Annuities issued by a legal reserve life insurance company provide the consumer with additional protection. These companies are required to file annual financial statements with each state's insurance department to ensure that required standards are met. Tax-deferred fixed annuities at Broadway National Bank are underwritten by highly rated, legal reserve life insurance companies. The Broadway makes available annuities through Financial Network Investment Corporation which is not affiliated with the bank. They are not deposits or obligations of Broadway National Bank or any other affiliated entity and are not guaranteed by the bank.
Annuities involve investment risks, including the possible loss of principal amount invested.
Tax-Deferred Growth Earnings on an annuity are not subject to Federal or State income taxes until withdrawn. This means not only does your principal earn interest, but your interest also earns interest. Money you would have ordinarily paid in taxes each year, also remains in the annuity to compound. By simply naming a beneficiary other than the estate on the application form, the proceeds of the annuity pass through to the beneficiary without the delay and expense of probate. You earn competitive yields even before tax advantages are computed.