{"id":33754,"date":"2023-11-09T05:45:36","date_gmt":"2023-11-09T05:45:36","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=33754"},"modified":"2026-07-01T07:06:32","modified_gmt":"2026-07-01T07:06:32","slug":"use-of-annuities-in-personal-financial-planning","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/use-of-annuities-in-personal-financial-planning\/","title":{"rendered":"Use of Annuities in Personal Financial Planning"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Hilda Lewerhock is 60 years old and is concerned that too much of her wealth is invested in the stock market. She wants to purchase an annuity but is worried that inflation will reduce the purchasing power of her future cash flows. She has sufficient assets to meet her current living expenses and has excess capital. Which type of annuity should she most likely consider?\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. A deferred variable annuity. A deferred variable annuity allows payouts to be linked to a reference rate or investment performance, providing the potential for payments to increase over time and better preserve purchasing power during periods of inflation. Since Hilda already has sufficient assets to cover her current expenses and has excess capital, a deferred annuity is appropriate because she does not require immediate income.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A deferred fixed annuity.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A deferred variable annuity.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"An advanced life deferred annuity.\"\n      }\n    ]\n  }\n}\n<\/script><\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/eWNdNS8paxs\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Readers of the level three curriculum are likely already familiar with the basic mechanisms of an annuity. An <strong>annuity<\/strong> is a one-time payment in exchange for a series of future cash flows. The simplest example is a series of fixed payments. This is a basic time value of money application. Annuities are useful to investors who want to hedge against longevity risk, the risk of living longer than expected, and exhausting financial capital for living expenses. This is achieved when an investor buys an annuity from an insurer, who then promises a stream of cash flows in the future. The basic formula for an annuity state that the purchase price should equal the discounted future cash flows:<\/p>\n<p>$$ PV = Pmt \\times \\frac { \\left(1 &#8211; \\frac {1}{ (1 + r)^n} \\right) }{ r} $$<\/p>\n<p><em>Where:<\/em><\/p>\n<p>\\(PV\\) = Present value of the annuity.<\/p>\n<p>\\(Pmt\\) = Periodic payment.<\/p>\n<p>\\(r\\) = Discount rate.<\/p>\n<p>\\(n\\) = Number of periods.<\/p>\n<p>Annuities become more complicated as additional features are added. A key idea of the reading is that extra features (bells and whistles) will increase the present value of the annuity (its purchase price). The following section discusses some of the important types of annuities and what makes them different or more advantageous as opposed to the basic annuity shown in the formula above.<\/p>\n<div style=\"text-align: center; margin: 28px 0;\"><a style=\"display: inline-block; background: #1a73e8; color: #ffffff; padding: 12px 26px; border-radius: 40px; font-size: 16px; font-weight: 500; text-decoration: none; line-height: 1.4;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Learn Annuities with our Free Trial <\/a><\/div>\n<h2>Deferred Annuities<\/h2>\n<p><strong>Deferred Annuity<\/strong> is purchased with a periodic payment to be received at a future date.<\/p>\n<p><strong>Deferred Variable Annuity<\/strong> is a type of deferred annuity in which an investor may select from a list of investment options. The payments may increase or decrease based on the performance of an index or reference rate. Future payouts are not guaranteed under this scheme unless the investor purchases some kind of feature that guarantees a minimum payout amount.<\/p>\n<p><strong>Deferred Fixed Annuities<\/strong> are a type of deferred annuity that promises a fixed payout, defined at the initiation of the contract. All else equal, the longer the period between the purchase of the annuity and the first payment, the lower the present value of the annuity. This makes sense from a time value of money perspective, as the insurer enjoys the use of the funds during the delay and may invest them in order to earn themselves a return.<\/p>\n<h2>Immediate Annuities<\/h2>\n<p><strong>Immediate Variable Annuities<\/strong> are similar to a deferred variable annuity but differ in that the payout stream begins immediately. There will still be a reference or index that determines the amount of the payout (say Libor or the FTSE index). As the reference index or rate increases in value, so will the payouts, and vice versa.<\/p>\n<p><strong>Immediate Fixed Annuities<\/strong> are streams of fixed cash flows that begin with no delay.<\/p>\n<p><strong>Advanced life deferred annuity<\/strong> is a type of deferred fixed annuity but with an exaggerated delay period between purchase and the first payout. These annuities often begin paying out when investors reach an advanced age, say 80 or 85. The value of these annuities is the lower costs for the annuitant (the purchaser of the contract) and helps to hedge only the most pronounced longevity risk, which begins when investors are much older.