Retirement Income Policy
Definition of "Retirement income policy"
Form of deferred annuity; a life insurance policy that usually guarantees from 120 to 180 monthly income payments to the annuitant at retirement. If the annuitant dies during the deferral (or guaranteed) period, a beneficiary receives a death payment of the face amount or the cash value, whichever is larger. During the deferred period, the policyowner can withdraw part or all of the annuity's cash value (the latter terminating the annuity).
Popular Insurance Terms
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Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
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Same as term Fortuitous Loss: loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where ...
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