Life insurance financial modeling impact for retiree (anniversary, years, payment)
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I have an annuity with a life insurance feature built into it as well. I am curious what others have done with in a financial model to show the value/impact for both the life insurance and the annuity. The issue I face is how do I value either when they depend upon life expectancy and I want to model for normal life expectancy and both shorter and longer life under the various option for these two features as well as for the various annuity options such as single life, period certain, dual life etc.
Thanks in advance. I hope my question is clear if not ask.
There are calculators that try and factor in health questions so try one of these.
Your other choice is to add or subtract 5 years from the average and do your calculations, then subtract/add 10 years etc.
I need to call axa to make sure I understand how the contract changes with me shifting to an annuity. Currently I am taking the cash value as a monthly payment per the contract and keep my option open to convert to an annuity annually on my anniversary date for the contract.
One feature I like about the current monthly cash from the contract is I still have in place a significant death benefit to protect my wife in the traditional event of the male dying first.
I am not clear what happens in the switching to an annuity with the death benefit. Also this contract has what is called a guaranteed minimum income benefit. I am not clear if this benefit goes away if I convert to an annuity or does it act as a guaranteed minimum annuity payment level even if I die before the minimum income benefit is realized under the annuity option.
Not a question I am asking the forum just a note to self on what to ask about next discussion with axa. This forum has helped me realize this continuing life insurance feature, called a death benefit in my contract, is not the usual thing these contracts include so I already know this is different from a standard contract in at least this feature and that there maybe others, hence need to talk to axa.
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