Annuity – Florida Annuity and Insurance Fraud Litigation Attorney

Annuity – Florida Annuity and Insurance Fraud Litigation Attorney

This post is designed to provide a general definition of the word annuity. It is being provided for general educational purposes only. Thus, it is not designed to be complete in all material respects. If the reader has any questions concerning the contents of this post, he or she should consult a qualified professional.

An annuity is a form of contract sold by life insurance companies that guarantees a fixed or variable payment to the annuitant at some future time, usually retirement. In a fixed annuity, the amount will be paid out in regular or a lump sum payment, with the former varying only with the payout method selected. In a variable annuity, the payout is based on a guaranteed number of units; unit values and payments depend on the value of the underlying investments. Currently, all capital in the annuity grows on a tax-deferred basis.

Key considerations when buying an annuity are the financial soundness of the insurance company, the returns it has paid in the past, and the level of fees and commissions paid to the salesmen. A separate, highly important issue that should always be reviewed when considering the purchase of an annuity, is the surrender change one must pay if the policy is terminated before it maturity. The surrender charge varies, by among other things, the insurance company, whether or not any bonus payments have been made, and what other unique benefits may be associated with the contract.

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At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.