Lifeworth Annuity Services
Our Annuity Solutions
Fixed Annuities
A stated interest rate for a stated term — the insurer credits a declared rate for a set period.
- Rate is declared by the insurer, not tied to market performance
- Principal is not exposed to market losses
- Withdrawals above the contract’s free amount may incur surrender charges
Fixed Indexed Annuities
Interest linked to an index, with a floor — credited interest tracks an external index within limits set by the contract.
- Credited interest is subject to caps, spreads or participation rates
- You are not invested in the index and do not receive dividends
- A floor limits the loss of credited interest in a down year
Immediate Income Annuities
Payments that begin right away — converts a lump sum into a payment stream starting within about a year.
- Payments can run for a set period or for life
- Generally irrevocable once payments begin
- Payment size depends on age, deposit and payout option
Deferred Income Annuities
Income scheduled for a future date — funded now, with payments beginning on a date you choose.
- A longer deferral generally produces a larger payment
- Useful for covering a known future expense
- Access to the deposit is limited or unavailable during deferral
Independent guidance
Why Choose Lifeworth for Annuities?
An annuity is a long commitment, and the wrong one is expensive to undo.
Florida holds producers to a best-interest standard for annuity recommendations. We work to that standard by starting with your income needs, your existing accounts and how much liquidity you require — and by saying plainly when an annuity is not the right instrument for the money you are considering.
Ready to See Whether an Annuity Fits?
Let’s start with the income you need, not with a product.
No pressure, and no jargon — we will tell you when an annuity is not the right answer.
Speak with a Licensed Insurance Agent.
Annuity Questions Floridians Ask
Answers to Questions We Hear Every Day
Annuity Basics
Most annuities allow a free withdrawal each year — often around 10% of the value — and charge a surrender fee on anything above that during the surrender period. For a senior consumer age 65 or older, Florida caps that charge at 10% of the amount withdrawn and requires it to end after the 10th policy year, or within 10 years of each premium payment, whichever is later (section 627.4554, Florida Statutes).
Annuities are insurance contracts, not bank deposits. They are not FDIC insured, and every guarantee in the contract rests on the claims-paying ability of the insurer that issued it — which is why the insurer’s financial strength matters as much as the rate.
Growth inside an annuity is tax-deferred. When you withdraw, the gain is generally taxed as ordinary income, and a withdrawal before age 59½ may carry an additional 10% federal tax. This is general information, not tax advice — check with your tax professional.
It depends on the contract and the payout option you chose. Many contracts pay the remaining value to the beneficiary you name, and a named beneficiary is generally paid without going through probate. Gains are generally taxable to the beneficiary as ordinary income.
We are paid a commission by the insurer; you do not pay us a separate fee. Under section 627.4554, Florida Statutes, an agent recommending an annuity must act in the consumer’s best interest and may not place their own or the insurer’s financial interest ahead of yours.
Yes. According to the Florida Department of Financial Services, fixed annuities must provide an unconditional refund — including any contract fees or charges — for at least 21 days from the date the policy is delivered, and the same 21-day free look applies to indexed and variable annuities. Return the contract inside that window and your money comes back under the terms stated in it.
Every annuity article, by topic
Would you rather have figures than reading? Request an annuity quote — six questions, then a written comparison from more than one insurer.
How the products work
- How a fixed annuity works
- What a MYGA is, and how it compares to a CD
- How a fixed indexed annuity credits interest
- Immediate income annuities
- Deferred income annuities and QLACs
- Income riders: what the rollup rate buys
Costs, risks and honest questions
- Annuity fees and costs
- Surrender charges: the real term
- Can you lose money in an annuity?
- Are annuities safe?
- Why people say annuities are bad
- Are annuities worth it?
Income and timing
Taxes, transfers and rules
- How annuities are taxed
- Do annuities have RMDs?
- 1035 exchanges
- Rolling a 401(k) or IRA into an annuity
- What happens to an annuity when you die
Compared with other options
Florida rules and protections
Annuities are insurance contracts, not bank deposits. They are not FDIC insured and all guarantees are backed by the claims-paying ability of the issuing insurer. Contract terms, caps, participation rates and surrender schedules vary by carrier.
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Contact Our Team
At Lifeworth Insurance Agency, our goal is ensuring you have the proper coverage for you and your loved ones. Contact us today to learn more about how we can help secure your future.
This is one of the coverage areas Lifeworth Insurance Agency works in across Florida. See all services.