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Lifetime Annuity

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Lifetime Annuity

Lifetime Annuity

Lifetime annuity pays an annuitant as long as he lives. Any individual can buy annuity plan with a large sum of money either at a time or over an amount of time. The annuity-company will pay back the amount along with interest to the annuitant over an amount of time. Lifetime annuity continuously provides an income to the annuitant till his death.

How Lifetime Annuity Works

Lifetime annuity is typically bought when the individual expects outliving any other earnings. Since, such annuity is bought with a lump sum the annuity-holder expects to get the entire amount paid back over years. However, if the annuitant lives beyond that time, the annuity continues to pay the same money till the annuitant's death. In that case, the annuitant gets more money than he paid.

There are some variations on lifetime annuity. Some period certain lifetime annuity provisions include:

  • Single Life Only, With No Refund - Level payments are given to annuitant till annuitant's death.
  • Single Life With 5-years Period-Certain - Level payments are given to annuitant till the annuitant's death, but if the annuitant dies before end of 5 years, the payment continues to be paid to the beneficiaries till end of 5 years.
  • Single Life With 10-years Period-Certain - Level payments are given to annuitant till the annuitant's death, but if the annuitant dies before end of 10 years, the payment continues to be paid to the beneficiaries till end of 10 years.
  • Single Life With 15-years Period-Certain - Level payments are given to annuitant till the annuitant's death, but if the annuitant dies before end of 15 years, the payment continues to be paid to the beneficiaries till end of 15 years.
  • Single Life With 20-years Period-Certain - Level payments are given to annuitant till the annuitant's death, but if the annuitant dies before end of 20 years, the payment continues to be paid to the beneficiaries till end of 20 years.
  • Single Life With 25-years Period-Certain - Level payments are given to annuitant till the annuitant's death, but if the annuitant dies before end of 25 years, the payment continues to be paid to the beneficiaries till end of 25 years.
  • Single Life With Cash-Refund - Level payments are given to annuitant, provided the annuitant dies before the amount paid equals to the amount of annuity bought; the difference is paid to the beneficiaries, at a time.
  • Single Life With Installment-Refund - Level payments are given to annuitant, provided the annuitant dies before the amount paid equals to the amount of annuity bought. The payments continue to be made to beneficiaries till the amount paid out equals to the amount of annuity bought. However, beneficiaries will not get any interest.

Lifetime annuity having provisions or riders to make payments to beneficiaries usually pays out less to annuitant over pre-decided period of time during which the annuitant's death will make payment to beneficiaries.

Lifetime annuity also has riders that make continual payments to others on annuitant's death. Such riders usually make annuity payments to the surviving spouse of the annuity-holder and called as Joint and Survivor Annuity. Some riders and provisions may be added to the lifetime annuity are as below:

  • Joint and Survivor - Level payments are given to both till either annuitant lives.
  • Joint and Survivor Reducing on FIRST or EITHER Death - Level payments are given to both annuitant and joint annuitant as long as one or other dies.
  • Joint & Survivor With Period Certain Provision - This provision allows lifetime annuity to make payments to both the annuitants over period of either lifetime. If, either annuitant dies before certain period is over, the surviving annuitant continues getting full level payments from annuity till the period certain is ended. If both annuitants die before end of certain period, payments will be made to beneficiaries till end of certain period.
  • Joint and Survivor Reducing Only on Primary Annuitant's Death - Level payments are given to both of the annuitant and the joint annuitant.
  • Installment Refunds and Cash Refunds - This provision can be attached to Joint & Survivor lifetime annuities. There can be variations, however between death of any or both annuitants and the payment to beneficiaries or survivors on basis of the remaining amount in the annuity. Based on type of refund provision, payments can be paid out on basis of death of either or both the annuitants.

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