Annuities, What Seniors Need to Know

3 The answer depends on your financial situation, age, health, and goals. Annuities can be right for some people and wrong for others. Ask yourself the following questions. Discuss them with a trusted family member or financial advisor. Yes No Can I afford to tie up my money for many years? Yes No Will I have enough money left to have an emergency fund, such as a bank account? Yes No Will I have enough money left for my long- term care and other health care needs? Yes No Can I cover my expenses until I start getting income payments? If you answered No to any of these questions, an annuity is probably wrong for you. “An annuity ties up your money. You can’t get your money out at all, or you have to pay high penalties. This can be financially devastating to seniors on a fixed income.” Ricardo Lara, California Insurance Commissioner Contact the California Department of Insurance (CDI). We do not recommend or disapprove of annuities. We want to give you the information you need to make the best decision for you. There are laws in California that protect the rights of seniors. You have the right to be treated fairly, with honesty and good faith. If you are pressured to buy an annuity, contact CDI: 1-800-927-4357 www.insurance.ca.gov You can also order or view our brochure Life Insurance and Annuities . It will tell you more about annuities. Is an annuity right for me?