Where to Buy an Annuity: The Best Options for You

Shawn Plummer

CEO, The Annuity Expert

When it comes to buying an annuity, there are a lot of options available. For example, you can buy an annuity from an insurance company, a bank, or an investment firm. So, where is the best place to buy an annuity? That depends on your individual needs and goals. This guide will explore the options for buying an annuity and help you decide which one is best for you!

Where Can I Buy An Annuity?

You can buy an annuity in three main places: insurance agencies, banks, and investment firms. Each option has pros and cons, so it’s essential to understand the difference before deciding. Let’s dive in on how to set up an annuity with various places.

Insurance Agency

The main advantage of buying an annuity from an insurance agency is receiving professional advice from an agent. They will help you choose the right type of annuity and riders (options that can be added to your annuity contract) based on your needs.

However, one downside is that some insurance agencies are “captive” agencies, meaning they only sell products from one company. This can limit your options and make it difficult to compare rates. Be sure to look for an “independent” agent who can offer you various options.


One benefit of buying an annuity from a bank is that you may already have a relationship with the bank, which can make the process easier. Additionally, banks typically have lower fees than other financial institutions. However, it’s essential to keep in mind that not all banks offer annuities. And those that do may only offer a limited number of options.

Investment Firms

If you’re comfortable working with an investment firm, this can be a good option for buying an annuity. Investment firms typically have more experience and knowledge about annuities than banks and may encourage you to buy investments like stocks and bonds instead.

The Risks When Buying From The Wrong Place

Now that you know the different places you can buy an annuity, you must understand the risks of buying from the wrong one. For example, buying from an insurance agency, bank, or investment firm comes with different risks.

An annuity is as good as the person who sells the annuity to you. Common risks involved in buying annuities are:

  • The seller may have little to no experience in annuities and recommend a poorly created product.
  • The seller may have a conflict of interest. For example, if they’re selling you an annuity from their company (captive agent), they may not tell you about another annuity that’s a better fit for your needs.
  • The seller may pressure you into buying an annuity with high fees, which isn’t suitable for you.
  • You may not be able to get your money back if you change your mind after buying the annuity.

Next Steps

Now that you understand the different risks associated with buying an annuity from each type of provider, it’s important to contact us for a quote. We can help you find the best annuity for your needs and ensure you get the most out of your investment. With our help, you can feel confident in your decision to buy an annuity and enjoy the peace of mind that comes with knowing your retirement is taken care of.

Where To Buy An Annuity

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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