Types of Annuities
- Period Certain Annuity
- Deferred Annuity
- Immediate Annuity
- Joint-and-survivor annuity
- Joint Life Annuity
- Life Annuity
- Life income-period certain annuity
Joint-and-survivor annuity
A “Joint-and-survivor annuity” is one in which payout continues to the annuitants for the life of all parties on the annuity. Lets say a husband and wife purchase a Joint-and-survivor annuity. The monthly payments begin when both husband and wife are still living. Lets say the husband passes away; the wife will continue receiving those monthly payments as long as she lives. Should the wife then pass away, the payments stop.
Joint Life Annuity
A “Joint Life Annuity” is an annuity that pays a monthly payment to the annuitants(owner of the policy) for the life of that annuitant. Now you can have more than one owner, lets say husband and wife. When one of the two passes away, monthly income stops. This is also a type of annuity that can be sold for a lump sum of cash, but as you can see, this one carries more risk of one of the two passing away. If you would like a quote on this type of annuity, please visit the annuity quote request form.
Life Annuity
A Life Annuity is an annuity that pays a monthly payment to the annuitant until the annuitant dies. At death, payments stop. Lets say the annuitant is 65 and wants to start the monthly income payments. Now lets say at 67 the annuitant dies. The payments stop. Just imagine if that annuity was worth $250,000. The payments were only received for three years. Certainly not long enough for the value of the annuity. These can also be sold. If you would like to obtain a quote, again see the annuity quote request form.
Life income-period certain annuity
This type of annuity guarantees a specific period of time (minimum) that it will pay out. So if the annuitant dies before that period, the balance will continue paying out until that minimum is met. In addition, if the annuitant lives beyond the minimum specified period of time, then monthly income will continue for the life of the annuitant. As you can see, there are some advantages to this type of annuity.
If you would like a Free No Obligation Quote on any of these types of annuities, please visit the annuity quote form and submit your information. Someone will be in touch with you shortly.