Annuities.net Review – Get Your Annuity Estimate
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Annuities can offer a financial cushion when you decide to retire. Depending on the type of annuity you choose, these financial products offer fixed or variable payouts. Retirees can use these financial products to get an additional income stream. Most annuities have monthly, quarterly, semi-annual, or annual payout distributions of fixed amounts.
Many insurance companies offer these products, but you can also contact brokerage firms. While considering a low-risk policy that generates fixed income may sound appealing for retirement planning, finding the best annuity can be complicated. Consumers can speed up the process with Annuities.net.
In this article
What is Annuities.net?
Annuities.net is a leader in free annuity rate quotes. The marketplace connects consumers with 45 insurance carriers to receive more quotes. Consumers can compare rates and terms from multiple insurance firms that offer these policies. After comparing offers, you can decide which is right based on your financial goals.
The company has been helping consumers navigate retirement for more than 20 years. You can find educational resources on the Annuities.net website that can help you make a good decision when assessing if annuities make sense for your financial situation.
The higher your balance, the more you’ll earn.
- 4.55% APY on balances of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- Get started with as little as $100
How does Annuities.net work?
Annuities.net does not issue annuities. Instead, the company connects consumers with insurance firms that offer these financial products.
You will need to fill out a brief form asking for basic information like your name and location. Annuities.net will then use this information to connect you with the right annuity providers.
Annuities.net filters the choices to show quotes from A+-rated companies in your area. After you provide your information, you will receive a free, tailor-made annuity report.
How much does Annuities.net cost?
Annuities.net is a free platform that lets you receive annuity quotes and custom reports without paying any money. However, you will have to pay into an annuity.
The marketplace lets you find great annuity products, but each insurer will have different rates and terms. You may have to make monthly payments into your annuity or make a lump sum payment instead. You will then receive guaranteed income from the annuity for the term. Insurers also have different annuity rates based on whether you want a fixed or variable policy.
Annual fees for an annuity can exceed 3% each year. Before committing to a policy, contact customer support and ask any questions. Annuities.net can’t help with this process. The platform only connects you with insurers. You have to contact the insurance company’s customer service team to gauge costs and fees.
Annuities.net features
Annuities.net offers a comprehensive suite of tools designed to simplify selecting an annuity. Key features of the platform include:
Free annuity quotes
Users can access free quotes on annuities without any obligation. You can receive comparative quotes from various top annuity providers by entering your details just once. This feature allows you to evaluate different options side-by-side, making it easier to see which offers suit your financial goals the best.
Quick application
The platform is designed for efficiency. Filling out the application form takes only a few minutes. You just need to provide some basic personal details, and you will quickly receive a range of quotes tailored to your specific needs. This swift process is ideal for those looking to make fast, informed decisions about their retirement planning.
Tailor-made reports
Annuities.net goes a step further with personalized Annuity Comparison Reports. These reports are custom-built based on the information you provide and are designed to help you understand the nuances of each offer. The reports include a detailed breakdown of the benefits and terms of each quoted annuity, empowering you with the knowledge to make a well-informed decision that aligns with your retirement objectives.
The higher your balance, the more you’ll earn.
- 4.55% APY on balances of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- Get started with as little as $100
Who is Annuities.net best for?
People who are retiring soon
are suitable for those looking to retire in the next few years. An annuity offers steady income for retirees. While you can also get cash distributions with other investments, annuities carry less risk. For instance, dividend investing can also generate cash flow, but you run the risk of a stock losing value if the corporation cuts its dividend. An annuity can complement your Social Security income and fortify your retirement savings.
Risk-averse investors
Not every investor wants to take big risks. While annuities can be a great resource during retirement, investing in them for many years can lead to steady payouts when needed. Not everyone needs to chase growth stocks to achieve their financial goals.
Consumers who want to pass something on to a loved one
You can get an annuity for a loved one or designate beneficiaries for your annuity. You can live on the cash flow and then give it to someone else when it comes.
Who shouldn’t use Annuities.net?
People who already know where to get an annuity
Some people already know which insurance provider or brokerage firm they will use for their annuity. Using the same insurance company for multiple policies can result in discounts and reduced fees. Annuities.net is a great resource if you still need help with the process.
Investors with higher risk tolerances
Annuities are more suitable for investors who want steady payouts and low risk. However, if you want to invest in growth assets that have the potential to generate higher returns, you may not benefit from Annuities.net or annuities in general. Annuities tend to have a lower rate of return than most investments.
You have enough money saved up already
An annuity will tie up your savings. While this approach can work well for people who still need to build up their retirement funds, it’s not as useful for people with enough funds to cover their retirement. People with a lot of money saved can also consider alternatives like money market funds.
Pros and cons
Pros
- Get free quotes from numerous insurance carriers
- The application process is simple
- Receive a free custom report that can help you compare options
- Receive steady income from an annuity
- Increase the likelihood of getting a great deal
- Annuities can complement your financial planning
- Less risk
- Save time when searching for an annuity
- You can get a high interest rate from your annuity in the current economic cycle
Cons
- You have to complete the form before you can connect with carriers
- Insurance fees will reduce your total return
- Lower potential returns compared to growth investments
Annuities.net vs. competitors
Annuities.net isn’t the only company that makes annuities readily accessible. Comparing multiple marketplaces that connect consumers with carriers can help you find better rates and terms. Each competitor offers a service similar to Annuities.net, and it may make sense to use them simultaneously to receive additional offers.
