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What type of insurance is an annuity?

Updated: 9/19/2023
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EncofBizandFinance

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13y ago

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an individual who buys an annuity pays the insurance company a sum of money and, in return, will receive a monthly income for as long as the purchaser lives.

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13y ago
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Q: What type of insurance is an annuity?
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Related questions

Is an annuity a type of life insurance?

Yes an annuity is a life insurance product. Its kind of like the opposite of life insurance.


What is a fixed annuity?

A fixed income annuity is a type of insurance contract where the insurance company makes payments of a preassigned amount to the holder of the annuity, the annuitant.


What is a fixed income annuity?

A fixed income annuity is a type of insurance contract where the insurance company makes payments of a preassigned amount to the holder of the annuity, the annuitant.


What type of insurance contract is measured in units?

variable annuity


Is there a difference between a life annuity and an insurance annuity?

There isn't a real difference between life annuity and an insurance annuity. Both are a form of life insurance and deal with the same issues. I would go with either one.


What is an annuity settlement?

An annuity settlement is a payment to an individual for a settlement, typically from an insurance claim. It's basically any type of settlement for legal suit or other such cases.


What is variable annuity insurance?

Variable annuity insurance is insurance that has a variable year to year and it can change upon facts that change such as your base description of how you manage your life.


What type of insurance contract requires a lump some or periodic payment in exchange for receiving periodic payments from the insurance company?

That could be an annuity, or a permanent life insurance policy.


Where can I get variable annuity life insurance?

To get variable annuity life insurance speak to you local insurance company. A lot of insurance companies now offer many types of insurance; car, life, renter's, etc. Metlife, Pacific Life, Mutual, and many others are examples of where you can get variable annuity life insurance.


What type of product does Variable Annuity Life sell?

The Variable Annuity Life Insurance Company (VALIC) sells life insurance as one of its many perks. The company is designed to help seniors plan for their futures in an all encompassing look into their finances and investments.


What does it mean to have an insurance annuity?

An insurance annuity is a financial product in the form of an insurance product according to which a seller makes a series of future payments to a buyer in exchange for the immediate payment of a lump sum or a series of regular payments prior to the onset of annuity.


Which type of insurance contract requires a lump sum or periodic payment in exchange for receiving periodic payments from the insurance company?

As you have described it, this sounds very similar to an annuity.