One of the lines of business we don’t talk about much here at Benton White Insuranceare annuities. They can be a big part of generational wealth to you and those that remain after you are gone. It isn’t the money and investments itself, but the financial knowledge passed from parent to child that is very important. Giving children a starting point to learn about money and financial strategies in something like a deferred annuity is the first step towards a successful and financially literate future. With a constantly changing economy, financial literacy is key to success in any field. The future is unknown which makes sound financial investments all the more important especially with those dearests to us in mind.
Did you know that according to Forbes, in 2023, the median savings for Americans under age 35 was only $5,400? That may not be sufficient savings for all of life’s surprises. You can help your child or grandchild prepare for the future by opening a deferred annuity for them today.
A deferred annuity is a financial asset that helps plan for the future. Typically, people contribute to it over a period of time with the intent to use it during retirement to receive a stream of payments.
However, it also gives you access to cash value throughout the contract, subject to surrender fees and IRS regulations. This means that when you start an annuity for your child or grandchild, they get a head start on their retirement assets and will have access to money if they need it.
What makes this a great gift? Your children or grandchildren already have toys they will eventually outgrow. Annuities accrue interest daily and compound annually. So, it is a gift that truly will keep on giving. We can help you design a plan that you can pass along to those you leave behind that will grow as they age and help with their future.
A deferred annuity can be opened by parents or grandparents. The contributions are discretionary, meaning you can contribute to the policy as often as you would like over time. Just think: If you put in as little as $1 a day, it could help your child or grandchild feel more financially stable when they are older.
We’re here to help. TEXT or CALL us at 615.377.1212. You can also email us at info@BentonWhite.com. We have said for nearly 46 years – if it can be insured, we can insure it and we will service it too! Let us know how we can ‘earn your business!’
