I always enjoy the person that tells me they would never buy an annuity because when they die, they don't want the evil annuity company to get the money. I'm amazed how many people actually believe that this is how all annuities work. Spoiler alert! It doesn't work that way, unless that's how you decide to structure the policy at the time of application. It's your contractual call.
Most people structure their lifetime income payments so that the annuity company is on the hook to pay regardless of how long you live...but when you die...any money left in the policy goes 100% to the listed beneficiaries. In other words, the evil annuity doesn't keep a penny under any circumstance even thought they are on the hook to pay for the rest of your life. That sounds better....doesn't it?
Life with Installment Refund and Life with Cash Refund are the most efficient structures for lifetime income in my opinion. Both guarantee an income stream for life. Both guarantee that any unused money will go to your listed beneficiaries on the policy when you die. The difference between the two are pretty basic. Installment Refund means that your policy beneficiaries will receive the remaining money in payment form until the money is gone. Cash Refund means that your policy beneficiaries will receive the remaining money lump sum.
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