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| The Solution |
· A Lump-Sum? or · A Lifetime of Income?
· The Text book's product definition: o The Reversionary Annuity: “A Life Insurance product conditioned on the survival of the beneficiary beyond the life of the insured and payable to the beneficiary at a stated amount per month so long as the beneficiary lives and commencing with the death of the insured” · A Simplistic definition: o The Reversionary Annuity: ‘A’ Life Insurance product that becomes for the Survivor an immediate source of monthly income!
· Because of its design, the Reversionary Annuity provides the insured and beneficiary the major attributes of traditional products, while eliminating their negatives. o Like Term Insurance; the Reversionary Annuity offers very affordable rates o Unlike term insurance, whose coverage terminates at a predetermined date, its coverage can continue for the life of the Beneficiary! o Like Permanent plans; the Reversionary Annuity offers a guaranteed benefit. o Unlike permanent plans, its premium is more efficient because of its unique design and thereby provides more lifetime income benefit per premium dollar! o Like Annuity plans, the Reversionary Annuity offers the security of a guaranteed lifetime of income. o Unlike annuities, which are self funded, the Reversionary Annuity is funded by a much smaller life insurance premium! |
What does a widow really need?
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