Single Life Annuities
What is a Single Life Annuity?
Although there are variations on this, a single life annuity is simply an annuity account that you make one lump sum payment into and receive payments from for the rest of your life. There are many different ways to set up your single life annuity, and most factors are about the length of term of the pay out.
Some Other Variations of the Single Life Annuity
As an annuity, the single life annuity can be immediate or deferred, and have interest rates that are fixed or variable, and also build one with a lump sum payment in addition to installments over time. Because of the many variables, you can customize your single life annuity to almost any need you might have. To make the best decision for your needs, we recommend getting a single life annuity consultation.
Here are the six most common types of single life annuities:
- Basic Single Life Annuity
- 5CC Single Life Annuity
- 10CC Single Life Annuity
- 15CC Single Life Annuity
- 20CC Single Life Annuity
- Refund Annuity
Who Should Get a Single Life Annuity?
A single life annuity is usually a tool for someone who wants to rollover funds from an existing 401k, IRA or other retirement savings account. It can be a useful tool for anyone who has a large sum of money they want to receive steady payments from for the rest of their life.
Death Benefits of a Single Life Annuity
Usually there are no death benefits of a single life annuity because they are set as "life" annuities. However, you can set up your annuity to pay beyond your death in some cases. If this is of interest to you, please consult one of our Single Life Annuity specialists at OutlookAnnuity today.
Get up to 8% Return with our
Forethought Bonus Advantage Annuity!
Perfect for the "over 55" generation!