Has anyone ever invested money in an annuity, and if so which company did you use?

Question

I HAVE JUST INHERITED A DECENT AMOUNT OF MONEY AND I'AM TRYING TO FIGURE OUT WHAT TO DO WITH IT WITHOUT BLOWING IT. MY LAWYER TOLD ME THAT I COULD INVEST IT IN AN ANNUITY, BUT I DONT KNOW WHAT COMPANY TO USE.

Answer 1

Hartford

Answer 2

Your lawyer probably sells (or gets a 'kickback' from someone who sells) annuities....unless you have already retired they are a terrible idea, though they pay the seller a tremendous commission.  You might think about getting a new lawyer...

Answer 3

I used to work for a company and sold an annuity to my parents and my grandmother. The company was right on and did everything they ever promised. Their service was fast and efficient. We are all pleased with the return and the way they handle business. I would recommend them to anyone without hesitation. They are Jackson National Life. To find an agent in your area, call 1-800 USE JNLI

Answer 4

Both AIG and Equitable are good choices however annuity accounts are not paying very well and you usually have to lock in for a minimum of 7 yrs to get full interest paid.  I would go with short term CD's and hope the market rebounds.

Answer 5

Yes, PLEASE read more before buying an annuity.

Simply they pay the worst returns of most any investments and my reading says they don't make sense unless you are making over $150k and need the tax deferral.

Answer 6

I suggest you read Yahoo Investing Answers for the next few days, as frequently people ask about annuities.  In fact, there is a question about 25 in front of yours - check it out.  Basically, everything I read says to stay away as far as you can from annuities.  There may be a Yahoo Group dealing with annuities.  Also, check meetup (dot) com for investing groups in your area.  Don't be in a rush to invest.  Take your time to check everything out.  The US economy should be fairly rough for the next 12 months.  Good luck.  Jack

Answer 7

I once worked for an insurance company and we would call around to get quotes for annuities for our clients, especially when they were getting large settlements. More likely than not, MetLife usually had the best rates.

Answer 8

The expenses on annuities are quite high compared to other investments, as are the commissions to the person selling the annuity.  Please consider alternative investments first.  If you must have an annuity, consider Vanguard to lower the amount lost on expenses.

Answer 9

Your lawyer is almost certainly a crook trying to make a fast buck exploiting your ignorance and you should change him. And please tell him I said so.

Annuities are legalized robbery, paying little more than a cash D/A and taking all your money in the end. But they pay huge commission to those who sell them and so there is no shortage of "advisers" recommending them. Steer well clear.

If you want income, invest in an "equity income" type mutual fund, preferably inside a Roth IRA, such as those offered by Vanguard. Give them a call and ask them to send you some brochures. It will start with about 3% - 4 % dividend but will keep growing every year to see you well in your old age and be there for your children and there children too. With annuities the capital disappears!

Beware, some annuities are camuflaged. Have nothing to do with anything containing the word "annuity".