Deferred Annuities Immediate Annuities
Fixed or Variable rate of return Fixed Variable Fixed Variable
Tax-deferred growth (returns will vary with variable annuities and there is the risk of loss). X X X X
No contribution limits X X X X
Death benefit1 X X X X
Income for a fixed period of time2 X X X X
Income later2 X X    
Income now2     X X
Liquidity3 X X    
Allows periodic contributions to fund the annuity X X    
Guaranteed principal and interest rates4 X   X  
Growth potential from investment portfolios   X   X
Irrevocable one-time purchase     X X


1 If lifetime income with a guaranteed period is chosen and if you die before the guaranteed period ends then there is a death benefit payable.

2 Variable annuities offer a contractual payout based on the earnings of the annuity, but no specific amount is guaranteed.

3 Payout options can vary from product to product.

4 Guarantees are backed by the claims-paying ability of the issuer.

Please keep in mind that annuities are designed for retirement and other long-term goals. If you choose to invest in the variable investment products, your money will be subject to the risks associated with investing in securities, including loss of principal.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

All solicitations pertaining to a contract for annuities may only be handles by an agent or broker licensed to engage in the business of annuities in the state in which you reside.

Non-qualified annuities are issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. TIAA-CREF Individual & Institutional Services, LLC, member FINRA distributes securities products. Intelligent Variable Annuity, contract form series TCL-VA2, TIAA-CREF Investment Horizon Annuity, contract form series TCL -MVA 1, and Single Premium Immediate Annuity, contract form series TCL-1009, TCL-1033, TCL-901 are issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. Not available in all states. Some products may not be available in all states.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017