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What Does Life Annuity With Period Certain Mean?

Table of Contents

What Does Life Annuity With Period Certain Mean?

Stan Haithcock

September 25, 2023

What Does Life Annuity With Period Certain Mean?

Hey, Stan The Annuity Man, America's annuity agent. People always ask, is it Stan the Man or Stan The Annuity Man? Well, my dad named me after Stan Musial, a baseball player, for all you old-timers out there, you know who Stan Musial is. Of course, I'm a contrarian, and I didn't play baseball, I played basketball. I digress. What are we here for? We're here to talk about Immediate Annuities, life with a period certain. What does life with a period certain mean? It sounds crazy and kind of complicated. It's really not. I'm going to explain it and dig a bit deeper.

‌Breaking It Down

‌Life annuities with period certain, let's break that down into two parts. Life annuity. A life annuity means it will pay you for the rest of your life, regardless of how long you live. It's a transfer of risk. The value proposition only the annuity category can provide is a lifetime income stream. Life only, but with the period certain. Why would you add that period certain? I call that a backstop, meaning there's a guarantee attached so that if you die early in the contract, then some form of payment will go to somebody in your family, the list of beneficiaries of the policy. Let's go a little deeper than that.

‌Examples

‌Let's talk about life with period certain. What does that mean? I've written down some examples for us to go through, and let's go through them right now. Let's break down the first one: life with five years certain. That means it will pay you for the rest of your life regardless of how long you live. Let's say you died in year three. There's going to be two more years of payments. Five minus three equals two, right? What happens if you live past five years? If you live six years and die, then there's no money left for the beneficiaries. Does that make sense? Let's do it again.

‌Life with ten years certain. What does that mean? It means they will pay you for the rest of your life regardless of how long you live, correct? Let's say you die in year seven. How many more years of payments? Did I hear three? What? Yes, three. Correct. There are three more years of payments. If you died in year two, there are eight more years of payments, right? If you die in year 11, there are no payments. Let's do it again. Life with 20 years certain; life means life. Life means regardless of how long you live, they're on the hook to pay, and they meaning the annuity company. You die in year 11, how many more years of payments? Did you say nine? Yeah. Okay. Nine. Nine more years of payments. Do you get it? Do you get how it works? Okay, good. Live 21 years, no more money left.

‌What people are doing with these types of structures is they're saying, "I want a money stop. I want some type of guarantee, in addition to the lifetime income transfer of risk that I'm buying with the annuity company." That's just a reflection of people who worked hard, and you've worked hard, I'm assuming, right? Most people work hard and don't want all the money to go poof when they die. I did a recent YouTube video you need to watch about life-only structures. Life only is when your Learjet hits the mountain, and money goes poof. It's the highest payment.

‌Life With Installment Refund

‌Let's talk about the last one. Life with installment refund. They say, "Well, Stan, installment refund doesn't mean period certain." It actually does. What installment refund means is this is a period certain, but based on your life expectancy to the day. If you said, "Stan, I want a lifetime income payment, but I want to make sure that 100% of the money I don't use goes to the list of beneficiaries, but I want the highest contractual guarantee," that's life with installment refund. That's as close to having your cake and eating it in the annuity industry.

‌Life with five, life with ten, life with 20, life with installment refund. These can also be set up as joint life with five year, joint life with ten year, joint life with 20 year, and joint life with installment refund. Of course, the joint life covers both lifetime income streams.

‌Structures Inside of an IRA

‌Now, let's look at it from the standpoint of where you can use this. Can you put these structures inside of an IRA? The answer is yes. Can you put these structures inside of a Roth IRA? Yeah. Can you use it outside of an IRA structure, a non-qualified account? Absolutely. The difference is how the income stream is taxed. An Immediate Annuity or a Deferred Income annuity can be used in different account structures: IRA, non-IRA, and Roth IRA.

‌Which Pays the Highest?

‌Now, let's also take a look at which pays the highest. Now, think logically for a second: the less guarantee, the higher the payment because you're shouldering more of the risk. Under the life in five, life in ten, life in 20, the life with five year will be the highest contractual payout because it has the least amount of what I call backstop in there. Now, in life with installment refunds, people say, "What's that mean again, Stan?" Let's say your life expectancy is 14 years, eight months and three days. You've got 14 years, eight months, three days. That's the installment refund. Instead of being a 20-year period certain, it's life with a 14 year, eight-month, and three-day period certain. That's what life with installment refund means. Does that make sense? I hope this has cleared up life with a period certain.

