What is an annuity?  An annuity is simply defined as a series of periodic payments contractually guaranteed for a specific period of time by an issuing insurance company.  Annuities are used to ensure periodic payments will continue for as long as you live, even if you run out of money!  Annuities insure you for living too long, whereas life insurance insures you for dying too soon.  Annuities and life insurance contracts are used to shift these "uncertain" risks to an insurance company.

Annuities can be purchased to provide "joint" life-time income for two lives.  This ensures income will continue for the longer living annuitant.  Although annuities are utilized to provide life-time income, they may also be used to provide guaranteed payments for a specified number of years (normally 5-30 years).

Unfortunately, a lot of confusion existis about annuities today because some major investment firms and financial advisors continue to slam annuities without any regard to what may be in the best interest of the investor.  Rather than encourage investors to consider whether an annuity may be an appropriate part of their overall financial, or retirement plan, they continue to misrepresent the nature and purpose for an annuity.  In their major TV and radio adverstisements, they imply annuities are not purchased for the client's benefit, but are sold by "greedy" representatives!

The sad fact is many of these firms not only misrepresent the financial and insurance services industry, but they encourage a one-size-fits-all investment strategy in non-guaranteed investments, which may not be in the best interest of every client.  They imply that all annuities have a higher cost, but never focus on how much they charge. 

Cross Financial Group focuses on matching the appropriate investment and/or annuity contract for each client.    We believe every client deserves to know the benefits and costs before they purchase an annuity contract.