Washington State Guidance on Annuities: Compliance and Consumer Considerations

Washington state provides guidance for consumers and insurance professionals on the considerations before purchasing an annuity. Insurance agents and brokers are advised to evaluate financial status, tax implications, investment objectives, and other relevant factors when recommending annuities.

The state also offers resources to assist in locating existing annuity contracts even without detailed policy information, addressing common challenges in contract identification. The information clarifies that annuities are contracts with insurance companies designed to provide tax benefits and a steady income stream. These guidelines support informed decision-making and compliance within the insurance industry.