Also called income annuities and pension annuities, and are the original design of the annuity that dates back from the Roman times. Annuity comes from the word “annua” which means payments, and Roman soldiers and their families were paid a lifetime income stream from these types of annuities. This simplistic and efficient structure exists to this day, and is still arguably the best value and pro-customer annuity available.
Most people are vaguely familiar with annuities, and many have been pitched an annuity from an advisor or on the internet. What needs to be answered before you start falling for the too good to be true sounding sales hype is a very basic, but critical question; "Do I even need an annuity?"