When someone is shopping for an annuity for life, it can mean multiple things based on their understanding of annuities. Usually they are looking for either an immediate annuity or a deferred annuity.
If someone is looking to put money into a product and start to draw income immediately, they would be looking for an immediate annuity. With an immediate annuity, people give the insurance company money in return for a guaranteed income stream for life. In the past this could be a bad deal for a consumer if they died prior to their life expectancy but now most annuities come with a guaranteed return of premium feature to avoid this problem. The most competitive immediate annuities change on a monthly basis but these companies usually are among the most competitive….. Genworth, The Standard, Lincoln, Equitrust, American Equity and Great American. They commonly have some of the higher immediate annuity payouts Read more