Life Annuity With Period Certain

Life Annuity with Period Certain.

Life annuity with period certain. Ten-Year Certain and Life Annuity means a monthly amount payable to a Participant beginning on the date benefits are to commence under the Plan and continuing on the last day of each calendar month thereafter for one hundred twenty 120 consecutive calendar months certain and thereafter on the last day of each calendar month until the death of such Participant and providing that in the event that. Define Five-Year Certain and Life Annuity. If the insured dies before the period ends the beneficiary gets the remaining payments from the annuity.

See chart 7 Period certain annuities. Designated beneficiaries will receive the remaining annuity payments if the annuitant dies before the guaranteed time period has expired. Means a reduced monthly benefit payable to a Participant for his lifetime with a guarantee of 60 payments.

A period certain annuity guarantees payments for a set number of years. Guaranteeing lifetime benefit payments for two or more people d. ANNUITY - Financial Glossary Also known as a straight life annuity.

For example if you purchase a single-life annuity with a 20-year period certain and pass away 10 years later your beneficiary will. If the retiree or retiree and spouse are both deceased benefits continue to a designated beneficiary or the retirees estate for the period designated. Period Certain Annuity.

Common periods for a period certain annuity are 10 15 or 20 years. Life with a period certain annuity works. For example for a lifetime annuity with a 10-year period certain the insurance company promises to pay out for the rest of your life but no less than 10 years.

Guaranteeing benefit payments for a stated period of time after reaching age 65 b. In a period certain annuity such as a 10-year certain annuity benefits will be paid for at least 10 years. Upon the death of the owner s no further payments are due.