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What are my annuity pay-out options?
Answered By Ammon Yorke, Editor
Most annuities offer several pay-out options to investors in order for the investor to choose what options he/she preferred to deal with. The following are some of the options that are well known to annuity assurance companies:
- Life only. Payments are made over the lifetime of the investors, meaning nothing is paid for his/her estates or beneficiary. This option provides the investors for maximum income payment.
- Joint and Survivor. The payments are continued over both to the lives of the investor and a surviving co-investor. Compared to the life payments, the return of the payments under this option will be smaller.
- Life and Period. Payments are made on the life of the investor or for a certain period. If the investor, for example, dies within a year after the annuity payments begin on a 20-year period, then the beneficiary of the investor will continue to receive payments for 19 years.
- Installment Refund Annuity. Payments to the investor or his/her beneficiary will continue until the pay-out equals the amount the investor paid originally to the annuity plan he purchased.
--- permission must be obtained from editor Ammon Yorke to re-publish ---
keywords: Annuities | Annuity | Investing
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