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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Annual report to policyholders of certain cash value life insurance products and annuities to inform them of the value of the investment portion of their contracts. Buyers of whole life ...
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Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
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