What Will We Cover in this Annuity Review?
In this annuity review, we will be covering the following details regarding the Western & Southern Income Source Immediate Annuity:- Product type
- Fees
- Current rates
- Realistic long-term return expectations
- How it is used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in. We make the complex, simple.
If you’ve been considering the purchase of an immediate annuity because you have a lump sum of money that you want to convert to an income stream – and you want to assure yourself that the income you receive will last for the remainder of your lifetime – then the Western & Southern Income Source Immediate annuity could be a viable option for you. But, before you run out and make a long-term financial commitment to this product – or to any annuity, for that matter – it is imperative that you first get a good understanding of just exactly how this annuity works, and how it may or may not work for you and your specific financial needs and goals. Throughout the past decade or so, annuities have become quite popular. And immediate annuities have been very attractive to retirees. One key reason for this is because over time, the defined benefit pension plan has been disappearing, in turn, leaving the responsibility of ensuring lifetime income up to the individual (as versus the employer). The good news is that an immediate annuity can provide you with the ongoing income that you need – and in many cases, these products may also allow income to last for the remainder of your spouse’s life as well. But an annuity is also a very long-term commitment – and, once you make the decision to convert that sum of cash into income, there is no turning back…even if you need the money for an unexpected financial emergency. With that in mind, it is essential that you first read the fine print about any annuity you are considering. This can help you to anticipate how the product will really work – and what you might need to give up in order to take advantage of the product’s guarantees.
Annuity and Retirement Income Planning Information You Can Trust
If this is your very first visit to our website, allow us to welcome you here to AnnuityGator.com. We are a team of experienced financial pros who are highly focused on offering the most comprehensive, and unbiased, reviews of annuities. We’ve been at this for many years – much longer than our competitors, and so we have become a well-known source of annuity information. With that in mind, if you’ve been in the process of looking for more information about annuities via the Internet, then it’s a good possibility that you have noticed there’s a lot of conflicting information out there about these products. This, however, isn’t really a surprise, because there is also a great deal of confusion about how they work, and which type may be best for certain circumstances. You may also have attended an annuity seminar or workshop recently where, in return for a free dinner or lunch, you were provided with details about the Western & Southern Income Source Immediate Annuity, or some other similar financial product. Attending this seminar may even be the catalyst that has ultimately led you right here to our website. But even though there are a plethora of websites that market their annuities to consumers, there are a fair number of these sites that will attempt to “lure” you in by making very enticing claims like:- High-income payments
- Lowest annuity fees
- Guaranteed lifetime income
- 7 – 8% Rate of Return
Western and Southern Income Source Immediate Annuity at a Glance
Product Name | Income Source Immediate Annuity |
---|---|
Issuer | Western and Southern Life |
Type of Product | Single Premium Immediate Annuity (SPIA) |
S&P Rating | AA (Very Strong) |
Phone Number | (866) 832-7719 |
Website | https://www.westernsouthernlife.com |
Opening Thoughts on the Western & Southern Life Income Source Immediate Annuity
Western & Southern Life Insurance Company (also simply referred to as Western & Southern Life), has more than 125 years of experience in the insurance and financial industry. The company offers a long list of high-quality products that can help clients with growing and protecting wealth, including life insurance and annuities. This insurer has earned numerous awards and accolades over the years, including:- 2017 Military Friendly Employer and Military Friendly Spouse Employer Designations
- Veteran Friendly Employer
- DALBAR’s 2014 Financial Services Communications Seal
- Standard & Poor’s – AA (Very Strong)
- A.M. Best Company – A+ (Superior)
- Fitch Ratings – AA (Very Strong)
Before getting into the nitty-gritty details, here are some necessary legal disclosures…..
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Western Southern Life has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners. For additional information on how to compare fixed annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report.How Western and Southern Describes the Income Source Immediate Annuity Product
The Income Source Series of single premium annuities (SPIAs) let you convert your saved assets into guaranteed income for as long as you choose – either a set number of years or even for the rest of your lifetime. Income Source features include:- Communication Options (which provide cash access and control)
- Cash Refund
- Increasing Payout Option
- Temporary Life
How an Insurance or Financial Advisor Might “Pitch” this Annuity to their Customers
Most people are thrilled when they receive a guarantee. This is especially true when it comes to financial issues. The Western and Southern Income Source Immediate Annuity can provide you with guarantees when it comes to your income in retirement. This includes giving you an income stream that lasts for the rest of your life – regardless of how long that may be. You may also add a second income recipient to this contract, such as your spouse. Today, because most retirees are concerned about running out of income, it is likely that an insurance or financial advisor who is offering this annuity will key in on the income guarantee that it provides. But, even though this may ease your concerns regarding having income for the remainder of your lifetime, the reality is that there are some things about this annuity that may make it not so ideal for you. For example, first, once the annuity has been converted to income, the decision is non-reversible. This means that you will not be able to dig into your lump sum of cash – even if you have a financial emergency. Given that, it is imperative to keep in mind that the purchase of an annuity is a long-term decision.What About Any Taxes and/or Fees on the W&S IncomeSource Immediate Annuity?
You could also face some taxes and/or fees on the Income Source Immediate Annuity from Western and Southern. Here, if you purchase an immediate annuity with after-tax dollars, then each of your annuity income payments that are made will consist of both a taxable income portion and a return of premium portion (which is non-taxable).The Annuity Gator’s End Take on the Western & Southern Income Source Immediate Annuity
Where this annuity works best: Although an immediate annuity might not be the best option for everyone, the Western and Southern IncomeSource Immediate Annuity could be a viable alternative for you if you:- Are entering retirement or you are already retired
- Are concerned about outliving your savings and your income
- Have other retirement resources that can be invested for growth
- Want to also provide an income stream for your spouse
- Have less than $10,000 to deposit
- Feel that you may need some (or all) of your funds for potential emergencies
- Do not plan to use the annuity for income