Annuity Options
Today, a number of choices are available for annuitants to decide their mode of payment. Whether they decide to life time payments or any other payment option, annuity options are proved as a very comforting feature.
It can be treated as very comforting feature, since annuity is one of the biggest supporters in your time of need. Annuity payout options are generally divided over your lifetime or payments over certain time duration. Following are some of the choices available in the market, these days:
Life Income or Straight Life:
In general terms, annuity payments are decided as long as the owner lives, and amount is paid on his or her death. With this option, you're assured that you'll never receive your annuity payments.
Temporary Annuity Certain:
In this mode, the annuity is payable for a fixed sum of money or a fixed time period regardless the life if its owner. In case of the death of the owner, the amount will go to the beneficiary as mentioned in the contract papers. In this mode, the payment amount is usually guaranteed
Life Income, Period Certain:
In this mode of payment, the annuity is payable over the owner's life. In this case, a minimum payout period is usually guaranteed.
Life Income with Refund:
In this payment mode, the annuity will pay over the lifetime of the owner. However, in case the owner dies much before receiving an amount equal to the investment made into the annuity, a beneficiary is likely to receive the balance.
ife Income, Period Certain:
In this mode of payment, the annuity is payable over the owner's life. In this case, a minimum payout period is usually guaranteed.
Life Income with Refund:
In this payment mode, the annuity will pay over the lifetime of the owner. However, in case the owner dies much before receiving an amount equal to the investment made into the annuity, a beneficiary is likely to receive the balance.
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