Annuities
Protect your future with guaranteed income for the rest of your life. Speak with our financial experts today to find the best options for your financial situation.
Life & Financial — Greenville, SC
Annuities That Turn Your Savings
Into Guaranteed Income
Your family depends on you. Priority Insurance helps Upstate South Carolina families compare term, whole, and universal life policies from top-rated carriers — so you get the right coverage at the right price.
Guaranteed
LIFETIME INCOME OPTIONS
ChFC & CLU
CREDENTIALS ON STAFF
SC & NC
LICENSED & LOCAL
Independent
MULTIPLE CARRIERS COMPARED
Guaranteed
LIFETIME INCOME OPTIONS
ChFC & CLU
CREDENTIALS ON STAFF
SC & NC
LICENSED &
LOCAL
Independent
MULTIPLE CARRIERS COMPARED
ChFC — Chartered Financial Consultant
Advanced financial planning designation
CLU — Chartered Life Underwriter
Premier life insurance & annuity designation
Both designations held in-house. You get expert annuity guidance, not a generalist sales rep.
What Is Annuity?
An annuity is a financial product issued by an insurance company. You contribute a lump sum or a series of payments, and in return the insurer provides you with a stream of income — either immediately or at a future date you choose.
Unlike a savings account or brokerage investment, an annuity can be structured to pay you income you cannot outlive. That makes it one of the few truly guaranteed retirement income tools available to individuals outside of a pension.
Annuities can also grow tax-deferred, meaning you pay no taxes on earnings until you withdraw them — a significant advantage for retirement planning.
Why it matters in Upstate SC: With traditional pensions largely gone and Social Security providing only partial income replacement, many Greenville-area retirees face a genuine income gap. A properly structured annuity can fill that gap with predictable, guaranteed monthly income — for life if needed — so you never have to worry about running out of money.
Types of Annuities We Offer
Every annuity serves a different purpose. Our ChFC and CLU help you understand each type and match the right product to your retirement goals.
Fixed Annuity
The simplest annuity type. Your premium earns a guaranteed interest rate set by the insurer — similar to a bank CD but with tax-deferred growth and typically higher yields. Your principal is protected; the rate won't drop below the contractual minimum.
Best for: Conservative savers who want predictable growth without any market exposure.
Guaranteed Rate
Fixed Indexed Annuity (FIA)
Earns interest linked to a stock market index such as the S&P 500 — but with a floor of 0%, so you can never lose principal due to a market downturn. Growth is capped or participation-rate limited, but the downside protection is absolute.
Best for: Those who want market-linked growth potential with a guarantee that they won't lose what they put in.
Growth + Protection
Immediate Income Annuity (SPIA)
You make a single lump-sum payment and income payments begin almost immediately — often within 30 days. Payments can be structured for a fixed period, for your lifetime, or for the joint lifetime of you and a spouse.
Best for: Retirees who need income to start right away and want a simple, no-maintenance solution.
Income Starts Now
Deferred Income Annuity (DIA)
Also called a longevity annuity. You pay a premium today and lock in a guaranteed income stream that begins at a future date — often age 75, 80, or 85. The longer you defer, the larger your future income payment.
Best for: Pre-retirees who want to hedge against living a very long life and want to lock in today's rates.
Future Income Lock-In
Variable Annuity
Your premium is invested in sub-accounts similar to mutual funds. Growth potential is higher than fixed products, but your account value can also decrease with market performance. Often includes optional riders for guaranteed income floors.
Best for: Those with a longer time horizon who want market participation inside a tax-deferred insurance wrapper and are comfortable with some risk.
Market-Linked Growth
Annuity with Living Benefit Riders
An add-on feature available on many fixed indexed and variable annuities. A Guaranteed Lifetime Withdrawal Benefit (GLWB) rider ensures you can withdraw a set percentage of a guaranteed income base each year for life — even if your account value drops to zero.
Best for: Anyone who wants both accumulation potential and a guaranteed income floor they can never outlive.
Income You Can't Outlive
How the Annuity Process Works
Working with Priority Insurance makes the annuity process simple and transparent — start to finish.
1
Free Consultation
We start with a no-obligation conversation about your retirement goals, income needs, and timeline. Our ChFC and CLU on staff lead this process.
2
Carrier Comparison
As an independent agency we compare annuity products across multiple highly-rated insurers — finding the best rates, terms, and features for your situation.
3
Clear Recommendation
We present options in plain language — no jargon, no pressure. You understand exactly what you're getting, what it costs, and what you can expect.
4
Ongoing Support
After your annuity is in place, we remain your contact for any questions about distributions, beneficiary updates, or additional financial planning needs.
