A National Western Life Insurance annuity does not have a cash value. Instead, consumers earn money off of the interest an annuity earns. Consumers can buy into the annuity by signing an annuity contract and can begin receiving their payments immediately after the premium is paid.
National Western Life Insurance offers two types of annuities: fixed annuities and fixed-indexed annuities. Fixed annuities provide the consumer with a fixed interest rate and a guaranteed minimum rate of return. A fixed-indexed annuity is tied to market growth and interest rates, and it either increases or decreases based on market conditions. However, a fixed-indexed annuity also comes with a guarantee that the value will not decline due to market conditions.