Last Updated: September 3, 2025
An
annuity is a written contract typically between you and a life
insurance company in which the insurance company makes a series of regularly spaced payments to you in return for a
premium or premiums you have paid. An annuity is not life insurance. A life insurance policy provides benefits to your family if you die. An annuity helps you accumulate money for future income needs. The most appropriate use for income payments from an annuity contract is to fund your retirement.
This guideshould be used primarily to help you make choices when buying an annuity and to help you understand annuities as a source of retirement income. In addition, this publication
- Explains the different types of annuity contracts
- Describes the various contractual features
- Discusses how to shop for an annuity
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File a Complaint
If you have a specific
complaint about your insurance, refer it first to the insurance company or agent involved. If you do not receive satisfactory answers, contact the Office of the Commissioner of Insurance (OCI).