Compare Annuity Types at a Glance
Use this as a starting point — our team will help you find the exact right fit for your retirement strategy.
| Feature | Fixed | Fixed Indexed | Immediate (SPIA) | Variable |
|---|---|---|---|---|
| Principal Protected | ✓ | ✓ | ✓ | ✗ |
| Market-Linked Growth | ✗ | ✓ (indexed) | ✗ | ✓ (direct) |
| Guaranteed Income Option | With rider | With rider | Built-in | With rider |
| Tax-Deferred Growth | ✓ | ✓ | N/A | ✓ |
| Income Starts | Deferred | Deferred | Immediately | Deferred |
| Complexity Level | Simple | Moderate | Simple | Complex |
| Best For | Safe growth | Growth + safety | Immediate income | Long-term growth |
Who Benefits from an Annuity?
Annuities aren't for everyone — but for the right person, they solve a problem no other financial product can.
Pre-Retirees (55–65)
Lock in accumulation rates now and build a guaranteed income foundation before you stop working.
New Retirees
Convert a portion of your savings or 401(k) rollover into predictable monthly income to cover fixed expenses.
Longevity Planners
Concerned about living into your 90s? A deferred income or lifetime income annuity eliminates that financial risk entirely.
Business Owners
After a business sale or exit, an annuity can convert a large lump sum into a structured, tax-efficient income stream.
Conservative Savers
If market volatility keeps you up at night, a fixed annuity offers predictable growth and a guaranteed minimum — no surprises.
Why Choose Priority Insurance
Credentialed, independent, and local — we bring a level of expertise to annuities that most agencies simply can't offer.
Serving Annuities Clients Across Upstate South Carolina
Annuities — Frequently Asked Questions
Are annuities safe?
Fixed and fixed indexed annuities are among the most conservative financial products available. Your principal is protected by the issuing insurance company and backed by state guaranty associations (in South Carolina, up to $500,000 per insurer). Variable annuities carry market risk and are not principal-protected, but even those often include optional income riders that guarantee a minimum withdrawal floor regardless of market performance. The key is matching the right type to your risk tolerance — which is exactly what our credentialed team helps you do.
What are surrender charges and how do they work?
Most annuities have a surrender period — typically 5 to 10 years — during which withdrawing more than a set free-withdrawal amount (often 10% per year) triggers a surrender charge. This charge decreases gradually over the surrender period and eventually reaches zero. Annuities are designed to be held long-term; if you may need full access to your funds in the near term, that's an important factor we'll weigh before recommending any product.
Can I use my IRA or 401(k) to fund an annuity?
Yes — annuities can be purchased with qualified retirement funds through a rollover or transfer. Keep in mind that an annuity held inside a traditional IRA doesn't add an extra layer of tax deferral (since the IRA is already tax-deferred), so the decision is really about the annuity's other features: principal protection, guaranteed income, and estate planning benefits. We help you evaluate whether the structure makes sense for your specific situation.
How is annuity income taxed?
For non-qualified annuities (funded with after-tax dollars), only the earnings portion of each payment is taxable as ordinary income — the return of principal is tax-free. For qualified annuities (funded with pre-tax IRA or 401(k) money), the full payment is taxable. Annuities also grow tax-deferred during accumulation, meaning you owe nothing on gains until you take distributions. For complex tax situations we recommend coordinating with your CPA, and we're happy to work alongside your existing advisors.
What happens to my annuity when I die
Most annuities allow you to name a beneficiary. If you pass away before income begins (accumulation phase), your beneficiary typically receives at least the full account value — avoiding probate. If you pass away while receiving income, the outcome depends on how the annuity was structured: a period-certain option guarantees payments continue to your beneficiary for the remaining period; a life-only option may end at your death. We walk through all of these options before you purchase so there are no surprises for your family.
How do I know if an annuity is right for me?
An annuity is most appropriate when you have a specific need it's designed to solve: guaranteed lifetime income, protected accumulation, or a tax-deferred growth vehicle. It's generally not the right tool if you need full liquidity, have a short time horizon, or already have enough guaranteed income to cover your expenses. The best way to find out is a free consultation with our team — our ChFC and CLU will give you an honest assessment, not a sales pitch.
What do ChFC and CLU designations mean for me as a client?
The Chartered Life Underwriter (CLU) is the gold standard credential in life insurance and annuity planning — requiring eight college-level courses covering advanced insurance, estate planning, and retirement income strategies. The Chartered Financial Consultant (ChFC) adds comprehensive financial planning, retirement income distribution, and wealth management coursework on top of that. Both designations are awarded by The American College of Financial Services and demand an ongoing ethics commitment. Annuities are among the most complex financial products available, with meaningful differences in surrender periods, income riders, participation rates, and tax treatment. Having a ChFC and CLU on staff means you have someone who truly understands these products — not just someone with a product brochure and an insurance license.
Ready to Build Your Retirement Income Plan?
Talk to our credentialed annuity specialists in Greenville, SC — no obligation, no pressure, just honest guidance.