<\/p>\n<p>The low cost of deferred life annuities is a result of:<\/p>\n<ol type=\"1\">\n<li>The long delay periods.<\/li>\n<li>The shorter expected time that a beneficiary will receive payouts.<\/li>\n<li>The fact that many annuitants will pass away before ever collecting a payout.<\/li>\n<\/ol>\n<p>Some other annuity features to know include<\/p>\n<p><strong>Life vs. Joint Life:<\/strong> A life annuity makes payments for the life of the annuitant. A Joint Life feature will continue making payments as long as one of the members of a couple continues living.<\/p>\n<p><strong>Period certainty annuities:<\/strong> Make payouts for a specified period of time. This has the advantage that in the case an annuitant passes away during the life of the certainty period, a beneficiary can be chosen to continue receiving the payouts.<\/p>\n<p><strong>Cash value and surrender value:<\/strong> Some annuities, often deferred variable annuities, come with a feature that allows the annuitant to access the built-up value of the contract. The difference between the cash value and the surrender value reflects any surrender charges or other fees charged for accessing the cash value.<\/p>\n<p>Annuities can be a sensible option for investors looking to hedge longevity risk. Investors need to be aware of the fees associated with annuities, which often tend to increase as the contract becomes more convoluted. Having a wealth manager assist in the purchase is often a prudent step.<\/p>\n<p>For the exam, candidates should be familiar with the basic types of annuities listed above and be able to make recommendations based on a hypothetical case.<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Hilda Lewerhock is 60 years old and is worried that too much of her wealth is invested in the stock market. She would like to purchase an annuity but is worried that the cost of inflation will rise in the future, reducing the purchasing power of her cash flow stream.<\/p>\n<p>Ms. Lewerhock has a sizable investment in the equity indices of her home country and wants some diversification with the possibility to outperform. She has sufficient assets to cover her current living expenses for the foreseeable future and has been told by her wealth manager that she has excess capital. Hilda should most likely consider:<\/p>\n<ol type=\"A\">\n<li>A deferred fixed annuity.<\/li>\n<li>A deferred variable annuity.<\/li>\n<li>An advanced life deferred annuity.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p><strong>The correct answer is B.<\/strong><\/p>\n<p>A deferred variable annuity will allow Hilda to use a reference rate (Say Libor + 1%), which should increase with inflation. This means her payouts will keep up with inflation and preserve her purchasing power. Hilda is left here with an option that helps her achieve her goal of diversifying her financial capital without paying for unneeded features.<\/p>\n<p><strong>A and C are incorrect.<\/strong> Since Hilda has excess capital (room for bequests, charitable giving), an immediate annuity is not what she needs. The delay between the initial payout and the purchase of the annuity will help her keep costs lower and would not be terribly useful for her anyway. Although mentioned in the question, no answer choice tested this particular fact.<\/p>\n<p>A deferred fixed annuity could be an option, except that in the case of rising inflation, the fixed payments would not hold their purchasing power.<\/p>\n<\/blockquote>\n<p>Reading 9: Risk Management for Individuals<\/p>\n<p>Los 9 (h) Discuss the use of annuities in personal financial planning<\/p>\n<div style=\"background: #f5f7fb; padding: 24px 18px; border-radius: 12px; text-align: center; margin: 36px 0 18px;\"><a style=\"display: inline-block; background: #1a73e8; color: #ffffff; padding: 10px 24px; border-radius: 40px; font-size: 16px; font-weight: bold; text-decoration: none; margin-bottom: 16px;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a><\/p>\n<div style=\"font-size: 14px; color: #333333; max-width: 650px; margin: 0 auto; line-height: 1.6;\">Master annuity valuation, deferred annuities, retirement income planning, and personal financial planning with CFA Level III exam-style practice.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Readers of the level three curriculum are likely already familiar with the basic mechanisms of an annuity. An annuity is a one-time payment in exchange for a series of future cash flows. The simplest example is a series of fixed&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[571],"tags":[],"class_list":["post-33754","post","type-post","status-publish","format-standard","hentry","category-cfa-level-iii","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Use of Annuities in Financial Planning | CFA L3<\/title>\n<meta name=\"description\" content=\"Learn how annuities provide a series of future cash flows, including fixed and deferred payments, and how to evaluate their present value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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