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A type of annuity offering a guaranteed income stream, typically for life or a specified period, with payments starting within a year. This is a popular option for individuals who have a large sum ...
Using today's rates, a $10,000 immediate annuity for a 65-year-old might pay around $75 to $80 monthly for life. Delaying payments or investing more money would increase this amount.
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 ...
For example, a $100,000 premium on an immediate annuity may only generate $6,000 to $10,500 a year in lifetime payments, depending on how old you are when you sign your contract.
An immediate retirement annuity is an annuity that is purchased in a single lump sum, and payments on it begin immediately (30 days to 12 months), after the entry into force of the contract (there is no accumulation phase). An immediate annuity is good for turning a large amount of money into a source of permanent income (some kind of pension).
Life with period certain: Also known as guaranteed term, this pays for life unless the insured dies before a certain period of time, such as 10 or 15 years. At that point, payments will continue ...
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