What is a Lifelong Annuity?

People depend highly on their monthly income for their daily needs. They manage their expenses as well as do necessary savings from their monthly income. But you should not forget about retirement. Thus, it is equally important to take steps for lifetime retirement income.

You can opt for various ways to save your money to live a relaxed life after retirement. Hence, you can take the necessary guidance from an expert and opt for the best investment deal in the market. In this article, you will know about lifelong annuity plans. So, read below to know about it briefly and get the best deal.

Lifelong Annuity: An Overview

You can suppose the Lifelong Annuity as an investment medium that works as a personal pension plan. In short, you are giving yourself a pension with your savings.

There is an Immediate Annuity that acts as a lifelong income stream. This annuity is also called “single life,” “straight life,” or “non-refund.” Furthermore, you can increase the payment to cover a second person. In that case, it will be called “a Joint and Survivor” annuity. Hence, most banks provide a lifetime income stream, whereas some banks offer to give the payment for a certain amount of years.

A lifelong annuity can work as a lifetime income companion for a financial plan. For example, 401 retirement plans, pension plans, etc. Hence, as the name refers, a lifelong annuity provides a lifetime retirement income. It is a great policy for those who want a stable and secure life. You also get a guarantee of monthly payouts.

Now, you have a guarantee of your lifelong annuity of income, but you cannot guarantee your life. So, if anything happens to the policyholder, the amount is given to the family members or the mentioned nominees.

How can you choose the right lifelong Annuity plan for yourself?

You must know some of the ways before looking out for any annuity plan. The following are some features you need to know for lifetime retirement income.

• Focus on the retirement income stream:

Moreover, all the insurance companies provide lifelong annuities. Thus, they come with terminal illness insurance coverage. Nevertheless, if you feel insurance is your preference, don’t get allured by this. Be focused on your retirement income stream.

• Be attentive to Guaranteed payouts:

All insurance companies advertise an income of something 4.75% per annum. But, they are a lump sum of both guaranteed and non-guaranteed components. Thus, you cannot lean on non-guaranteed payments. So, always pay heed to the guaranteed payouts.

• Check if your asset is guaranteed or not:

All the retirement annuity plans are “Capital Guaranteed.” If you die, your beneficiaries or descendants will get your asset. So, if the insurance provider doesn’t have this facility, find another one.

• No Medical support is needed:

Furthermore, you do not need a medical checkup for your annuity plan. You can do it anyway because you are not getting a Health insurance plan. So, why bother? Thus, you get complete coverage with this lifetime retirement income.

Different types of annuity:

There are several types of annuities present in the market. Hence, these are some of them that you must know.

• Fixed Annuities are certain interests that insurance companies offer with fixed amounts and premiums.
• Fixed indexed annuities are a type of fixed annuities that has a variable interest.
• Immediate Annuities are a kind of life insurance. You need to give a certain amount of money during your working time, and in return, they will provide you with a monthly payout after your retirement. Thus, it is a great lifetime retirement income for your future.
• Deferred Annuities are something that gives a delayed payment. Sometimes people work even after they are retired. So, these Annuities work when they stop working.
• Variable Annuities are annuities where one gets to choose from variable mutual funds and, therefore, act in this fashion.

Investing in any insurance policy can sometimes be risky. That’s why you need to check that if the insurance company is renowned and reliable or not.

Great Eastern by Great Lifetime Payout

Are you finding the best way to improve your lifetime retirement income? Then, Great Eastern can solve all your queries and requirements. They offer various kinds of plans that you need to know and opt for the best one.

Their Great Lifetime is a participating whole life plan where they give you cash payouts plus a potential cash bonus every month. You can choose your term, retirement, and age and how long you want to get the payouts according to your convenience.

Thus, your asset is guaranteed at your selected retirement age, and you can get coverage against Loss of Independence. In this lifetime payout for retirement income, you get an assurance of up to 3.28% per annum with a lifetime monthly payout.

In conclusion, the above information can help you understand about lifelong annuity. So, what are you waiting for? Get the best plan and choose your tenure accordingly.