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A man so desperate for medical care that he was willing to rob a bank to go to jail is finally getting his wish this week: A doctors appointment. The 59-year old North Carolina convenience store clerk said his bank robbery of a mere $1 was his attempt to get the medical treatment he hadnt been able to receive via the traditional route.

Man Desperate for Medical Treatment

James Richard Verone was not like most bank robbers who hide their faces, tote assault weapons and rush tellers to fill bags with money in hopes of making a quick escape. Verone casually walked into a Gaston, N.C. bank unarm

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Annuities with Guaranteed Duration

As a rule, annuities provide an income stream until the annuitant dies.  However, there are alternatives.

Life annuities

This is the default.  As a rule, annuities provide steady, lifelong income.

In a sense, this means that the duration of your annuity is not guaranteed; its lifetime depends on your lifetime (also not guaranteed).  If you live a long time after your annuity begins paying out, your annuity will continue to pay out for just as long; if you live but a brief while after the payout begins, your annuity will continue only just as long.

In another sense, the financial protection of your annuity is guaranteed.  It is guaranteed to last for as long as you last.  And the size of your pension payments is guaranteed as well.

Period certain annuities

Period certain annuities (also called “term certain annuities”) do not guarantee a lifetime income stream but do guarantee an income stream for a certain number of years.  What if you die during the payout period?  Whoever inherits your annuity will receive the remaining pension payments as they come due.

Alternatively, you can purchase a life annuity with a period certain option.  Your annuity guarantees a minimum pension period.  If the annuitant outlives the guarantee, the pension continues paying for life; if the annuitant dies before the guaranteed minimum pension period, the annuity pays its pension to the inheritor for the remainder of the guaranteed period.

Cash refund annuities

What if you put $10K into an annuity, then die after receiving only $3K in pension?  With a cash refund option, the remaining $7K will be refunded (to your estate).  The annuity still provides a lifetime income stream but offers additional recompense (a refund of the principal) if the annuitant dies before the pension has remitted all of the principal.

Installment refund annuities

An installment refund option works like a cash refund option, except that the refund is issued in a series of payments instead of a lump sum.  Whoever inherits your annuity will receive pension payments until the principal is exhausted.

Joint and survivor annuities

The joint-and-survivor option allows the annuity to rely on the lives of two people (spouses).  Even if one spouse dies, the annuity will continue to pay its pension.  To reduce the cost of your joint-and-survivor annuity, you may arrange in advance for the pension to decrease following the first death; e.g. after your sp

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You may be choosing for an automobile insurance company, and found that there are various companies offering different policy and quotes. You have compared between the quotes on a few top rated insurance companies, and you may wonder whether you should stick with a cheap automobile insurance.

Experts do comment that the insurers who give the best price often give the best service too. In addition, sticking with a cheap automobile insurance may be important for students. Insurance company will usually offer young car owners with lots of discount.

However, it is suggested that you should look at both the price and benefits while comparing the rates and quotes. Read more…

Dutch financial giant ING Groep NV (INGA.AE) said Friday that after securing the 9 billion sale of its U.S. online bank it is now focused on preparations to spin off its insurance arm next year, but warned that the process could be complicated.

ING, the Netherlands’ biggest financial company by assets, is being forced by the European Commission to reduce its balance sheet by 45% as a condition for the EUR10 billion state aid it received during the financial crisis.

Late Thursday it kicked off the EU-ordered disposal program by announcing the sale of its online bank ING Direct USA to Capital One Financial Corp. (COF). Capital One will pay 6.2 billion in cash and 2.8 billion in stock, giving ING a 9.9% stake in the U.S. Read more…

Annuitant Definition

The Dictionary of Insurance Terms and Definitions

An annuitant is any person who receives the benefits (i.e.

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