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Annuities can provide lifetime income for retirees and they can continue paying out after the purchaser passes away. If you're married, for example, you may name your spouse as a beneficiary.
An annuity is a financial product sold by insurance companies. It’s a contract where the annuitant pays a lump sum or a series of premiums in exchange for a guaranteed income stream in the future.
Joint life: Also known as joint and survivor, joint life makes payments for your lifetime and then continues to make payouts to your spouse for the duration of their life, as well. Since these ...
The State of Michigan provides a pension for all former members of the Michigan National Guard (Army or Air) who meet specific eligibility requirements. [13] To receive the benefit, applicants must have reached age 55, separated from service, and have served a minimum of 19 years, 6 months and 1 day of active service in the State Defense Forces ...
Single-premium immediate annuity (SPIA): SPIAs are the most common type of income annuity. You pay a lump sum upfront, and the annuity company starts making payments to you shortly after that ...
On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013. [3]
State. Free look minimum requirement . Alabama. 15 days. Free look period is only granted if the insurer fails to provide an annuity buyer’s guide and disclosure document at or before the ...
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