Adding Conditions to Annuities
If you decided to get permanent life insurance, one of the best things about it – beyond ensuring that your loved ones will be financially secure – is that you will get back the money you put into your policy in the form an annuity. An annuity is the technical term for the payment you receive when you start tapping into the cash-value aspect of your permanent life insurance. You can add desired conditions to your annuity that will tailor it to your specific needs.
People who hold permanent life insurance policies certainly look forward to their annuities. In most cases these annuity payments can start whenever you want them to, but most people choose to access their annuity payments once they retire. In fact, permanent life insurance is a popular strategy for retirement savings. Before you get your first annuity, you can add conditions to its disbursement. One of the most popular conditions to add to an annuity is the guaranteed payment periods. This means that if you so choose, you can get the annuity paid out every year for a set period of years – say five, or ten. These annuities will be paid even if you the policyholder die before the time period is up.
Another common condition added to annuity plans is joint life annuities. When you select this condition for your annuity, it means that your spouse or domestic partner will receive the annuity payment after you die.
There are many conditions that you can add to your annuity plan, and these conditions will vary between policies and insurance companies. It makes sense to consult with a permanent life insurance expert before you select a policy, so that you know what you’re doing, and don’t make any costly mistakes. People add conditions to their annuity plans all the time, so there will be a lot of good advice out there to listen to.