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.
First SunAmerica Life Insurance Company is an indirect subsidiary of SunAmerica Life Insurance Company and a wholly owned direct subsidiary of American International Group Inc. It was founded in 1978 and is located in New York City.
First SunAmerica Life Insurance Company is engaged in selling and administering annuity products for retirement savings. It offers fixed and income annuity contracts in New York, New Mexico, and Nebraska. Below is an overview of the products offered by First SunAmerica:
EquiTrust Life Insurance Company is located in West Des Moines, Iowa and was founded in 1966. As of April 2011, Equitrust operates as a subsidiary of FBL Financial Group, Inc. The product range offered by EquiTrust to individuals includes fixed and indexed annuities, mutual funds and life products. The description of products offered by EquiTrust is as follows:
Index Annuities: EquiTrust offers normal indexed annuities as well as indexed annuities with bonus option that is paid over a specified period of time along with the interest.
West Coast Life Insurance Company was started in 1906 in San Francisco with industry veteran Dr. George A. Moore as the president of the company. In 1997, West Coast Life Insurance Company merged with the Protective Life Insurance Company and now it operates as its subsidiary.
West Coast Life offers term life insurance, universal life insurance, survivor life insurance, and annuity products to individual customers. The description of their products is as follows:
Farm Bureau Financial Services was started to support the members of the Iowa Farm Bureau Federation, more than 70 years ago. Today, Farm Bureau Financial Services companies that include the Farm Bureau Property & Casualty Insurance Company and Farm Bureau Life Insurance Company serve the insurance needs of both the rural and urban population.
