Annuities

An annuity is a long-term insurance product that pays income. It can be incorporated into your financial strategy to accumulate money for retirement or turn a lump sum of money into guaranteed, steady income during retirement (after age 59 ½).

COF offers fixed annuities. Fixed annuities accumulate interest on a tax-deferred basis. This means that income taxes are not paid until funds are paid out of the annuity. Annuities also offer a death benefit to loved ones and gives options to the owner to receive income for life or for a certain period of time, along with other contract-specific features. Money can be received from an annuity quarterly, annually, or in a lump sum payment. All guarantees, including death benefit payments, are dependent on the claims-paying ability of Catholic Order of Foresters. If you have any further questions about annuities and taxation, speak to a tax professional.