Straight life annuities may not be the best choice for couples who live off of the retirement income the annuity provides.
Like all annuities,
straight life annuities act as longevity insurance.
Like all annuities,
a straight life annuity provides a guaranteed income stream until the death of the annuity owner.
While many types of annuities allow the annuity owner to name a beneficiary (usually a spouse) who will be eligible for either continued payments or death benefits,
a straight life annuity forgoes this added benefit in favor of higher guaranteed payments while the annuitant is alive.
A straight life annuity may be bought over the course of the annuitant's working life by making periodic payments into the annuity, or it may be purchased with a single lump sum payment.
A straight life annuity is a retirement income product that pays a benefit until death but forgoes any further beneficiary payments or a death benefit.
Not exact matches
For example, suppose your pension benefit would be $ 2,000 a month with a
straight -
life annuity.
If you are married, you will have a choice of whether to take an
annuity that simply covers your
life, sometimes called
straight -
life annuity, or one that will continue to pay benefits to your spouse, should you die first.
In 2017, for example, the PBGC guaranteed a maximum $ 5,369.32 benefit for a 65 - year - old in a single - employer plan with a
straight -
life annuity.
Click the link below to see a table of the maximum amounts that PBGC can guarantee for a
straight -
life annuity with no survivor benefits and a joint - and - 50 % - survivor
annuity for ages 45 - 65.
Straight -
Life Annuity - An annuity that pays benefits, typically monthly, for one person's life, with no survivor benefits after that person d
Life Annuity - An
annuity that pays benefits, typically monthly, for one person's
life, with no survivor benefits after that person d
life, with no survivor benefits after that person dies.
The accrued - at - normal limits means that PBGC does not guarantee the portion of the monthly amount that exceeds the
straight -
life -
annuity amount.
For example, participants whose plans offer a temporary supplemental benefit in addition to an early retirement benefit often receive amounts greater than their
straight -
life annuity amount.
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