Annuity Income Rider: Payouts Can Differ
When purchasing an annuity with an annuity income rider, it is important to understand that payout amounts can differ based on the issuing company’s policy. Because payouts can differ between companies, it is important to choose the right company before you invest your money. Below are payout overviews from both Nationwide and Genworth so you can compare the two. This way you can make a more informed decision. An informed consumer is a smart consumer. We want to give you any and all the information you need to help you feel comfortable with your choices.
Nationwide’s annuity growth is based on interest earned. However, once income starts that income amount remains in effect for life. Therefore, a 55 year old making a $100,000 deposit, taking income in 10 years would receive $9,905 annually. This income would start from age 65 and continue through age 75. These payments would add up to a total payout of $108,955.
Genworth’s annuity growth is based on interest earned as well.
However, your income continues to grow with this plan. Additionally, the income amount grows respectively for life. Therefore, 55 year old making a $100,000 deposit, who takes income in 10 years would receive their annual payouts as follows:
65 years of age: $10,409
66 years of age: $10,409
67 years of age: $10,514
68 years of age: $10,514
69 years of age: $11,565
70 years of age: $11,565
71 years of age: $11,681
72 years of age: $11,681
73 years of age: $12,615
74 years of age: $12,615
75 years of age: $13,624
this adds up to a total payout of $127,192
We will be happy to give you more information regarding the purchase an annuity product. If you want to contact us, please either call the office at 203-796-5403 or email us at admin@croweandassociates.com.
Crowe and Associates is a full service brokerage that specializes not only in annuity products, but medical, dental, life, home as well as property insurance. Click here to visit our company website and learn more about our services.