Annuity
An annuity comes in many forms, but a simple definition is that an annuity is a contract that converts a sum of money into a series of periodic payments for an agreed upon period of time. An annuity can be thought of as a financial vehicle that converts a pool of money into a stream of income. Annuities are most useful in addressing the financial planning needs of people in or approaching retirement. Annuities are unique in the financial world because they can provide protection against the risk or outliving one’s assets (longevity risk) by guaranteeing income payments in perpetuity or any other selected amount of time. Annuities can be viewed as a type of personal pension plan. Social Security is similar to an annuity in that money contributed over the course of one’s working years is converted into a series of periodic payments that provide income during retirement.
Gleaner Life
Gleaner Life Insurance Society is a company that has, since 1894, offered its clients financial advising and planning through the use of life insurance, annuities, IRAs, and other benefits. As a fraternal beneficiary society, Gleaner Life has been owned and governed by its members who are dedicated to making a difference for individuals and the communities in which they live and serve. Products offerings include: