![\"Tennessee](\"http:\/\/www.clarksvilleonline.com\/wp-content\/uploads\/2014\/03\/TDCI.jpg\" "\\"Tennessee")
Nashville, TN <\/strong>– Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak is offering Tennesseans insight regarding annuities. Annuities can provide a steady income after retirement and can be beneficial, but they can also be confusing.<\/p>\nIf you are thinking about buying an annuity, the Tennessee Department of Commerce and Insurance<\/a> (TDCI) and the National Association of Insurance Commissioners<\/a> (NAIC) offers the following comprehensive guide to help determine if an annuity is right for you.<\/p>\n An annuity is a contract in which an insurance company agrees to make a series of payments in return for a premium (or premiums) that you have paid. Many consumers buy annuities so that they will have a regular income after they retire. An annuity is an investment and shouldn\u2019t be used to reach a short-term financial goal. Remember, buying an annuity may or may not be right for you.<\/p>\n \u201cMake sure you contact a licensed or registered agent or broker to find out whether an annuity is the right choice for your financial future,\u201d Commissioner Julie Mix McPeak said. \u201cIf you have questions regarding retirement planning, you should consult a reputable and registered financial planner to make sure you are on target to meet your goals. You can check your agent, broker, or investment advisor\u2019s status by calling TDCI to verify their license\/registration with the State.\u201d<\/p>\n There are several types of annuities, all of which carry varying levels of risk and guarantees. To find the annuity that will best suit your needs, it is important to know the difference between each and the benefits offered.<\/p>\n [470center]<\/p>\n As with other major purchases, it\u2019s a good idea to shop around and compare information for similar products from several companies. While you do your research, keep detailed records and get all quotes and key information in writing.<\/p>\n When you are ready to purchase an annuity, carefully review the contract with your agent or broker. Ask for an explanation of anything that you don\u2019t understand. Be sure you are aware of all of the terms and conditions such as surrender charges and\/or cancellation penalties.<\/p>\n Unfortunately, some insurance providers use inappropriate sales practices in an attempt to take advantage of uninformed consumers. Some common red flags include relentless sales pitches that pressure you into buying a product quickly or a deal that seems too good to be true.<\/p>\n The best way to protect yourself is to research the agent and company you\u2019re considering hiring and:<\/p>\n Contact the Tennessee Department of Commerce and Insurance\u2019s Insurance Division at 615.741.2218 or 800.342.4029 if you have any questions about purchasing an annuity.<\/p>\n The Department of Commerce and Insurance<\/a> works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee. Follow us on Facebook<\/a>, Twitter<\/a> and YouTube<\/a> for a daily dose of fire prevention tips, consumer affairs information and much more!<\/p>\n","protected":false},"excerpt":{"rendered":" Commissioner McPeak Offers Investment Insight for Tennesseans Nashville, TN – Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak is offering Tennesseans insight regarding annuities. Annuities can provide a steady income after retirement and can be beneficial, but they can also be confusing. If you are thinking about buying an annuity, the Tennessee Department […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[181],"tags":[9198,2291,2958,9197,549,284,2292,1916,3722,2288],"class_list":["post-8584","post","type-post","status-publish","format-standard","hentry","category-government","tag-annuity","tag-insurance","tag-julie-mix-mcpeak","tag-naic","tag-nashville","tag-nashville-tn","tag-national-association-of-insurance-commissioners","tag-retirement","tag-tennesseans","tag-tennessee-department-of-commerce-and-insurance"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/8584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/comments?post=8584"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/8584\/revisions"}],"predecessor-version":[{"id":8585,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/8584\/revisions\/8585"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=8584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=8584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=8584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Annuity Basics<\/h4>\n
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Buying an Annuity<\/h4>\n
Don\u2019t Be Pressured<\/h4>\n
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More Information<\/h3>\n