Q: What should I know about annuities?

A: Many consumers aren't aware of what an annuity is or what it will do to them. Thankfully, this isn't one of the negative aspects in insurance. Many consumers actually benefit from annuities, and so can you.

If you're worried that you will outlive your wealth, then an annuity is a great choice. What you basically do is receive a certain amount of money per month in order to avoid overspending. Here are the aspects you should consider when considering an annuity:

• Know whether or not you really need an annuity

• Make sure you know all of the aspects when agreeing for an annuity

• Make sure that both you and your spouse are in good health

• Make sure you have enough money for an annuity

• Know how much you need per month

• Know whether or not an annuity is crucial

• Know all of the choices before considering an annuity

• Know that an annuity consists of two phases: the payout phase and the accumulation phase

• Know the factors that will play roles in your annuity - including age and sex

• Know what type of a payout you want

• Know how long of a payout you want - payouts range from ten years to a lifetime

• Know what will happen once you die

• Make sure that you are aware of what you will be entitled to in your annuity

• If you aren't satisfied with what you will be entitled to in your annuity, make sure that you call your insurance agent and talk it over

• Know that your insurance company is providing you with all of the necessary information

• Make the best decision that will fit your needs and your pocket