A contract purchased from insurance company at retirement to provide continual income over a time of time?

Answers: That is call an immediate annuity plan. You give them an initial investment, next they pay it back near interest for a specified period of time (also known as a length certain) or for the lifetime of the insured.

It is important to pick a well rate carrier offering strong internal returns on the policy. You can learn more by reading an article at our website:
http://www.ohioinsureplan.com/index.php/…

and also here:
http://www.ohioinsureplan.com/index.php/… Source(s): Agent ten + years
If the income is going to start instantly, you would purchase a SPIA (Single Premium Immediate Anniuty), then a payout option have to be chosen.

Do NOT take the life income solely. If the annuitant dies, even one month later, the insurance company's obligation is over. Take, instead, a duration and 10-year, 15 year, or 20-year certain. This option obligate the insurance company to pay the annuitant for life, or the beneficiary for a minimum of 10, 15, or 20 years, if the annuitant dies prior to all along time chosen.

If the annuitant lives to the time chosen, and then dies, the insurance company's obligation is over. Source(s): Retired agent, 30 yrs. service
How about immediate annuity? The most adjectives being a single premium immediate annuity (SPIA).
Annuity? But you don't hold to do it "at retirement". Source(s): agent, 21+ years

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