Not everyone is a big fan of life insurance but if you asked these same people to name at least two types of life insurance they would all say whole life and term. Of course they would be correct.

Life insurance and annuities have evolved with the times. The companies have actually listened to the consumer and created policies that fit the lifestyle and times of today’s consumer.

For example, index universal life insurance is a product you never heard even mentioned just ten short years ago. In fact, the only type of universal life was just that, universal life. Today it has morphed into a policy that not only provides death benefits but significant living benefits.

Annuities are in the same arena. Ask people to name a type of annuity and they’d probably say an income annuity. True to the last syllable. An income annuity actually begins life as either a deferred annuity or an immediate annuity.

Regardless, it has a place in the average investor’s portfolio if for no other reason than as a guaranteed future income stream. The people closing in on, or at, retirement should look at an immediate annuity with a serious amount of seriousness. That may be a play on words but an immediate annuity should receive close attention.