Lawrence “Larry” Koresko of Philadelphia leads as president of Insmax Insurance Brokerage. In this role, Lawrence Koresko guides the distribution of annuities and other insurance products.
The current financial market presents opportunities for consumers to select among a number of different types of annuities, though all of these fall into a few basic categories. One such category consists of deferred and immediate annuities, the latter of which permits the account holder to start receiving payments not long after he or she makes an initial investment. The deferred annuity, by contrast, allows the investment to accumulate until the account holder chooses to begin withdrawals.
Either of these product types may pay out as fixed or variable annuities. A fixed annuity grows based on terms specified in the contract, which typically includes a minimum interest rate. These annuities do not change based on market performance, and it is this factor that distinguishes them from the variable annuity.
A variable annuity authorizes the issuer to place the account holder's investment into a particular fund, open only to the issuer's customers. The performance of this investment determines the payout, though the account holder typically has a choice of the specific fund into which the issuer places his or her money.
Purchasers of annuities may also be able to select among a number of other options, including lifetime or fixed period annuities. A financial professional or insurance broker can explain a potential purchaser's options and help the customer to determine the most appropriate product for his or her needs.
