Variable Annuities
No book taking up the subject of professionally managed assets (PMAs) could be complete without a detailed examination of annuities and, most notably, the deferred variable annuity. Such is the purpose of this chapter.
Annuities are a product issued and backed by a life insurance company. They are a risk-management tool purchased primarily by retirees to ensure against the risk of superannuation (outliving one’s accumulated retirement funds). In exchange for a cash (premium) payment to an insurance company, which then invests the payment, the owner (aka annuitant) receives a systematic liquidation of the principal and interest ...
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