Annuity plans

Annuity plans

An Annuity is a contract where you shell out a chunk out a large sum as a premium to an insurance company in return for stage payments for the rest of your life or up to an decided number of years, the concluding ending when you die.

It is a life policy in reverse. It converts capital to income.

A normal annuity will be short of any special tax concessions for being used to pay long term care. The profit may be taxable

This is not a special Long Term Care product.

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