A single-premium annuity that provides regular monthly income if an individual lives past a certain age. For example, a man might pay $30,000 for longevity insurance at age 65. If he lives past age 85, he will receive a regular monthly payment of $2,500.
Related information about longevity insurance:
- Longevity insurance - Wikipedia, the free encyclopedia
Longevity insurance, insuring longevity, is an annuity contract designed to pay to the policyholder a benefit if he or she survives to a pre-established future age.
- Is longevity insurance right for you?
If you think you may run out of money during retirement, consider this type of deferred annuity. Learn more about insurance and retirement at Bankrate.com.
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