Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jul 4, 2010

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Insurance Question from Wesley Chapel, FL

Asked on 07/04/2010

can I add money to a single payment deferred annunity? NULL

Answer given on July 05, 2010

If you specifically have a "single payment" annuity, you will have to purchase a second annuity. Fixed, variable, or indexed, if you have signed a contact for a "single payment" annuity, that’s all it is for and all that is allowed as far as initial investment.

Annuties are calculated with many factors, including interest rates, time of investment, etc. and changing the initial amount of the investment would not fit into the calculation.

 

If you want to invest more money over time into an annuity, you should talk to your financial planner.  Most annuity contracts can be fairly flexible, allowing you to choose a one time investment, a series of scheduled investments, or even putting in whatever you can whenever you are able.  You might even be able to skip investment payments from time to time, but you stand taking a risk of not putting the money into the account as you had initially planned, and ultimately falling short of your financial goals. 

 

If you think you are going to want to add to the fund later on, don’t get a single payment annuity.  Talk to your financial advisor and purchase the type of annuity that will suit your investment schedule and needs. 

 

Good luck!

 

 


IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.