‌Client Phone Call

‌I've got a couple of stories I have got to tell you. We're talking about life with period certain income annuities. The call I got recently is the call I get every week. It's a person who calls up, and they're thinking about an Immediate Annuity. They've talked to their friends who know nothing about Immediate Annuities. They spoke to their financial advisors, who probably don't know a darn thing about annuities, except that they hate them all for whatever reason, which is crazy because if you hate all annuities, you hate all restaurants. This person was under the assumption, like too many people are, and I blame the annuity industry, that life only is your only choice with Immediate Annuities and Deferred Income Annuities. It's not true.

‌The vast majority of people who buy lifetime income annuities do not buy life only because they want to make sure that there's some guarantee for their beneficiaries if they die early in the policy. A lot of other questions I get is, can I do a life with seven year or a life with six year or a life with 11 year, or some weird funky number that's not an even number, like five, 10, or 20 or 15. Absolutely. Annuity quotes are customized, and we will quote all carriers. If you said, "I want a life with an 11-year period certain," we can do that. Whatever that means to you, if that's how you want to structure it. Again, ask yourself the two questions. What do I want the money to contractually do? When do I want those contractual guarantees to start? Remember, it doesn't have to be life only; it can be life with a period certain.

‌Okay. We've covered the life of period certain. I've done another video on what is a Single Premium Immediate Annuity, which is a good thing to watch because that's where you buy the life with period certain. With that being said, I'd love for you to download this book for free: Single Premium Immediate Annuity Owner's Manual. You can actually download all six of my owner's manual, but this is the one that you need to probably take a look at. I like annuities for lifetime income, as they're the only products on the planet that guarantee income for life regardless of how long you live.

‌I would encourage you to go to my site to get a free quote. There is no obligation, no cost, and nobody bugging you, calling you, and showing up at your doorstep; you just get the quote. You can download the books for free and listen to my podcasts. Again, I encourage you to subscribe to my YouTube channel because I release a new video daily, Monday through Friday. I will see you next time.

Never forget to live in reality, not the dream, with annuities and contractual guarantees! You can use our calculators, get all six of my books for free, and most importantly book a call with me so we can discuss what works best for your specific situation.

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Does the 4 Percent Rule for Retirement Income Still Work?

Does the 4 Percent Rule for Retirement Income Still Work?

Does the 4% rule still work for retirement income planning? We're going to talk about the 4% rule. We're going to talk about very smart people who have factually and academically destroyed it. And I can do that because I used to be on that side of the table.

Annuity Income: How To Set Up Your Payments

Annuity Income: How To Set Up Your Payments

Stan The Annuity Man, America's annuity agent, licensed in all 50 states and that's including yours. And we're talking about annuity income and how to set up those payments; let's talk about that.

Exchange Your Income Rider for a SPIA: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

Exchange Your Income Rider for a SPIA: Shootin' It Straight With Stan

Welcome to Shootin' It Straight With Stan. I am your host Stan The Annuity Man, America's annuity agent, licensed in all 50 states. I am so glad you joined me on this topic, which is a good one. And it came from my good friend, John Lenz. I call him the annuity architect.

Annuity Death Benefits: Are They Taxable?

Annuity Death Benefits: Are They Taxable?

Today, a little bit of motivation. We're going to talk about death. Yes, that's a motivational topic. But we need to talk about annuity death benefits. Are they taxable? How do they work? All that stuff. You need to know that because you must control things from the grave. You need to set things up for your family.

Lock and Load Annuity Income Guarantees

Lock and Load Annuity Income Guarantees

Today's topic is lock and load for income guarantees because when you buy an annuity, you're buying a contract and locking in that guarantee. You're loading it for the future, so you're locking and loading that contractual guarantee. I want you to think about that.

Why Democrats Love Annuities

Why Democrats Love Annuities

Today we're going to talk about why Democrats love annuities. The blue state. We have the red state, which are the Republicans, and then we have the Democrats. I've done a blog on why Republicans love annuities, but I think it's fair to talk about the Democrats.

Swallow the Seminar Food, Not the Annuity Pitch: Shootin’ It Straight With Stan

Shootin’ It Straight with Stan®

Swallow the Seminar Food, Not the Annuity Pitch: Shootin’ It Straight With Stan

Welcome to Shooting it Straight With Stan. I'm your host, Stan The Annuity Man - America's annuity agent, licensed in all 50 states. I'm so glad you joined me for a great topic. You saw it and said, "Okay, I got to see what he's going to say about this." The topic is: Swallow the Seminar Food, NOT the Annuity Pitch."

Chuck Jaffe: Top Money & Life Topics for 2024

Chuck Jaffe: Top Money & Life Topics for 2024

Keep in perspective where money is supposed to be. You didn't make it to save it. You didn't make it to be buried. The richest man in the graveyard is not the happiest man before he got there.

