Traveler’s Life and Annuity
Traveler’s Life and Annuity was established in 1863 and is a subsidiary of MetLife. MetLife was first formed to protect the Civil War soldiers. Traveler’s Life and Annuity offers many types of insurance options. Some include: Term Life, Permanent Life, Universal Life, Variable, College Student Plans, Group Life and many other types. When purchasing an annuity or considering a structured settlement you should think about the individual’s present age, other retirement plans, duration of payment, current and future monthly expenses and when the payments will begin. It is also important to remember that life expectancy has increased. Another important item to consider is inflation and cost of living. It is important to make an adjustment for these factors.
Traveler’s Life and Annuity can assist you in planning for your retirement. One of the ways they can do this is by annuities. What is an annuity? An annuity is a distribution of money earned on an investment that can be paid out annually, biannually or quarterly. Annuities can account for a portion of an overall retirement plan. Annuities provide a consistent flow of income and can supplement your retirement funds if invested the right way.
There are two basic types of annuities that are deferred and immediate. As you can probably guess, you will begin to receive payments soon after you make your initial investment. This would be a good choice if you are reaching retirement age. A deferred annuity accumulates money and can be converted into an immediate annuity.
Annuities can be fixed or variable. The payout can be a fixed sum or may be dependent on the performance of the investments. Consider which is better for you when making the decision to buy annuities.
Sometimes the occasion comes up when you have unexpected bills and often think it would be nice if you could access some of the funds today. Perhaps you have unforeseen medical expenses, credit card debt or you would like to do some home improvement. It may give you comfort to know that you can withdraw the funds usually with a small penalty or sell them to a reputable buyer.
Another way that Traveler’s Life and Annuity can assist you is with a structured settlement. What is a structured settlement? A structured settlement is an agreement with an insurance company that pays an individual a predetermined amount of cash for a fixed period of time. This usually happens when a person has an accident and is injured.
The parts of the agreement are: a qualified assignment, an agreement, an annuity application, a court order if the claim is made by a minor and the annuity policy. Traveler’s Life and Annuity assure that payments can be made for the duration of the life of the claimant or be paid in lump sums or equal installments over time. The annuity is tax free but if payments are made to the estate, they are free from tax but will be subject to estate tax.