What is a tax deferred annuity? It is a tax-advantaged product issued by an insurance company where long term financial needs can be solved better than with most other financial alternatives.


Safety? Yes, insurance companies are the only financial institutions that may underwrite and issue annuity contracts. Fixed Annuity values are backed by the general assets of the insurance company. The Department of Insurance in the state must issue licenses to the insurance company and their agents who solicit business in the state. Companies may also issue fixed interest Annuity plans with guaranteed interest rates or at least minimum guaranteed rates. Indexed annuity plans may be tied to the market with no market downside risk. Annuity plans can also be set up to so you receive a pension you cannot outlive.



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KCL Insurance or Ken Lickel does not provide tax advice. The material provided is for informational purposes only. Please consult your tax or legal adviser for questions concerning your personal tax or financial situation.

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How much life insurance do you need?


Here's some questions to ask yourself:


  • How much of the family income do I provide? If I were to die early, how would my survivors, especially my children, get by? Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
  • Do I have children for whom I'd like to set aside money to finish their education in the event of my death?
  • How will my family pay final expenses and repay debts after my death?
  • Do I have family members or organizations to whom I would like to leave money?
  • Will there be estate taxes to pay after my death?
  • How will inflation affect future needs? 


As you figure out what you have to meet these needs, count the life insurance you have now, including any group insurance where you work or veteran's insurance. Don't forget Social Security and pension plan survivor's benefits. Add other assets you have: savings, investments, real estate and personal property. Which assets would your family sell or cash in to pay expenses after your death?


What is the right kind of life insurance?


All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living. Your choice should be based on your needs and what you can afford.


There are two basic types of life insurance:  term insurance and cash value insurance. Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income.