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An annuity, is a contract between you and the insurance company that requires it to make payments to you, either immediately or in the future. Once you fund your annuity, you can't just withdraw your money at any time without consequences. However, that money does get to grow on a tax-deferred basis. On the other hand, when you put money into a savings or brokerage account, you're can withdraw that money when and how you'd like. However, the income you earn from that money, whether it's interest from your bank, or gains from your investments, is subject to taxes immediately.

A LIRP is a permanent life insurance policy that mirrors many of the tax-free traits of the Roth IRA. A properly funded LIRP can provide large, tax-free, streams of income during the policyholder's retirement years. There is no income limit to a LIRP — unlike a Roth IRA, there are no earned income limits.

The short answer is no, however Inside an Indexed Universal Life Policy you have the option to pick from Various Indexed funds and indexeing strategies that best suit you.

Typically if an insurance company is going bankrupt another insurance company will buy them and their debt/policies out. The state guaranty association and guaranty fund protect consumers when and if an insurance company is declared insolvent. The association will transfer the insurer's policies to another insurance company or continue providing coverage itself for policyholders. This is why it is important to work with Licensed professionals.

Much like an ROTH IRA or 401K you will face a 10% penalty for withdrawing an annuity prior to 59 1/2. If you take out your money too soon, you could be subject to surrender charges, as well. However, there are Life Insurance policies that can solve for early retirement.

Unlike traditional retirement accounts like 401(k)s and IRAs that offer tax-deferred growth, annuities don't come with an annual contribution limit. If you want to exceed the current IRS contribution limits for 401(k)s and IRAs, you might consider an annuity.

Annuities offer tax-deferred growth, in the event your annuity increases in value year after year, you won't pay taxes on that growth until you actually start taking withdrawals. Furthermore, annuities can help protect you from the one thing most retirees fear most: outliving their money.

Life insurance varies in cost with the main factors being Age and Health, A simple term policy can cost as low as a cup of coffee per month and increase based on coverage and other variables.