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Three generations of women
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LIFE INSURANCE

Life Term Insurance

  • Life Term Insurance provides life insurance protection for a specified period of time. Term life is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.

Whole Life Insurance

  • Whole Life Insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy.

Universal Life Insurance

  • Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts, and unbundled pricing structure. The savings element, premiums, and death benefit can be reviewed and altered as a policyholder’s circumstances change.

HOURS & LOCATION
Location

1610 14th Street NW, Suite 205B

Rochester, MN 55901

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Email-

Rebecca@LHI-Advisors.com

 

Tel: (507) 259-0037

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Hours

Monday - Friday 

8:00 am to 5:00 pm​

 

Evenings by Appointment

What kinds of annuities are there?

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There are different types of annuities, fixed, and variable. Here is how they work:

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  • Fixed (Guaranteed) Annuity. A fixed annuity is an insurance contract that pays a guaranteed rate of interest on the owner's contributions and later provides a guaranteed income.

  • Indexed Annuity. Also known as a fixed-index or equity-indexed annuity, features income payments tied to a stock index, such as the S&P 500.​​

  • Variable Annuity. A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you, beginning either immediately or at some future date. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments.

  • Qualified VS. Non-qualified Annuities. 

    • A qualified annuity is funded with pre-tax dollars. The entire distribution from a qualified annuity (contributions and earnings) is subject to ordinary income taxes.​

    • A non-qualified annuity is funded with after-tax dollar, meaning taxes on the money were paid before it goes into the annuity. Upon distribution, only the earning are taxable as ordinary income.

Why do people buy annuities?

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People typically buy annuities to help manage their income in retirement. Annuities provide three things:

  • Periodic payments for a specific amount of time. This may be for the rest of your life, or the life of your spouse or another person.

  • Death benefits. If you die before you start receiving payments, the person you name as your beneficiary receives a specific payment.

  • Tax-deferred growth. You pay no taxes on the income and investment gains from your annuity until you withdraw the money.

The information on this website is for educational purposes only. While we have taken every precaution to ensure all information is accurate, errors can occur. Life & Health Insurance Advisors, LLC assumes no responsibility for any errors on this page. Sources: Medicare.Gov & SSA.Gov & mnsure.org

What is an Annuity?

Annuities are used to offer a consistent flow of income commonly upon retirement. An annuity is a agreement between you and an insurance company that requires the insurer to make payments to you, either at once or in the future. You purchase an annuity by means of making both a single charge or a series of payments. in addition, your payout may additionally come either as one lump-sum payment or as a series of payments over time. 
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