QLAC – Qualified Longevity Annuity Contract
The newest product type in the annuity world is actually been around since 2004, but has just started to get some traction with the consumer in the last few years. This strategy is also referred to as “Longevity Insurance”, in addition to being described as a Longevity Annuity or Deferred Income Annuity (DIA). In July of 2014, the Department of the Treasury along with the IRS approved the use of this strategy within 401ks and IRAs, and gave it one more name. That name is a Qualified Longevity Annuity Contract, or QLAC for short. It is also referred to as a Qualifying Longevity Annuity Contract as well.