These are some of the top competitors to consider before using Annuities.net.
Fixed annuities | Quick Process | Free quotes | |
Annuities.net | Yes | Yes | Yes |
Blueprint Income | Yes | Yes | Yes |
Plan Easy | Yes | Yes | Yes |
The Fidelity Insurance Network | Yes | Yes | Yes |
Blueprint Income
Blueprint Income connects consumers with insurance providers that offer fixed annuities. It is a subsidiary of MassMutual and joined the organization in February 2021. Blueprint Income was founded in 2016 and has helped consumers obtain over 6,000 policies. The company has served more than 2,700 clients and allowed them to receive more than $700 million in premiums.
You can complete a brief questionnaire to determine which financial product suits your needs. The investment term for a fixed annuity can be as high as ten years, but the minimum is three years.
You can find a top match within a few minutes. You will receive information about the rate, term length, and earnings you will generate at the end of the term. Blueprint Income will then offer options to learn more about the annuity or apply for it immediately.
You can reset the filters and adjust them to see if other carriers will appear. For instance, if you adjust the criteria from A or better to B++ or better, you will see more insurance providers. Comparing more choices can help you secure a better rate and terms.
Plan Easy
Plan Easy offers several annuities and doesn’t waste time by letting you find good policies. You don’t have to fill out a form to find rates and terms from various insurance providers. The annuity marketplace offers concise information about each provider’s rate, term, and ranking.
The marketplace has a simple application process for a particular annuity. Plan Easy offers educational resources with more context and can help you decide on the right annuity.
Plan Easy can help with its Retirement Quiz if you're unsure where to start. This quiz can reveal whether you should get other insurance products, like life insurance or an annuity.
The quiz asks questions about the following:
- Your age
- When you intend on retiring
- Your location
- If you are married
- If you have a will
- If you have children
- Annual income
- Current life insurance coverage
- General questions about your finances
Plan Easy doesn’t only help with annuities. It also provides information and offers on healthcare, taxes, wills, and retirement.
The Fidelity Insurance Network
The Fidelity Insurance Network doesn’t have as many insurance carriers as the other choices on this list. However, that’s because Fidelity only works with the best. Among the insurers in Fidelity's network, the lowest A.M. Best rating is A+.
These are the insurers that are in the Fidelity network:
- Guardian
- MassMutual
- Nationwide
- New York Life
- Pacific Life
- USAA
- Western & Southern Financial Group
Fidelity is best known for its brokerage services, among the top choices available. The firm makes buying various assets like stocks, bonds, and mutual funds easy. The company also offers top-rated mutual funds and ETFs with competitive expense ratios. Buying insurance policies through the Fidelity network can streamline people's use of Fidelity to manage their investments.
The higher your balance, the more you’ll earn.
- 4.55% APY on balances of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- Get started with as little as $100
FAQs
Should you get an annuity?
An annuity can help people generate steady, low-risk retirement income. It’s optimal for
people who are thinking of retirement and don’t want to invest in riskier opportunities
like the stock market. However, annuities aren’t the best choice if you want to maximize
your returns and feel comfortable with growth-oriented investments. You may want to
speak with a financial advisor before committing to an annuity.
Is Annuities.net legitimate?
Annuities.net is a legitimate annuity marketplace that has been around for more than 20
years. The company pairs consumers with some of the top insurance providers in the
industry.
Why do annuities have a bad reputation?
Annuities have a bad reputation due to their high fees and lower flexibility than other
financial options. Annuities can generate steady income for several years, but you have
to carefully review the rates and terms of each offer. You don’t want to get stuck with an
annuity that has high fees and significantly reduces your total earnings.
What are some alternatives to annuities?
Money market funds, CDs, and bonds are some viable alternatives to annuities. These resources also pay interest and have fewer risks than investing in stocks and real estate. You can also get more flexibility with these financial products and assets, such as no-penalty early withdrawals in some cases.
Do you pay taxes on annuities?
You only pay taxes when you withdraw money from your annuity. The funds in your annuity grow tax-free, but this is a tax-deferred account. You will eventually owe income taxes on the funds that you withdraw. You only have to pay taxes on the annuity distributions that are treated as earnings. For instance, if $1,000 is your own money and $100 represents earned annuity income, you only pay taxes on $100.
The bottom line
Annuities are low-risk investments that can generate steady cash flow when you need to retire. These financial products can complement Social Security, retirement account withdrawals, and other income sources when you leave your full-time job.
Annuity holders can also designate beneficiaries for their policies in case they aren’t around to cash them out fully. Annuity marketplaces like Annuities.net make it easier for consumers to compare rates and terms from various providers. Within the marketplace, you can access details like rates, terms, and ratings for each insurance company.
Although Annuities.net has been around for more than 20 years and has expertise in this industry, it wouldn’t hurt to use other competitors. Each marketplace offers free quotes. Annuities.net steps it up with a custom report comparing insurers, but you will receive additional offers if you use multiple marketplaces.
Using multiple annuity marketplaces will not hurt your credit score, so there isn’t any downside to filling out a few forms from different marketplaces. Individuals should assess their financial goals before committing to annuities. These financial products work well for people who don’t want to take many risks but still want to see their funds grow. However, many growth-oriented investments can outperform annuities. For some people, an alternative like a CD, money market account, or bond may be sufficient.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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