She is 84 and is nearing the time when she will no longer be able to live on her own. She is not a wealthy woman and I believe any money she does have should go for her care.
Does anyone know anything about this type of annuity?
Costs, penalties for early surrender, is it even legal?
View this post on my blog: http://travelnursesuccess.com/does-bankers-life-have-an-annuity-that-shelters-an-elderly-persons-assets-from-nursing-home-costs
How does an immediate annuity work? In exchange for a single, lump-sum investment or premium payment, an insurance company will guarantee an investor a fixed income payment for life. Similar to a defined-benefit or pension plan, this income is steady, predictable and guaranteed by the insurance company to continue for the entire lifetime of the investor. The frequency of the payments is determined by the investor, as well, and payments may be received monthly, quarterly or annually. The investor may also decide the level of beneficiary protection they would like.
ReplyDelete