Consumers can be faced with several difficult and challenging decisions as they approach their retirement years. For some of these consumers, the decisions to be made do not only affect them individually but also have an impact on their family, or beneficiaries. For some, investing in a guaranteed income can be the best choice to ensure that once they have passed away, their loved ones will still be able to maintain their lifestyle.

A guaranteed annuity operates in much the same way as a regular conventional annuity. That is to say, with a guaranteed annuity, an insurer agrees to pay out a guaranteed income to the consumer for a predetermined period of time, usually for the remainder of the consumer’s life. With a guaranteed annuity, the income is paid out for the entirety of the consumer’s life, but if the consumer dies and early death within the designated guaranteed period, the income is then paid out for the remaining balance of that guaranteed period, to the consumer’s beneficiaries.

The guaranteed annuity can work for nearly every consumer but is best matched with those consumers who are concerned with taking care of their loved ones, even after they have passed away. For this specific consumer, the guaranteed annuity can be the best choice. It also works best for those consumers who have been the breadwinners, or those who brought in the most income, for their families. For this specific group of consumers, their income has been depended upon and therefore, investing in a guaranteed annuity can ensure that income is still guaranteed.

This specific kind of retirement annuity, the guaranteed annuity, provides this extra and unique benefit to consumers. For those who are looking to take care of their loved ones, even after their death, a guaranteed annuity can provide the necessary safeguard for families. Because each consumer has different needs, it is important to get independent financial advice on which annuity is the best option and which annuity will provide the necessary coverage. However, for those who are looking to protect their loved ones, the guaranteed annuity is most often the best option. There is some kind of serenity and comfort associated with investing in the guaranteed annuity as the consumer is able to rest assured that their family members and beneficiaries will be taken care of, even after they have passed away.