Questions about Life Annuities  

What is a life annuity?

A life annuity is a contract between you and a life insurance company. It pays you a guaranteed periodic income for the rest of your lifetime and, therefore, is typically used for retirement purposes. These payments are based on your age and the interest rates at the time of your purchase. For some annuities, your gender and health status are also used to determine the income payable.

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