Life insurance that can be transferred to an annuity is called a life insurance annuity. It is a type of life insurance policy that allows the policyholder to convert a portion of the death benefit into an annuity. The annuity will then pay out a regular income stream to the policyholder during their lifetime.
There are two main types of life insurance annuities:
Life insurance annuities can offer a number of benefits, including:
However, there are also some potential drawbacks to life insurance annuities, including:
If you are considering a life insurance annuity, it is important to speak with a financial advisor to discuss your individual needs and circumstances.
Here are some of the factors to consider when deciding whether to transfer a life insurance policy to an annuity:
Are you getting what you want or are you putting yourselves in a position someone could try and get the better of you?
Find out more about the Retire Confidently Program
Purchase The Secure Solution: Creating a High-Quality Retirement in a Low-Interest-Rate World
Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.
Life insurance that can be transferred to an annuity is called a life insurance annuity. It is a type of life insurance policy that allows the policyholder to convert a portion of the death benefit into an annuity. The annuity will then pay out a regular income stream to the policyholder during their lifetime.
There are two main types of life insurance annuities:
Life insurance annuities can offer a number of benefits, including:
However, there are also some potential drawbacks to life insurance annuities, including:
If you are considering a life insurance annuity, it is important to speak with a financial advisor to discuss your individual needs and circumstances.
Here are some of the factors to consider when deciding whether to transfer a life insurance policy to an annuity:
Are you getting what you want or are you putting yourselves in a position someone could try and get the better of you?
Find out more about the Retire Confidently Program
Purchase The Secure Solution: Creating a High-Quality Retirement in a Low-Interest-Rate World
Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.