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Retirement & Legacy
Retirement Income: Insurance-Based Options for the Years Ahead
Insurance-based options, such as annuities, that some people consider when planning retirement income.
What it is
Retirement Income in plain language.
Insurance-based options, such as annuities, that some people consider as one part of planning for income in retirement.
What it does not do
An annuity is not a bank deposit and is not FDIC insured. It is not suited to money you may need in the short term.
Who might consider it
People approaching or in retirement who want to understand how insurance products may fit alongside their other plans.
How it generally works
With an annuity, you pay an insurance company a lump sum or a series of payments and, in return, the contract can provide income later or for life. Guarantees depend on the claims-paying ability of the issuing insurer. Early withdrawals may bring surrender charges and tax consequences.
Premiums and eligibility are set by the insurance carrier, usually based on factors such as age, health, the amount of coverage and the features of the policy. Some policies require a medical exam and others rely on health questions; requirements vary by carrier.
Worth knowing
Annuities are long-term contracts with their own terms, fees and surrender charges. Whether one is suitable depends on your individual circumstances.
Common questions
Retirement Income: questions people ask.
Are annuities right for everyone?
No. Suitability depends on your age, goals, other savings and need for access to the money. A licensed professional must review your situation before recommending one.
How does an annuity differ from life insurance?
Life insurance is primarily designed to pay a benefit when you die. An annuity is primarily designed to provide income while you live.
Can I get my money back out of an annuity?
Contracts have rules about withdrawals. Taking money out early may bring surrender charges and tax consequences, so review the terms before you buy.
Have a question about retirement income that is not answered here?
Keep reading
Related solutions and guides.
Indexed Universal Life
Permanent coverage with a cash-value component linked to a market index, subject to caps, fees and policy terms.
Read the guide → SolutionLegacy Planning
Using life insurance as one tool to pass something meaningful on to the people and causes you care about.
Read the guide →Last updated November 2026. Reviewed by [Licensed reviewer name and credentials]. Product availability varies by state and carrier. All coverage is subject to carrier underwriting and approval; features, premiums, exclusions and riders depend on the specific policy. This page is general education, not a recommendation for your situation.
Important information. This page describes a type of insurance in general terms. It is not a description of any specific policy. Benefits, premiums, exclusions, limitations and riders depend on the policy issued and vary by carrier and state. Read the policy for full details. Guarantees are backed by the claims-paying ability of the issuing insurance company. Annuities are long-term insurance products intended for retirement. They are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Withdrawals may be subject to surrender charges and income tax, and to an additional federal tax if taken before age 59½. Guarantees depend on the claims-paying ability of the issuing insurer. DNA Life & Legacy and its agents do not give tax or legal advice. Please consult your own tax or legal professional about your situation.
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