Annuities are contracts issued by insurance companies which allow investors to defer taxation on investment income until withdrawal. Most annuities can be withdrawn in periodic payments or a lump sum, providing additional tax deferral opportunity. With this privilege of tax deferral also comes an understanding that money placed into an annuity is primarily for long-term savings. Withdrawals prior to have 59 ½ may incur a 10% federal tax penalty and are subject to income tax.

Variable annuities are sold by prospectus only. Investors should carefully consider objectives, risks, charges and expenses carefully before investing. The contract prospectus and the underlying fund prospectus contain this and other important information. Investors should read the prospectus carefully before investing. For a copy of the prospectus, contact your financial advisor.