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Pennsylvania Insurance Commissioner Jessica Altman said her department has gotten more than $117,000 in restitution for 25 Pennsylvania consumers victimized in a major annuity scam.
Perhaps, the earliest definition of annuity was given by Sir Edward Coke, during his incumbency as Lord Chief Justice of the King's Bench (1613-1620) in England: 'A yearly payment of a certain sum of money granted to another in fee, for life or years, charging the person of the granter only.'
The updates reflect the company's commitment to providing a tailored set of annuity and life insurance products that respond directly to the needs of financial advisors, and the clients they serve, across market environments.
What might be considered the purest type of annuity is a contract with an issuer, often an insurance company, for a stream of cash flow.
Regulatory uncertainty and low interest rates have pounded annuity sales over the past 18 months.
After strong results in the first three quarters, fixed annuity sales fell 13 percent to $25.7 billion in the fourth quarter.
Options are limited from the annuity holder's perspective, so profits are generally less volatile in the short term.
(NYSE: VOYA) has expanded its suite of fixed index annuity products that includes the Voya Quest 5 Index Annuity, Voya Quest 7 Index Annuity and Voya Quest Plus Index Annuity, the company said.
DHS argued that an annuity must have a term of at least two years in order to qualify; that the annuities were not actuarially sound because they did not correspond to the plaintiffs' life expectancies; and that they should be treated as trust-like devices rather than annuities.
I was inspired to draft a quick 100 pertinent annuity facts.
Just as retirees can roll over their 401(k) plan account balance to an individual retirement account, they may also roll them over to an individual retirement annuity, leaving the selection of the IRA provider up to the participant.
This author's May 2012 CPA Journal article, "Choosing an Annuity: What Accountants Need to Know," remains a comprehensive primer on the various types of annuities available to individuals and discusses in detail estate and income tax treatments of those annuities.
Interest rates are one of the key determinants of annuity rates.
Propelled by an improved interest rate environment, second-quarter fixed annuity sales posted sequential gains for the first time in two years.