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Independent Review of the Western and Southern Income Source Immediate Annuity

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
  • Integrity Life AnnuiQuest, 1-Year GuaranteeFees
  • 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 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
Look familiar? While these claims can be inviting, the truth is that it is absolutely essential that you first make sure that they are actually true. This is particularly the case if you are seriously thinking about moving a large sum of your retirement savings into one of them. Whatever the reason is that you landed here on our website, you are definitely in the right place if you want to find out more about the Western and Southern Income Source Immediate Annuity. That’s because we provide all of the details and resources, including not just the good, but also the bad and the ugly. This is really the only way that you will be able to make a truly well-informed buying decision (or alternatively, making the decision to pass on this annuity, and move on to something else that may be more suitable for your specific financial goals). This annuity review is provided here for you in order to help you ensure that you’re moving in the right direction with this (and/or other) annuity and to guide you in what to look for in terms of the pros and the cons. So, if you are ready to get started, let’s go!

Western and Southern Income Source Immediate Annuity at a Glance

Product NameIncome Source Immediate Annuity
IssuerWestern and Southern Life
Type of ProductSingle Premium Immediate Annuity (SPIA)
S&P RatingAA (Very Strong)
Phone Number(866) 832-7719

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
The company is considered to be strong financially, and due in part to that, it has received high ratings from the insurer rating agencies. These include the following:
  • Standard & Poor’s – AA (Very Strong)
  • A.M. Best Company – A+ (Superior)
  • Fitch Ratings – AA (Very Strong)
Western and Southern Financial Group Distributors are affiliated with several issuers of life insurance and annuity products. The Issuers of the Income Source annuities are Integrity Life Insurance Company and National Integrity Life Insurance Company. Given that people are living longer lives (on average) today, knowing that you have a guaranteed source of income can be comforting – particularly if you have chosen the lifetime income option, which will provide you with an incoming cash flow for as long as you need it (as well as for the lifetime of another individual, such as your spouse, if you choose that option). However, even though it is nice to be able to count on a lifetime income stream before you move forward with a long-term, non-reversible financial commitment, there is some information that you need to know.

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
There are several different options for Income Source SPIA annuities – and each has a different set of current rates and factors that are used to determine your periodic income payments. The increasing payout options on the Income Source Immediate Annuity can help to protect your purchasing power. Because we are living longer in retirement these days, it is not only necessary that you have long-term income, but also income that rises to help you keep pace with inflation and the rising prices of the goods and services that you need to purchase. Here, if you select the increasing payout option, your annual payouts over the length of your income stream can increase by a compounded interest rate of 1% to 5% – and there is no percentage or dollar limit to the maximum increase. You can also access cash in the form of a lump-sum payout in certain cases. Here, the “commuted” value is the present value of future payouts. Commutation benefits – which are automatically included in this contract – provide liquidity if unanticipated needs arise and you need cash. This computation can also be taken multiple times (although it is not available with all of this annuity’s income payout choices).   On top of being backed by an issuer that has a 96 out of 100 Comdex ranking, this particular annuity has also received some third-party kudos, as Barron’s magazine ranked IncomeSource near the top in many SPIA payout scenarios. (Source: Barron’s, June 26, 2017). If you want to take a peek at the Income Source product brochure you can do so HERE.

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
Where it works the worst: Even though the IncomeSource Immediate Annuity offers some nice benefits, this particular annuity may not be for you if you:
  • 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

In Summary

If you have been thinking about purchasing an immediate annuity, but you still are not sure whether or not you should move forward because you just don’t know if this is the right product for you, then it is essential that you attain a deeper understanding of how this annuity works, and how it could fit in with your overall financial needs and goals. We can answer any of the additional questions or concerns that you may have regarding the Western & Southern IncomeSource Immediate Annuity. So, please feel free to reach out to us directly here. The good news is that if you are leaning towards this annuity, you can be assured that you will receive ongoing income for as long as you may need it, regardless of how long that may be. (Depending on the income option you choose, you may also be able to ensure that another individual, such as your spouse, will also have an ongoing and secure income source). Even so, however, the only way to really know whether or not this annuity will work well for you and your situation is to have it tested. We can perform this testing for you, using our annuity calculator, and we will provide you the results at no charge or obligation. If you are interested in this information, just simply let us know here through our secure online contact form.

Need Any Additional Information on the Western and Southern Income Source Immediate Annuity? Did You Happen to Notice Any Mistakes in this Annuity Review?

We realize that this annuity review was somewhat lengthy, so for that, we appreciate you sticking with us through here to the end. But our thought is, we would rather give you too much detail about a product than not nearly enough, as this is the only way to make a truly well-informed decision about it. So, if you feel that this annuity review was beneficial, please feel free to share it and forward it on to anybody else that you think may also be helped by it. We also understand just how fast financial and insurance product information can – and does – change. So, if you did happen to notice any information in this annuity review that was out of date or needs updating, please let us know that, too, so that we can get it revised as soon as possible. Are there any other annuities that you would like to also see reviewed? If you have been shopping for annuities, it is possible that you’ve been presented with several different options. So, if you’ve come across any other annuities that are not included in our review database, please let us know that, too so that we can do our research and analysis, and add it to our site. Best, The Annuity Gator

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