Which of the Following is True About the Annuity Period?
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Q: I am looking for a life insurance contract and was wondering which of the following is true about the annuity period? Is it ten, fifteen, or twenty years? Thank you.
A: It really depends on the plan itself, and how it’s structured. Some plans are structured so that the annuity period is set at a certain amount of time and then automatically renews at that time.
Q: I am looking for a term life insurance policy and was wondering which of the following is true regarding the annuity period? Is it twenty years, ten years, or ten years? Thanks.
A: It really depends on the type of policy that you are getting, and what kind of insurance it is. Some insurance policies are annually renewable, which means that the insurance contract is for an entire lifetime, which can make it rather attractive to the policy owner. Term life insurance is generally only good for a certain number of years, depending on the length of your contract. Because most insurance contracts are for a minimum of 5 years, it would probably be best to get a whole life insurance policy instead.
Q: I am looking for a variable annuity and was wondering which of the following is true regarding the annuity period? Is it lifelong, or temporary? Do I have to wait until I turn sixty-five, or does it have to be immediate? Thanks!
Answer: Variable annuities can be both lifetime or temporary, and you must check with your insurance company.
