Longevity Insurance

Longevity Insurance

An insurance policy that pays a benefit if the policyholder lives to a certain age. For example, in exchange for the premium, longevity insurance provides a lump sum to the policyholder, for example, if he/she lives to 90. Longevity insurance is comparable to life insurance; the chief difference is that the policyholder collects the benefit merely if he/she lives long enough. Longevity insurance protects against longevity risk.
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But Canadian tax regulation is not conducive to longevity insurance in the private market, so Canadians do not have this option.
In respect to the former, Penn Mutual acquired last year Texas-based annuity provider Longevity Insurance Co, which operates in 45 states.
An indexed annuity is in, whereas a deferred income annuity, or a fixed income annuity or longevity insurance is out
They've seen the variability of the economy through the financial crisis and they see the need for protection, some kind of longevity insurance.
Treasury Department regulations that were announced one year ago today allow consumers to purchase longevity insurance within qualified accounts like IRAs and 401(k)s.
BANKING AND CREDIT NEWS-March 6, 2015-Sun Life, BCE de-risk pension liability with longevity insurance agreement
M2 EQUITYBITES-March 6, 2015-Sun Life, BCE de-risk pension liability with longevity insurance agreement
While many of the final QLAC provisions mirror those found in regulations proposed more than two years ago, the Treasury Department's final regulations have made its commitment to expanding access to this valuable longevity insurance clear.
Tools like guaranteed income annuities, longevity insurance, long-term care insurance, hybrid policies, revocable living trusts and RMD withdrawal strategies are too often ignored in favor of accumulation-focused methods that are much more comfortable to advisors.
Longevity insurance is a type of annuity that can address that challenge.