Columbia City Benefits Group has been selling financial products for over ten years and the professionals there help people every day plan their financial futures. Customers are always asking what financial product would be best for them – life insurance or annuities. There are a variety of factors to consider when purchasing financial products.
An annuity is a contract between the investor and the life insurance company. It is a vehicle used as a means for the investor to accumulate savings for their future. The investor pays a fixed amount every year for a fixed amount of time, and then is paid back with interest either in a lump sum, or by monthly payments. The money invested is tax deferred until the money is paid out.
A life insurance policy is similar to an annuity in a lot of ways, but the key difference is that it is structured to pay out to the investor’s dependants. Life insurance will replace the lost income from the deceased to insure their financial stability, and pay final expenses. It can also provide an inheritance for surviving family members. If the owner of a life insurance policy dies before the end of the term, his beneficiaries may be paid multiple times the amount paid in.
The professionals at Columbia City Benefits Group want to stress the fact how important it is for people to do something to prepare for their retirements, and/or death. Many people are not saving anything. The best course of action is to put 10 percent of income toward savings every month, just like paying a bill. When people pay themselves first, they can enjoy a comfortable lifestyle after years of hard work.
Most people know that it is good ideas to keep at least six months of savings on hand, but only a fraction of the people actually have. Columbia City Benefits Group has the right financial products for all types of customers. Some people don’t start saving until they are close to retirement age, and there are annuities and insurance policies better suited for those people. Some customers invest in annuities and life insurance.“It is never too late to start saving,” said Michelle at Columbia City Benefits Group. “I have had people come to me that were only five years away from retirement. They started putting 10 percent of their income away and now have built considerable nest eggs to supplement their Social Security income. Social Security by itself will only support a meager subsistence. I have financial products available that pay much better returns than a bank account, and are not risky life the stock market,” Michelle went on to say. Columbia City Benefits Group is located in Columbia City Oregon.