An annuity provides a stream of income from an insurance policy, which can be sold entirely, or just a portion of. Giving the owner or beneficiary of the annuity the ability to acquire the entire amount or part of its stream of payments.
At first it may be suitable to receive monthly payments from an annuity. But life sometimes brings changes that you weren't expecting.
Your financial situation can change quickly with a major medical event that brings on major, unexpected medical bills. Maybe you want to pay off your mortgage or help a loved one with theirs.
Whatever the reason, it's important you have the option to get out of the monthly payments and receive a lump sum payment.
