What about maintaining the principle of an annuity?
Is there a product that can maintain the principle of an annuity to be paid Liftime for joint account from 76 to 80 years old? I'm trying to find out about annuities, have studied a bit, but can not find the specific answer. Thank you.
Once you start taking annuity payments, (either through the purchase of an immediate annuity or an annuity from a deferred annuity contract, the which were issued by a life insurance company), you waive the right to principal. If you are doing an annualized common life, once the owner last pass, the cessation of payment of annuities. If both parties will fairly soon, the insurance company makes out because they're left with the director. However, if one of the tenants living spend their life expectancy, the insurance company has to keep paying. The only way to get behind any institution after an annuity, is through the application of what is called a cash refund option. You should do this before you start taking payments. What it will do is reduce the amount of annuity income received, but if tenants die earlier than expected, a beneficiary would inherit the remainder of the capital. Basically, if I understand your question, there is a product that does what you're looking for.
Prescott Financial Planner – Victory Wealth Management – Part 1
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