These products are usually real stinkers. They're sold to people of all ages as a "you'll retire with guaranteed income and if the value drops and you pass your heirs will get the full value".
The problem is the cost of insurance on giving your heirs full value is extremely high. Typically, the cost is 0.9% so on say a 100k annuity you're paying 900 bucks a year and the most you can ever gain is 100K. Usually, you can buy a much larger term life policy for the 900 bucks a year.
The pay for life is a joke as the payout it so low the life insurance company will never lose. I calculated one out before and you'd have to be 113 before you'd come out ahead. BTW, if you annuitize and die, the life insurance company keeps your principal. If you set it up to pay out for certain amount time after your death, you heirs still won't get the full amount of principal which BTW decrease the monthly payout to you. I guarantee if anyone is going to lose on these will be the policy holder and not the insurance company
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