It is pertinent to address why this topic has been brought to the forefront. The most important factor is if you require an annuity and, if so, which type you must begin quoting. But another question folks frequently ask is, “What are you attempting to solve?”
PILL is an acronym that is employed in answering this question. The letter P stands for principal protection. I means to advocate for a lifetime income. The letter L symbolizes legacy, while the other letter L stands for long-term care or confinement care. So, there’s principal protection, lifetime income, a legacy, long-term care, and confinement care. This is the PILL.
You don’t need an annuity if you don’t need to legally solve for one or more of the elements in the PILL. It would be best if you never bound an annuity for a possible, hypothetical, theoretical, projected, back-tested, or hopeful scenario.
So, does everyone require an annuity? You already own an annuity. It’s known as Social Security it is the world’s best inflation annuity. And if you’re still not convinced, here’s what an annuity does.
A lifetime income stream annuity, such as a Single Premium Immediate Annuity (SPIA), pays a lifetime income stream for as long as you live. The older you are when you begin making payments, the greater the amount of those payments will be the older you are when you start making payments. Does this sound familiar? That is, after all, what Social Security is for. Refer to Social Security as a lifelong income stream annuity because it is a lifetime income stream annuity.
With 10,000 baby boomers turning 65 daily, a demographic tidal wave, most individuals are looking for contractual guarantees. They want a steady income for the rest of their lives. People search for transfer risk, lifelong income, and principal protection when they wake up in the morning. They might not get up and declare, “I need an annuity.” No, but they are searching for what annuities contractually provide.
In other words, they’re searching for an annuity.
Contact a financial professional to discuss how these annuities are priced, life expectancy, mortality credits, allocation, and proportion in your portfolio. Speak about tailoring an annuity approach especially for you, just for you and your spouse, just for you and your spouse and your children, or just for your mom or dad or anyone you’re trying to solve the problem for and putting a contractual guarantee in place.
There is never, ever, ever, ever, ever an urgent need to purchase an annuity. They are legal agreements. There is no pressing need to buy a contract at this time. The need to thoroughly comprehend what you are purchasing is more urgent.
You shouldn’t buy it if you can’t explain it to a nine-year-old. There’s no reason to buy one to get a bonus. There is no need to rush because this product will change. There is no need to rush because this sector will change. There is no rush. Period.
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