An annuity is a financial product that provides a series of payments made at regular intervals, typically used for retirement income. You can purchase an annuity with a lump sum or through a series of payments, and it can offer tax-deferred growth.

Unlike other investments, annuities provide guaranteed income for a specified period or for life. They offer tax-deferred growth on your earnings and can include features like death benefits and living benefits, making them a unique option for long-term financial security.sickness insurance offers benefits regardless of your earnings. This coverage provides fixed cash benefits to help cover expenses, ensuring you have financial support during recovery.

Yes, annuities may come with fees, including administrative fees, surrender charges for early withdrawals, and mortality and expense risk charges. It’s important to review your specific annuity contract to understand any potential fees and how they might affect your investment.