An annuity is a contract regarded as an investment with an insurance company. Annuities provide opportunities to liquidate accounts in the form of systematic payments. Annuity payments can be received over a specific number of years, in a lump sum or in guaranteed payments for the rest of your life. Withdrawals are also available, but may result in a surrender charge.

Annuities are long-term insurance products primarily designed to provide retirement income. Early withdrawals from an annuity

may result in loss of principal and credited interest due to surrender charges. Guarantees are based on the claims-paying ability of the issuing insurance company.