A(n) ________ is a financial contract that provides annual payments until a specified year or until one's death.

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26-08-2022
Social Studies

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A(n) ________ is a financial contract that provides annual payments until a specified year or until one's death.

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mahak08 mahak08 · Answer 1 · 2022-09-01T09:07:14-04:00

The purpose of an annuity, a long-term investment provided by an insurance company, is to lessen your chance of outliving your income. Your purchase payments (what you give) are transformed into recurring payments that may last a lifetime through annuitization.

Thus, Annuity is the correct phrase.

Is an annuity a good investment?

In retirement, annuities can offer a steady income stream, but if you pass away too soon, you might not get your money's value.

When compared to mutual funds and other investments, annuities can have higher fees. Though you may have to pay more or accept a smaller monthly income, you can tailor an annuity to your needs.

For more information about Annuities refer to the link:

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