Monthly Archives: October 2013
Many retirement and investment plans include a variable annuity, and you may be unfamiliar with what that is. It is smart to educate yourself on some of the basics before enrolling. Here is a quick guide to a few things you will want to know about variable annuities:
1. What is it?
In simple terms, it is a contract between you and your insurance company. You purchase the initial contract by either making a large lump sum payment or either through a series of smaller payments and the insurance company agrees to make payments to you periodically, either beginning right away or in a future date.
Variable annuities offer the purchaser different investment options, typically mutual funds. There are some differences though between a typical mutual fund and variable annuities, including that you receive periodic payments with a variable annuity, death benefits as well as tax deferment options.
2. How do they work?
There are two phases for variable annuities, including an accumulation phase where you complete purchase payments and choose to allocate to different investments. The payout phase is where you receive your purchase payments and any additional investment gains either as a lump sum payment or through a periodic payment plan.
3. Ask a lot of questions
Variable annuities may be a completely new or foreign topic to you so when you meet with a professional remember to ask a lot of questions to help your understanding. Financial experts have a responsibility to accurately advise you on your financial options and to make sure the products they are selling are suitable to your needs. Make sure you provide them with as much information as possible so they can make an informed recommendation.
Before you purchase a variable annuity, try to learn as much as you possibly can about them. Do your own research or talk to a financial professional about how they work, the different benefits they can offer and any associated charges you will be responsible for paying.
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Admiral Yacht Insurance was founded in 1992, as a personal response by managing director Robert Holbrook to the need for a flexible insurance service for cruising sailors and others. It now specialises in insuring large motor and sailing yachts. The company covers a wide range of geographic areas, from northern Europe to Mediterranean, from south east Asia to the Caribbean. It also extends its cover to blue water cruisers, making long voyages.
The Admiral Yacht Insurance company also enjoys a long-standing association with the Atlantic Rally for Cruisers, also known as the ARC. This has helped boost the company’s specialist knowledge, meaning that they can provide expertise when it comes to long-distance cruising, and the issues which affect sailors. This is indeed a distinctive and useful product, baked up by the personal touch.
Admiral also prides itself on the speed and efficiency with which it deals with customer claims. Applications for cover can be dealt with either online or over the phone, adding convenience and flexibility to the service on offer. Indeed, nine out of ten claims, on average, are settled with no need to consult the company’s underwriters. For speedy, efficient and knowledgeable service, there are few better companies to choose than Admiral.