What is keeping you so worried these days? Are you afraid that the savings you have accumulated after years of hard work would go in vain if you step in for a wrong pension plan? With lifetime annuity plans at your disposal there is little to worry. The pension schemes have arrived to justify all your efforts and help stabilize your financial flow. However, in most cases individuals find it quite challenging to secure a pension plan that would reap them a handsome pay annually or periodically. Mostly, the thought of outliving savings scare people looking forward to securing a post-retirement life. If you are thinking the same, then there is a way to combat financial fear just by picking a lifetime annuity plan.
Lifetime annuity schemes offer you an easy proposal where you begin with investing a lump sum in exchange of which you will be entitled to receive annual or a series of guaranteed payouts. If you are already married then you can choose to schedule the payments in joint way. It can also be reduced as per the anticipations made by the annuitant who is worried about his finances in the future.
As an annuitant if you are concerned about estate planning and want to transfer a percentage of it to your heirs then, you have the right to craft the annuity agreement in such a way that your offspring is benefited. The variations mostly in such cases mostly include returns on lifetime annuity based on the following:
- Returns derived from the original investment amount
- Returns derived from a certain percentage of the invested amount
- Returns derived from (subtraction of payouts from the original) amount invested
If you are looking forward to purchasing an annuity plan then you can look for the guidelines given below:
- It is important that you choose an annuity expert who will be able to inform you about the best plans available in the market. He will even inform you on single as well partnership policies. There are plans which provide both schemes. On the contrary a single policy offers you better amounts than a joint policy which offers lesser amounts.
- A lifetime annuity plan protects your finances from being affected by inflation. An inflation protected annuity plan offers you lesser amounts in the beginning; payment amount increases with each passing year. You can look for the best lifetime annuity plan over the internet.
- Looking for annuities offering cash refund facilities is good enough for your heirs who are entitled to receive interest for amounts you have invested but have failed to collect interest on the same.
- A licensed insurance expert should be consulted while you fill up the formalities involved in purchasing a lifetime annuity plan.
Author’s Bio: The author Jonathan James, having complete knowledge on financial schemes offers an insight to pension schemes like lifetime annuity plans for readers who are benefited from it. Her articles are informative and interesting.