Why Republicans Love Annuities

Why Republicans Love Annuities

Today's topic is a good one: Why Republicans Love Annuities. Yes, Republicans love annuities. I'm going to do another blog on our friends, the Democrats. But Republicans love annuities.

How Annuities Address Social Security and Inflation

How Annuities Address Social Security and Inflation

Hi there, Stan The Annuity Man, America's annuity agent licensed in all 50 states, talking about one word and one word only today. Inflation! Inflation Stan The Annuity Man, let's talk about inflation! Let's talk about how annuities and Social Security can address inflation.

Income Riders Attached to Fixed Indexed Annuities

Income Riders Attached to Fixed Indexed Annuities

This is part of the Fixed Indexed Annuity blogs I've done on the product, which will help the consumer understand what's being pitched out there. Today, we're going to talk about Income Riders attached to Indexed Annuities. Why? When? How? What? And does it make sense?

Increase Your Annuity Income Floor as You Age: Shootin’ It Straight With Stan

Shootin’ It Straight with Stan®

Increase Your Annuity Income Floor as You Age: Shootin’ It Straight With Stan

Today's topic is a good one: Increase Your Annuity Income Floor as You Age. In other words, that income floor, that amount that's hitting your bank account every single month, needs to be increased as you get older.

Left Wing, Right Wing...Need Both to Fly

Left Wing, Right Wing...Need Both to Fly

Hi, my name is Stan The Annuity Man, America's annuity agent. No, I am not a political commentator, but I am going to get in the weeds about what's happening in our world right now. The title of this blog is Left Wing, Right Wing, Need Both to Fly.

What Happens to an Annuity if the Stock Market Crashes?

What Happens to an Annuity if the Stock Market Crashes?

Are Fixed Index Annuities good against a stock market crash? What if the insurance company backing it goes under? What's your protection? Let's take them one at a time.

Annuity Expert Rants: Annuities and the Media

Annuity Expert Rants: Annuities and the Media

I've got a little bit of an issue with annuities and how the media treats annuities. Now, the last time I went on one of these rants, I guess, for lack of a better phrase, I got emotional about it because I was talking about the stock market decline, etc., but I'm upset about how the media talks about annuities.

Annuity Income: Return OF or ON Your Money?: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

Annuity Income: Return OF or ON Your Money?: Shootin' It Straight With Stan

Today's topic is about annuity income. Is it the return of your money or a return on your money? So, return of, or return on. Great question, Stan The Annuity Man, America's annuity agent. Let's cover it.

Stan The Annuity Man: The Annuity Man Predictions for 2024

Stan The Annuity Man: The Annuity Man Predictions for 2024

If you're in chapter two of your life in retirement, I want you to maximize the day. I want you to start structuring your day for fun and for relaxation and for reflection.

Best Pension Annuity Deals

Best Pension Annuity Deals

You're looking for the best pension annuity deals, hey, that's a good thing because pensions are good. Why? Because you can never outlive the income, just like Social Security. And if you work for the government, there are pensions there, but most people are working in the private sector, so they really don't have pensions.

Roth IRA Annuity: Are the Payments Taxed?

Roth IRA Annuity: Are the Payments Taxed?

Let's talk about Roth IRAs in general and my take on Roth IRAs. In a perfect world where unicorns chase the butterflies, Roth IRAs should be used for non-annuity assets. You've already paid the taxes on the Roth. That should be where the growth part of your portfolio is.

What Is a Deferred Income Annuity?

What Is a Deferred Income Annuity?

Today's topic is: What is a Deferred Income Annuity? Deferred Income Annuities are relatively new products, but after this blog, you're going to understand them in full, and you're going to know if they work for your specific situation.

The 2 Questions That Make Annuities Simple: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

The 2 Questions That Make Annuities Simple: Shootin' It Straight With Stan

Today's topic is what are the two questions that make annuities simple? See, I am Mr. Simplistic out here. Don't ask my wife. She'll probably agree with you on other terms, on other reasons for that, but annuities are simple. They should be simple. They're transfer of risk contracts that primarily solve for four things.

Retirement Income Strategies: How Annuities Fit

Retirement Income Strategies: How Annuities Fit

Let's discuss why you're here, which is retirement income planning, and if annuities fit and how they fit. Should they fit? Would they fit? Might they fit? Are they fit? Let's find out.

How to Buy an Annuity: Mortality Credits

How to Buy an Annuity: Mortality Credits

Hi there, Stan The Annuity Man, America's Annuity Agent licensed in all 50 states. I am glad you joined me about how to buy an annuity, looking at mortality credits, and why that is so, so important. Mortality credits. Let's talk about it.

