What’s Guaranteed in Annuities?
What’s Guaranteed in Annuities?
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Term Life Vs Whole Life – Is There Still Debate As To Which Is Best
Term life vs whole life, is there still debate about which is best? I think it has died down a bit. People are not too certain anymore that term insurance is the only way to go. That is good because people should take the time to check out both types of policies for themselves and make their own decision.
Term life insurance is great insurance. Each term policy covers specific needs but term insurance is temporary insurance whether you buy a policy for one year, 5 years or 30 years. It is still temporary.
People want their life insurance protection to be permanent, coverage right up until age 100. That is why whole life in some form outsells term life insurance. The types of policies most people buy are modified whole life policies.
These are policies created by life insurance with the intent of increasing their share of the life insurance sold.
Single-premium Immediate Annuities
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What are single-premium immediate annuities?
“Single-premium immediate annuity” is a long, descriptive name for simply “immediate annuities.” It can be a useful name, however, because it accurately conveys the message that these products require only a single payment. After that, they pay you a pension for the rest of your life.
How can that work?
The life insurance company invests your money, and pays you back a fraction of it each month. Eventually, you will get back more than you paid in. How long will that take? It depends on how much interest the annuity accrues and how long you are expected to live after the income phase of your annuity begins.
Who buys single-premium immediate annuities?
Annuities are primarily used to fund retirement plans. Single-premium immediate annuities are most useful for individuals or couples who are already at retirement age. A buyer can take his/her savings, and use them to purchase an immediate annuity, which will ensure steady income for their entire retirement, no matter how long he/she lives.
NAHU 2011: Raindrops Start to Fall
SAN ANTONIO — The National Association of Health Underwriters (NAHU) began its 81st annual convention this weekend with members sounding like beachfront homeowners going through the early stages of a long-anticipated hurricane.
Chris Harrison, the regional vice president representing NAHU’s southeastern region, said the Patient Protection and Affordable Care Act (PPACA) is simply the name for a storm that has long been in the formation stages.
“Health care has been on the debate front for 20 plus years,” Harrison said.
No one at NAHU, Arlington, Va., is claiming to know just what storm will look like in three years, or even whether PPACA will still be here in anything like the current form. But Mark Riley, an Irmo, S.C., benefits specialist, said NAHU members have to learn how the health care system is supposed to work under PPACA.
“I think we have to prepare for the change now,” Riley said. “We can’t
Life Insurance Distribution Channels in Canada
How does your insurance broker do business?
Life insurance in Canada is called primarily through three distribution channels.
1. Captive agents – Captive agents are life insurance advisors who provide life and living benefit products through primarily one carrier. In certain instances, the agent’s company will be allowed to offer products with other carriers if the primary carrier does not offer them.
Captive Life insurance agents often do have a keen understanding of their product offering – given that they’re only offering insurance through one carrier. However, on the downside, the premiums are frequently uncompetitive.
2. Independent brokers – Independent brokers offer insurance through multiple insurance carriers. Some independent brokers are contracted with as many as 20 different insurance carriers. H
Life Annuities
A life annuity is an annuity whose pension continues until the death of the annuitant (or until the death of the annuitant and his/her spouse). Life annuities are intended for retirement plans; they pay a steady stream of income for as long as you live.
Lifetime annuities are the default variety of annuity.
Alternatives to life annuities
There’s a great deal of security in lifetime annuities because they income they provide will never stop so long as you need it. However, there is a degree of risk as well because if you die early, then the money you invested into your annuity will never be of benefit to you. There are alternatives to life annuities, which ensure that a certain amount of money will be paid out even if you die early.
Period certain annuities (or “term certain annuities”) pay a fixed income stream for a certain number of years regardless of whether the annuitant is still alive. (If the annuitant dies, the annuity passes into his/her estate, and whoever inherits it will get the income from it.)
For a cross between life annuities and period certain annuities, you can buy a life annuity with a period certain option. A life annuity with a period certain option promises to pay an income for your whole lifetime or for a certain number of years, whichever is longer.
Alternatively, you might consider a cash refund option or an installment refund option. For details on these and other options, see Annuities with Guaranteed Duration.
What is the difference between term and whole life insurance?
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Should I get Life Insurance after 62?
Only if you need to the life insurance.
Is there someone you want to leave money to pay off your debts?
No Doctor
Term Life Insurance With No Medical
Get Low Cost No Physical Term Insurance Online
The increased availability of term life insurance with no medical is quite a relief for those interested in buying life insurance. This type of offer has always been there for younger folk because of their better health on a whole. Extending this to older people may seem quite surprising to the unobservant. What I mean here is that this kind of offer had to come about eventually because people are living much longer than they used to.People want to live as long as they can and advances in medical science are certainly making this more of a practical idea and not just a mere dream. Look around you and observe that people in their seventies and their eighties look more like people in their fifties and sixties today. They feel that way too. The life insurance companies know that many of these people are actually in very good health.