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Chapter 10: Annuities - Coggle Diagram
Chapter 10: Annuities
Immediate Annuities
Payout starts
one payment period
(eg. one mth) after initial purchase
Single premium payment
Before payouts
Death
Purchase price
refunded
Cancellation
After payouts
Death
Payouts continue until end
of guarantee period (if any)
Survivor benefits (if any) go to
beneficiary and policy terminates
Surrendering
Surrender value paid if
during guarantee period
No surrender after
guarantee period
CPF Life
National longevity insurance annuity scheme
Retirement account savings used to buy CPF LIFE annuity
Deferred Annuities
Single or regular
premium payment
Payout Methods
Temporary Annuities
Fixed Period Payment
Fixed Amount Payment
payment continue either
annuitant dies
or
total payments exceed a max amount
Life Annuities
Straight/Pure Life
Benefits paid until annuitant dies
Guaranteed Min Payout
Straight life with
Period Certain
Minimum number of payouts
regardless of living status
Life Income with Refund
Full/partial refund of
purchase price
Refund is difference between purchase price
and accumulated payouts
Lower periodic payouts to cover
cost of guaranteed payouts
payouts guaranteed
for life
Benefits
Not subject to income tax
Universal Life Insurance
Premium Financing
Number of Lives