Annuity Life Insurance Policy
With annuity life insurance, you will be given something similar to a typical life insurance plan. Instead of getting paid once you die; an annuity life insurance plan will take care of you if you were to outlive your resources.
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So if you are in good health and have the possibility of retiring early, you could end up running out of money. To help ensure that you won’t go broke at an old age, the annuity life plan will make payouts to you to help. There are several options to choose from when applying for annuity life policies, such as the following:
- Future Income – This option has a flexible premium and deferred fixed annuity. You will be able to accumulate cash over the years of the policy and choose the payout plan you want. The premium is at a set rate throughout the policy as well.
- Future Income Plus – With this option, you will also be offered deferred annuity and it will have a single premium. Cash accumulation over time and it has a fixed rate as well. You will be able to choose how you want the payouts to be given. During the last 30 days of a rate guarantee period, you can choose a new interest rate guarantee period – from those that are available.
- Future Income Flex – This is a variable deferred annuity option. You will be able to accumulate cash over time and make different underlying investments. Different cash payout options are available for your choosing.
- Guaranteed Income – This annuity life policy has a single premium and immediate annuities. You will be able to convert your lump sum payout option to a guaranteed payment payout for as long as you live or for a certain number of years. Some people use this option to fund tax-qualified plans. Note – if you pass away before the full policy amount is paid out, the rest may be lost.