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In a typical immediate annuity contract, an individual would pay a lump sum or a series of payments (sometimes called annuity considerations) to an insurance company, and in return pay the annuitant a series of periodic payments for the rest of their life. The exact terms of an annuity product are set out in the contract.
Another option is taking a lump sum and using it to purchase a private annuity from a life insurance company. However, this option — sometimes called a pension annuity — doesn’t make sense ...
Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant.
This type of immediate annuity pays the annuitant for a designated number of years (i.e., a period certain) and is used to fund a need that will end when the period is up (for example, it might be used to fund the premiums for a term life insurance policy). Thus the person may outlive the number of years the annuity will pay.
A single-life or joint-life annuity is best if you are younger and in relatively good health with a life expectancy into your 70s, 80s or longer. How much does a $300,000 annuity pay per month?
The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen, or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
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