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Annuity riders. Annuities can be structured in many different ways, depending on your needs. These optional features are called riders and provide a higher level of benefits — at a cost ...
Annuities paid only under certain circumstances are contingent annuities. A common example is a life annuity, which is paid over the remaining lifetime of the annuitant. Certain and life annuities are guaranteed to be paid for a number of years and then become contingent on the annuitant being alive.
Annuities are a tool that can create reliable retirement income that can last as long as you do. Each annuity is a contract between you and an insurance company: You provide the company money now ...
There are many different varieties of annuities sold by carriers. In a typical scenario, an investor (usually the annuitant) will make a single cash premium to own an annuity. After the policy is issued the owner may elect to annuitize the contract (start receiving payments) for a chosen period of time (e.g., 5, 10, 20 years, a lifetime).
Part of the lump sum must be used to buy an annuity and part can be taken a tax-free lump sum. Contributions receive basic tax relief claimed at source (although this was only introduced in 2001). The income and gains in the plan are free from tax (with the exception of the non-reclaimable 10% tax credit). At maturity, the tax-free cash can be ...
Annuities can differ markedly from one another, making it difficult to compare them. Worse, because sales people earn a commission by selling annuities, they are not incentivized to highlight all ...
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