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All About Annuities » The Pros and Many Cons of Variable Annuities

The Pros and Many Cons of Variable Annuities

The Pros and Many Cons of Variable Annuities
News from ABC News:

If you’re middle-aged or older, there’s a good chance that a financial services company will contact you about a variable annuity. These highly complex products are often said to be sold, not bought.

Annuities are basically the opposite of life insurance. With life insurance, you pay periodic premiums, and your beneficiaries receive a lump sum when you die. With annuities, also offered by insurance companies, you invest a large lump sum up front to get growth and protections on your investment.

Variable annuities are opportunities to invest in subaccounts that are essentially clones of mutual funds. With any annuity, the idea is to ultimately access the growth of your investment or pass it on to your heirs. The amount of growth — and how and when you can access your money — depends on the terms of contracts that can run hundreds of pages.

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