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What is the use of annuities in insurance? |
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I can answer from a claims perspective. I have settled many claims with minor children using annuities. For example a 10 year old child is hurt in a car accident, and the injury is evaluated in the 15k range. An annuitie is set up for the child to start receiving the money when they turn eighteen. Doesn't have to be eighteen. Whatever is the best for the situation. I have set up annuities to pay the child from college age, twice a year (tuition time) for four years, or a lump sum when they are 18 or 21. Whatever is best for the child and their family. Of course the annunity makes money in the mean while. And they had to be court approved for the minor.
First answer by Mgudhwani1962. Last edit by Mama lori. Contributor trust: 328 [recommend contributor]. Question popularity: 15 [recommend question]
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