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What is a nonqualified annuity?

April 26, 2017Annuity

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What is a nonqualified annuity?

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A nonqualified annuity is a contract issued by an insurance company that you purchase independently rather than through your employer. The premium is paid on a post-tax basis, but you may choose to purchase a deferred nonqualified annuity, which allows your principal to grow tax-deferred.