I write regularly about annuity rates and trends. This page has my latest annuity updates and I update it at regular intervals.
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A lifetime annuity is a policy that when purchased converts a capital lump sum into a series of future income payments for as long as the policyholder is alive.
Most annuities pay a guaranteed income for life and have the following characteristics:
In order to meet the income for life promise, annuities are based on the concept of mortality cross subsidy.
Mortality cross subsidy is unique to annuities and clearly favours those in good health who may live longer than expected at the expense of those who die early. To overcome this problem some insurance companies provided enhanced annuities. Enhanced annuities pay a higher income for those who have a medical condition that may reduce their normal life expectancy.
The person who purchases an annuity is called the annuitant, and the amount of income they receive depends on the following factors:
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