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If you’re asking about what is annuity, there’s the need to explore all the possible avenues about the subject. Annuity is very verse especially when you consider the avalanche of information   on the topic. There are several pieces of information you need to know about its types and their features.  Lifetime annuity is one of the several aspects you need to understand. Let’s examine what it stands for in this write-up.

Actually, Lifetime annuity   is known for its reach offers and benefits.  It’s simply a kind of annuity that pays you a specified income amount for the rest of your life. It’s a kind of contract you enter with an insurance company.  You invest your lump sum of cash and allow it to work for you. The insurance company will be paying you   dividends all through your life time.  This kind of annuity is very common among several insurance companies in the US.   Many people who want to enjoy steady flow of income during retirement like going for it.

Actually, Lifetime annuity demands a lot from the investor. You’re expected to use your pension fund for the investment process.  When you do that, the insurer will then agree to pay you regular income from the returns coming from the pension fund invested.  In most cases, the income payment can be made quarterly or monthly. It can also be made yearly or twice in a year.  There are terms and conditions that apply to the investment. You need to check them out before investing.

Oftentimes, lifetime annuity is also known as “immediate annuity”.  Normally it begins with a unique proposition.  You’ll hand over a lump sum to the insurer of your choice.  In return, the insurer pays you a guaranteed amount for a specified period of time. This can last for the rest of your life as well.

You need to know that your initial investment   will no longer be paid you. It belongs to your insurer after your demise.  However, the income payments will still continue for life. Your beneficiary receives that after your death.  Your spouse or child   can be the beneficiary. You have to include that at the initial signing of the contract. You also need to intimate your beneficiary about your investment at all times. This will help him or her to pursue the income payments in case the insurer begins to misbehave.

In getting to know about what is annuity, you’ll discover that Lifetime annuity has a lot of benefits.  In the first place, you’re sure of steady flow of income through the pension fund you invest.  You can also choose when to receive the income payments. You can also decide to leave the payment   until a certain period in your retirement state.  You can equally decide to have access to your income payment once or twice a year.    In fact, lifetime annuity is very flexible.  You’ll always have the right to make choices.

Meanwhile, there are some negative aspects of lifetime annuity.  When studying about what is annuity, you must not forget to look at the dark sides.  Lifetime annuity is always taxable. You’ll be paying tax all through the period of the annuity.  This can reduce the amount of income payment you’ll be receiving.  In any case, you should always be properly guided by a good financial adviser before you think of choosing this kind of investment option.