Variable annuity life Insurance can not be cancelled. You are not able to buy an annuity that you sell your Annuity for a lump sum. You are not able to change the amount of annuity you receive if you make this change within 5 years from the date of annuity purchase. You can not change the payments unless you renew the policy for 10 years. You are not able to buy an annuity if you have a pre-existing illness. The minimum and maximum payments that can be made are different when compared to a normal life Insurance policy. The rate of Return is also higher. For example, if the minimum and maximum payments are $1 and $10 respectively, if the cost of $10 insurance is $100, then you have to pay $101 for the annuity and for every dollar you pay $1.1. Most importantly, how long will this investment last? If you buy a Life Insurance Policy for $10,000, it will definitely not last until the day you die, let alone for 120 years. But if you buy an annuity that provides $120 every month until you die, this might last you a lifetime. And this amount you will get will depend on the time of your investment. How annuity can be very profitable? Annuity is considered as the best way to save money, because it has long-term interest. It can be a very profitable and worthwhile investment. But one should be wise enough to take the right decision at the right time. For example, in the early year of your investment, you will get high amount of return, but after that your money will be eroded and it will reach a very low level. You have to make an effort to know your risk level and find the right choice. It is very important to take the advice from your financial consultant for knowing about every investment and then choose one, which suits you. It is better to rely on financial consultants rather than choosing wrong investment option just because you feel like buying one. Also you should try to remember about one thing that investment is like playing the lottery, which can give you lot of money, but it can also take away your entire savings at one go. This means that this investment will take your money in a very short time, which may not provide a secure future. For more information on annuity and other insurance policies visit the Official website of Insurance Council of India. The only government insurance regulator in the country. Comments are closed. Author About Me My life is all about making money. I love a successful person! I am here to help everyone in Financial market in the best possible manner. My work is an effort to teach as well as express my thoughts on how the things are going on in the markets and the news events that shapes the destiny of world. Subscribe Now to Get The Latest Business and Investment Tips for Making Money From Stock and Commodity Markets! Enter your email address and subscribe now. We will provide you an email with the latest Business and Investment Tips as well as market updates for Indian Equity Markets, Commodity Markets and Forex Markets. These tips will help you become a Better, More Profitable and Successful Trader so you can make Money out of Market and become Wealthy!! We take your privacy seriously. You will not be spammed. Disclamer This post is for educational purpose only. Please consult a certified financial advisor before acting on the information given. Read the full Disclaimer. Share this: Related Money CapitalHeight is a leading financial media company in the Indian Subcontinent that is committed to providing unbiased, quality information, news, research and insights. Our mission is simply to help our readers find and achieve their financial goals.