Difference between revisions of "Purchased annuity"
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In its simplest form, a contract purchased from an insurance company that pays a periodic income (for example monthly, quarterly, semi-annually, or annually) for the life of a person, or for the lives of two (or sometimes more) persons. | In its simplest form, a contract purchased from an insurance company that pays a periodic income (for example monthly, quarterly, semi-annually, or annually) for the life of a person, or for the lives of two (or sometimes more) persons. | ||
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Many variations on this basic theme are available. | Many variations on this basic theme are available. | ||
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Generally that part of an annuity representing a return of capital is not taxable. | Generally that part of an annuity representing a return of capital is not taxable. | ||
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== See also == | == See also == | ||
* [[Annuity]] | * [[Annuity]] | ||
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Latest revision as of 15:53, 20 August 2013
In its simplest form, a contract purchased from an insurance company that pays a periodic income (for example monthly, quarterly, semi-annually, or annually) for the life of a person, or for the lives of two (or sometimes more) persons.
Many variations on this basic theme are available.
Generally that part of an annuity representing a return of capital is not taxable.
