Scenario: Let us say you are the parent of three children. One is reasonable with finances, the second is not exactly financially responsible, and the third has no clue about finances. Now, let us say you have a life insurance policy, and you pass away. Would you want all three of your children to receive the full death benefit all at once?
With the annuity settlement option, you can customize how your beneficiaries receive their portion of proceeds:
- All at once
- Gradually (monthly, quarterly, semi-annually, or annually)
- Combination
Example, you can set it up so:
Child 1: This child receives one full lump sum payment.
Child 2: This child receives a smaller lump sum with an annual annuity until it runs out.
Child 3: This child receives a monthly annuity. At a certain age, they receive the remainder.
*This works especially well for children who will require ongoing care.
Empire Life – Annuity Settlement Option
Empire Life – Annuity Settlement Form
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