Inherited Annuity: What Are Your Options?

Inherited Annuity: What Are Your Options?

What we're talking about today is a pretty interesting subject because many people are getting older. We're living longer. 10,000 baby boomers every single day are reaching retirement age, and a lot of people are calling me because they've inherited an annuity. So, what do you do? What are your options?

Annuities Are for Do-It-Yourselfers: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

Annuities Are for Do-It-Yourselfers: Shootin' It Straight With Stan

For all of you do-it-your-selfers out there who have been managing your own money and running it through the Fidelitys and the Vanguards and the TDs and the Schwabs and all those great firms out there, annuities are right up your alley because they are do-it-yourself products.

Annuity Transfer: How Can I Transfer My Annuity?

Annuity Transfer: How Can I Transfer My Annuity?

Today we're talking about annuity transfers. Should you transfer your annuity? Can you transfer your annuity? "This person's trying to tell me to transfer my annuity." Can I transfer my annuity? How does my transfer work? All good questions asked by you of which will be answered by me.

Does an Annuity Count as Income?

Does an Annuity Count as Income?

Hi there. Stan The Annuity Man, America's annuity agent, licensed in all 50 states. I'm so glad you joined me today. Many times, when people read these blogs, they're so enamored, and they're like, "Wow. That's really informative, yet not salesy." You're right about that. That's a good point.

What Happens to an Annuity When You Die?

What Happens to an Annuity When You Die?

What happens to an annuity when you die? First of all, you're dead, who cares? But that's not a good answer, I don't think. We're talking about annuities and death; that's a tough combo. So, what happens to an annuity when you die? It depends on the type of annuity. It depends on how you structure that annuity.

Lovingly Handcuffing Your Beneficiaries with Annuities: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

Lovingly Handcuffing Your Beneficiaries with Annuities: Shootin' It Straight With Stan

Today's topic is a good one. It's a personal one, and I can share some stories. It's called lovingly handcuffing your beneficiaries with annuity guarantees. You might be saying, "Wait a minute, handcuffing? That doesn't sound lovingly." It does when it comes to finances.

Is There an Age Restriction to Buy an Annuity?

Is There an Age Restriction to Buy an Annuity?

Is there an age restriction to buy an annuity? Can you be too old, or can you be too young? Or does it matter? Is it just a free-for-all? Will they sell it to anybody? And "they" meaning the annuity industry. No. There are some age restrictions out there, and I'm going to cover them to ensure you're just not buying things.

Single Premium Immediate Annuity Death Benefit (SPIA)

Single Premium Immediate Annuity Death Benefit (SPIA)

Today's topic is Single Premium Immediate Annuity death benefits, the death benefits of an Immediate Annuity. I read something the other day, and it was from a brilliant person. It said, "Well, you need to be careful when buying an Immediate Annuity because when you die, the money goes poof, the money goes away." I'm thinking, "Oh my gosh, this person's educated, and they have a syndicated show, and they're writing that?

Independent Retirement Annuity: Your Pension Plan

Independent Retirement Annuity: Your Pension Plan

Let's talk about independent retirement annuity, developing your retirement pension plan, and your personal pension plan. Slow down. Slow down and listen. Slow down in life. Slow down and look. Slow down and live. Slow down and enjoy. Slow down and love. Slow down and learn.

Annuity Light Switch Income Guarantees: Shootin' It Straight With Stan

Shootin’ It Straight with Stan®

Annuity Light Switch Income Guarantees: Shootin' It Straight With Stan

Today's topic is annuity light switch, lifetime income guarantees. I want you to envision a light switch. You just shut it on and off, right? When you need light, you shut it on. When you need it to be dark, you shut it off. There are annuity types out there that allow you to shut things on and off and shut income on and off.

How Much Does a $100K Annuity Pay per Month?

How Much Does a $100K Annuity Pay per Month?

Today's topic is the general question that everybody asks me because they think all annuities are one type, all work the same, and they're all priced the same. So, the question is, how much does a $100,000 annuity pay? I need more information from you there, Chester.

How Annuities Address Social Security and Inflation

How Annuities Address Social Security and Inflation

Hi there. Stan The Annuity Man, America's annuity agent licensed in all 50 states, talking about one word and one word only today, inflation. Let's talk about inflation. Let's talk about how annuities and Social Security can address inflation.

How Much Commission Do Annuity Agents Make?

How Much Commission Do Annuity Agents Make?

This could be the best question of all time. And the burning question that everyone wants to know is how much commissions do annuity agents make? I mean, you guys must be making a killing, right? No. It depends on what annuity you're selling and what annuity type, and we're going to get to all of that.