There are
several forms of affordable Life Annuities available.
- Temporary Annuity: The
liquidation period is pre-defined, such as 10 years.
- Single Life Annuity:
Payment period is uncertain, i.e., as long as the annuitant
lives.
- Temporary Life Annuity:
The liquidation period is a variable, either a specified length
of time or when a person dies, whichever comes first.
- Joint and Survivor Annuity:
When two or more individuals are named as annuitants, the
payment is made as long as one is still alive.
An annuity payment can be made at
the next payment interval after purchase, known as Immediate
Annuity. It can also be paid sometime in the future, known as
Deferred Annuity.
The Longevity Insurance can also be classified as Pure Annuity,
Guaranteed Annuity, and Premium Refund Annuity.
A Pure Annuity will not pay the annuity if the death happens prior
to the designated start of payments. Guaranteed Annuity pays a
specified number of annuity payments whether or not the insured
lives for the entire liquidation period. If the annuitant outlives
the guaranteed period, payments continue until the end of the
defined designated period or until death. Premium Refund Annuity
refunds part or all of the premiums paid if the insured dies
before the start of the liquidation period.
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Another classification to Longevity Insurance is Fixed Return
Annuity and Variable Return Annuity. A Fixed Return Annuity
guarantees a certain payment during the liquidation period. A
Variable Return Annuity invests premiums and past income in
variable return securities. The annuity the annuitant receives
will vary depending on the investment return.
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When seeking for a Longevity Insurance, it is better to check if
the plan has some important features. As a solid retirement plan,
it should contain a fixed immediate annuity that provides a
constant, fixed, and dependable monthly income stream for the rest
of the annuitant's natural life. The retiree should be able to
select a product with a cost-of-living adjustment so that payments
increase every year by a certain percentage. The retiree should
have the choice of sellecting either a real immediate annuity or a
nominal immediate annuity. The immediate annuity should provide a
choice of various survivorship and certainty periods in order to
protect a spouse or dependant by continuing the payment stream
beyond the life of the annuitant. The policy should provide the
flexibility to select between fixed and variable immediate
annuity.
There are also many other features need to be checked. Be sure to
talk to a Insurance professional before you make your decision.
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