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How to Buy an Annuity in Ohio

Buying an annuity in Ohio is a straightforward process and can often be completed electronically from start to finish.

Step 1: The Annuity Decision Process™

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Before completing an application, determine whether you have a need that an annuity can solve. Some common needs are wanting to protect your principal from loss, to generate a lifetime income, or to grow money tax deferred.

 

Next, make sure an annuity is the best available solution for that need.

 

If the answer is yes, select the type of annuity designed to address your objective. Once that decision has been made, the application process can begin.

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Step 2: Complete the Electronic Application

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Most annuity companies now use secure electronic applications.

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The application will include:

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  • Owner information

  • Beneficiary designations

  • Funding instructions

  • Suitability information required by state insurance regulations


Additional forms may be required depending on the type of annuity and the source of funds.

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Step 3: Electronically Sign Documents

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After reviewing the application, you'll electronically sign the required forms.

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Electronic signatures help speed processing and allow the application to move directly to the insurance company's review process.

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Step 4: Carrier Review and Approval

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The insurance company reviews the application to determine whether the annuity is suitable based on the objectives, income, assets, and other financial information provided in the application.

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Step 5: Transfer or Deposit Funds

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Once the application is approved, funding instructions are processed.

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Funding may come from:

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  • Bank accounts

  • IRA transfers

  • 401(k) rollovers

  • Existing annuity transfers

  • Other qualified retirement assets​

 

The insurance company coordinates the transfer or deposit process based on the funding instructions provided. 

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Step 6: Receive Your Contract

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Once approved and funded, the insurance company issues your annuity contract.

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Most carriers provide electronic and physical contract delivery, and online account access

Step 7: Review Your Free-Look Period

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Ohio annuity contracts include a free-look period that allows you to review your contract after issue and confirm it meets your expectations.

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Step 8: Ongoing Service

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After your annuity is issued, ongoing service continues throughout the life of the contract.

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You should expect assistance with:

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A quality annuity experience should not end when the contract is delivered.

 

Ongoing service helps ensure your contract continues to support your retirement objectives for years to come.

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