Q:  Is this a good time to buy an annuity? – Name not given

A: That depends upon the purpose of the investment and type of annuity that you are considering.  Annuities are often misunderstood because they come in many shapes, sizes and purposes. However, due to the rising interest rate environment, we are seeing insurance companies offering much richer annuity benefits today. In fact, much better than I have seen in over a decade.  Have a certified financial planner run an analysis based on your unique situation. – David Blount

Q: I had a life insurance policy endow this year, and we cashed it out. Will we owe taxes on that? – E.H., Taveras

A: Proceeds from an endowment contract are not taxable if they are less than the premiums you paid in. Talk to an accountant for this year’s return to confirm that is the case. –  Dennis Nolte

Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.