Can Young People Buy Annuities?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    Anyone can purchase an annuity as long as it is suitable for their situation and they have the money to invest.  In fact it is not a bad idea to have at least some of your portfolio in safe money investments such as annuities to help provide a cushion against the potential losses of the stock market.  Many Indexed annuities have shown a very competitive gain over a period of time.
    Answered on May 24, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Yes, but should they? Any investment or savings product should be purchased on the basis of a person’s risk profile and financial suitability. Defining what is young, may or may not be the issue. Most profile’s that identify a low tolerance for risk and a long term financial strategic goal for ultimate income, should consider fixed or indexed annuities. Those will higher investment risk threshold may want to consider variable annuities.
     
    Answered on May 24, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Can young people buy an annuity?  Yes, but they must meet height requirements for the purchase.. ;).  No, not really. Annuities do not have a starting age per se as a parent can take out a policy for a child under 18. An annuity is a contract so contract law would apply for a young person to purchase a policy by themselves, so 18 would be the starting age limit for individual purchase of an annuity.
    Answered on May 24, 2013
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