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Insurance - Financial Basics

What fees are associated with Variable Annuities in my 401(k) plan?

Insurance companies offer a range of investment alternatives for 401(k) plans through a group variable annuity contract between an insurance company and an employer on behalf of a plan.  The

I can choose a single life annuity for my pension or a joint and survivor annuity. Which is better?

It depends on your circumstances.

I bought an annuity a few years ago, but I don't want it anymore. Is there a way to get rid of it?

You can cancel your annuity at any time. However, you may have to pay an early cancellation fee known as a surrender charge.

Can I change my annuity for one with a better interest rate?

Yes. However, to receive favorable tax treatment, the exchange must satisfy the requirements of a Section 1035 exchange.

Can I use life insurance to help me save for retirement?

If you're close to retirement and already have a life insurance policy with sufficient cash value, you can use that cash to help finance your retirement.

What are the pros and cons of buying life insurance through my employer?

Many companies offer their workers employer-sponsored life insurance coverage as part of their employee benefits package.

I'm confused--is an annuity an investment vehicle or an insurance policy?

An annuity is a distinctive financial product. Although it's not an insurance policy per se, it is a contract with an insurance company.

How can I reduce the cost of life insurance?

The price you pay for life insurance depends on your age, your health, and your lifestyle. However, there are ways to lower your insurance premiums. The following are some simple suggestions.