If you are thinking about buying an annuity online, all you have to do is perform a quick Google search and you will likely come across dozens of websites that are more than eager to sell you a product on the spot.
Unfortunately, though, it can be difficult at best to know whether or not the annuity you are purchasing is the best option for your short and long-term needs. These financial vehicles can come with a long list of “moving parts.”
So, if you miss something in the “fine print,” you could find yourself in an expensive predicament where you either stick with the wrong annuity in your portfolio or you pay hefty surrender charges and recoup at least some of your original money back.
Neither of these options sounds very enticing, though!
Just like most any big-ticket purchase, doing some initial research and getting good advice can help tremendously in knowing whether or not you are moving in the right direction… which is especially critical if you are making an annuity purchase from your computer as versus sitting across the desk with an experienced financial professional who can guide you along the way.
Tips for Buying an Annuity Online
The amount of information about annuities (and other financial products) online can be nothing short of overwhelming. That’s why it is important to follow a few key tips when you buy an annuity over the Internet. These include:
- Getting more than one quote
- Knowing what you are purchasing
- Buying from a reputable insurance carrier
- Working with an annuity specialist
Getting More Than One Quote
Similar to most other types of tangible and intangible products, all annuities are not priced the same – even if they offer the exact same benefits. That’s why it is recommended that you get more than just one annuity quote before you make a purchase.
Knowing What You are Purchasing
It is also essential that you have a good understanding of what it is that you are getting. There are many different types of annuities – and they can all be very different in terms of risk, reward, and return. So, be sure that you do an ample amount of research prior to moving forward.
Buying from a Reputable Insurance Carrier
There are literally hundreds of insurance companies that offer annuities for sale. The guarantees that are offered by annuities are based in large part on the financial strength and stability of the insurance carrier.
With that in mind, make sure that you review the ratings that are given to the insurance company by one or more of the insurer rating agencies – A.M. Best, Standard & Poor’s, Moody’s, and Fitch. These ratings will also help you determine whether or not the insurer has a reputation for paying out its claims to its policyholders.
Working with an Annuity Specialist
One of the best things you can do before you purchase an annuity online is talk with a retirement income or annuity specialist. While there are many financial advisors in the marketplace, not all of them are well-versed in income planning for retirement.
An annuity specialist can walk you through exactly how a particular product works so that you know what you can (and can’t) anticipate from it. You can also compare different annuities in order to better determine which best fits your specific needs and objectives.
Are You Ready to Buy an Annuity Online?
If you’re ready to buy an annuity online, but you aren’t sure how to get started, contact Annuity Gator and chat with one of our experienced retirement income professionals. At Annuity Gator, we have developed a process that allows you to easily and quickly research annuities directly from your computer.
We are also happy to answer any questions that you may have and can review annuities that you currently own in order to give you an idea of whether or not they are performing as you expected them to.
So, feel free to reach out to us by calling (888) 440-2468 or sending us an email through our secure online contact form. We look forward to helping you find the right annuity for your specific needs.
