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Lifetime Annuity - A Big Financial Deal for Retirees


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by: smith.sparrow01
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Date: Wed, 19 Jan 2011 Time: 6:26 AM

If you are one of the retirees and wondering for the best retirement scheme, a lifetime annuity is undoubtedly a fascinating option. Being one of the best feasible investment vehicles for a secured retired life, annuities ensure a steady financial condition for the rest of your days after retirement. Retirement is a permanent break from work but not from life. Its the period of sheer relaxation and freedom from work loads. But real happiness comes only when you enjoy a steady financial condition. Therefore, annuity investment plans can only make your days happier.
A lifetime annuity simply refers to a contract drawn between an insurance company and the applicant. Once you avail the lifetime annuity scheme, you are assured to enjoy a steady income for lifetime. You can always enjoy financial security on the basis of monthly payouts from the annuity plan for a lump sum investment. Till your death, you can enjoy a steady income and that too on a regular basis. Well, there are various sorts of policies to go for. For instance, the single life annuity option promises you a regular monthly income and that too for the rest of your life. With this, you can be ensured of the highest amount as monthly premiums. However, this option of lifetime annuity is only valid for you only if you are alive.
A joint life policy is best for you if you want to assure financial security for your spouse after you die. It means that your spouse will enjoy a favorable income even after your death. However, the monthly payment you receive here is comparatively lesser than the single life policy. There is another policy known as the period certain option that will ensure a legacy for your beneficiaries in case of your premature death. Your beneficiary can then enjoy regular monthly payments for a said number of years mentioned by you in the document. However, the monthly income will vary depending on the gender and age of the beneficiary.
Its recommended that you compare lifetime annuity rates of various companies and then decide to grab the best option. One of the other advantages of choosing a lifetime annuity is that it helps you to gain extra apart from your retirement savings. You might get confused at any point of time in managing your savings which you have preserved through a variety of accounts. You might wonder as how to raise your income without letting your cash from being flowed out. Therefore, a lifetime annuity in such perplexed situations works best for you. There are online agents dealing in lifetime annuity with whom you can get in touch for knowing more about these schemes.
Retirement Annuity works just like the other insurance policies as well as individual retirement account. An individual retirement account works similar to a life insurance where the beneficiaries are given a certain amount of money on the death of the contributor. However, in retirement annuity, your yearly contributions ensure you a strong financial protection throughout your entire retirement period. Retirement annuity protects you from big financial losses owing to any sort of business mishap or bankruptcy.

About the Author

Smith Sparrow is a business consultant who has good information on Life Annuity and Retirement Annuity. For more information visit http://www.immediateannuities.com/.



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