What are Group Annuities and how are they helpful

Annuities ensure against outliving the savings of the employees. They help employees to have a peaceful retirement and fulfill all their plans for that stage of life. Annuities provide guaranteed income, tax deferred growth along with flexible options for income.

Group Annuity contracts are signed between employers and insurers and reduce participation to their eligible employees. The group annuity also called the ‘structured pension plan’ by the Committee of Annuity Insurers began as a means to secure retired workers by providing them the necessary income. It was initiated in the 1920s before the Social Security.

The Group Annuity ensures a pension to the applicant and also describes in detail how the amount is calculated, for how long and to whom it will be paid. It is established by the employer on behalf of the employees of the company by signing a contract with the insurance provider. The contract contains the type of the plan, administrative fees and requirements of the contribution.

The Mutual Of Omaha has been developing and improving the group annuity products from 50 years now, continuously fulfilling and meeting the retirement goals of the customer. The plans have been designed keeping the security of customers in mind and this is ensured by providing flexibility and customization.

Featuresof the Group Annuity Plans:

  • Innovative design with high degrees of flexibility in offer
  • Experienced and highly knowledgable employees to assist the customers reach financial security in the years during retirement
  • Powerful Financial Backing

A good annuity provider has experience, flexibility and commitment. The Mutual Of Omaha have all of these. Here is a look at the different types of services they offer:

Customer Services

  • Effective and efficient installation of Annuity
  • Formulation and preparation of detailed annuity certificates for each applicant which explains all the benefits and other essential details
  • Verification of address and service locating for lost annuities
  • Timely notifications to deferred applicants prior to the annuity commencement date

Payment Services

  • Charge-less Electronic Funds Transfer
  • Increase in Cost of Allowance
  • Withholdings of medical or any other insurance premiums
  • Annuity payments on monthly basis to a third party administrator
  • If requested by the applicant, federal and state tax can be withheld or reported

You can also find great Mutual of Omaha rates here https://www.medisupps.com/mutual-omaha-medicare-supplement-plans-2018.