Question for my father

[cpn4388]

My father is 85 yrs old. I just learned this today. He has never invested his $$ and for whatever reason, now is wanting to put it somewhere other than his checking account.
Is there an annuity that would help at his age? He's looking at an Everbank savings account, currently advertising 5.05%

 

[DHK]

Everbank is FDIC insured, but that rate will fluctuate. It's certainly not bad.

Age 85 is often a cut-off age for life insurance and annuities, even age 80. Like everything "it depends."

I would think of MYGA (multi-year guaranteed annuities) that have a set interest rate for the term of the contract (3-4-5-7 years, etc.).

If he's in good health, a single premium life insurance policy may also be appropriate.