What is an annuity?
An annuity is an income stream based on a contract with an insurance company. Annuities can guarantee income for as long as you live—or as long as you choose.
- With an immediate annuity, you pay the insurer a single amount in exchange for a guaranteed, steady stream of income, beginning immediately or within a year.
- With a deferred annuity, you save over time and payments begin at some time in the future. You pay no tax on your earnings until you make withdrawals.
Fixed annuities pay a stated interest rate and guarantee the return of your principal with interest. You have no investment decisions to make. Current interest rates are 4.00% on Church Life's fixed deferred annuities, with a guaranteed minimum interest rate of 3.00%.
Why choose an immediate annuity?
For financial security, starting now. Perhaps you have received an inheritance or have accumulated IRA or other savings that can help fund your upcoming retirement. You can turn your asset into a guaranteed* income for the rest of your life.
Why choose a deferred annuity?
To save for the future, with tax advantages. Save for retirement without paying taxes on your earnings while you save. Tax deferral can help your account grow faster.
*Guarantees are subject to the claims paying ability of Church Life Insurance Corporation.
Life insurance and annuities are issued by Church Life Insurance Corporation ("Church Life"), an affiliate of the Church Pension Group. Church Life is solely responsible for its own financial condition and contractual obligations.
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