Annuities are the reverse of life insurance – you get paid to live. They are available in many types and by many carriers, but they solve important financial problems.
Annuities are great for:
– guaranteeing a certain payout for lifetime
– parking a large amount of cash, like what you’d get from a settlement or a life insurance benefit
– starting now or in the future, depending on your age
– earning interest tax-free if they are held for a number of years