If you want to find out more about a variable annuity read through the main points of the article below and hopefully you will have a better idea of what a variable annuity has to offer.

An annuity is available with a variety of different options, making them ideal for a range of different personal circumstances. For example, you might want to take out a single-life or joint-life annuity. A single-life annuity gives you a monthly income for the rest of your life and stops on your death; whereas a joint-life annuity will carry on paying your spouse after you have passed on. There is even choice as to how much is paid out; as you may want half or even two thirds of the original income to be paid to your spouse. There is even inflation proof annuity.

If you have health risks or certain lifestyle choices have reduced your life expectancy then you may be interested in taking up a more unique insurance policy. This is very useful if the lifestyle you lead, for example smoking or drinking, makes it possible that your life cycle will decrease compared to the average person. Some of the other medical conditions that may make you eligible for this type of annuity include obesity and various forms of degenerative disorders. As a result, if you fear that you may not reach the age of 75 then you may still be able to benefit from an annuity you are associated with.

If you do take out an annuity then in the event of your death before you reach the appropriate age your loved ones can benefit from annuity protection. If you choose this option, a spouse of family member can be entitled to a lump sum upon your death. However, this would be subject to a tax charge; it does however mean that your cash will not be lost and that your family and loved ones will receive some form of financial support. This feature means that an annuity can help your family to pay for your funeral ceremony and can help towards reducing the stressful nature of the situation.

Thanks to a policy you will find that many providers will be able to offer you greater value for money. So if you are interested in an annuity then it is a good idea to shop around and look at what is on offer and how it suits you. Firstly, you could talk to your pension provider, discuss your options and only then research the market. For your research you may decide to contact different companies or utilise an online service to list rates and best deals. You may like the information on variable annuities at investmentsense.co.uk could be a great starting place.

One of the main positives of a retirement annuity is that it allows you to have the consistent security of a fixed income, which you will be given in place of your usual pension This gives you the peace of mind that comes with knowing exactly how much money you will have at your disposal; you will then be in a much more suitable position to budget. Thanks to this, having an annuity is similar to having a fixed wage; which means that you will have the security and safety that you are used to.

The points above should give you an indication of what kind of benefits a variable annuity can offer, which may help you if you are thinking about opening a new savings account.