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A viable alternative to the life-with-period-certain annuity is to purchase a single-premium life policy that would cover the lost premium in the annuity. Impaired-life annuities for smokers or those with a particular illness are also available from some insurance companies. Since the life expectancy is reduced, the annual payment to the ...
Period certain: This annuity guarantees payments for a set period of time, such as 10 or 20 years, instead of the rest of your life. If you pass away before the period is over, a beneficiary will ...
Annuities with a guaranteed period (such as a 10-year period certain) ensure beneficiaries continue receiving payments from the insurer if the annuitant dies within a certain term (such as the ...
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?
A guaranteed annuity or life and certain annuity, makes payments for at least a certain number of years (the "period certain"); if the annuitant outlives the specified period certain, annuity payments then continue until the annuitant's death, and if the annuitant dies before the expiration of the period certain, the annuitant's estate or ...
The difference with the period certain annuity is that the period certain annuity will keep paying after the death of the nominee until the period is completed. If not otherwise stated, it is always understood that an annuity is payable yearly, and that the annual payment (or rent, as it is sometimes called) is a single currency unit. [1]
Keep in mind that during the waiting period, your money grows tax-deferred. However, you begin paying taxes once your payments begin. Dig deeper: Tax breaks for people ages 50+
An annuity is a contract issued by an insurance company that pays a stream of income for a specified period or often for the remaining life of the contract holder.