situation. Quotes change every 7 to 10 days, just like a gallon of milk...and you can lock those contractual numbers in during the application process.
Contact Stan The Annuity Man to receive quotes on all annuity types using his proprietary annuity calculators and live feeds. You can also receive his 6 Annuity Owner's Manuals for free and under no obligation.