K has inherited a large sum of money. K purchases an annuity with this sum on July 1, and starts receiving payments August 1. These payments will continue for as long as she and her spouse lives Which type of annuity did K purchase ?

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30-05-2022
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K has inherited a large sum of money. K purchases an annuity with this sum on July 1, and starts receiving payments August 1. These payments will continue for as long as she and her spouse lives Which type of annuity did K purchase ?

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jayilych4real jayilych4real · Answer 1 · 2022-06-10T12:21:21+02:00

The type of annuity which K purchased is the Single Premium Immediate Joint with Survivor Annuity

What is an Annuity?

This refers to the fixed sum of money that is given to someone, in form of payment for a certain period of time, usually for a lifetime.

Hence, we can see that based on the recent inheritance of K into a large sum of money, she purchases an annuity and begins to receive payments for as long as she and her spouse lives and this is the Single Premium Immediate Joint with Survivor Annuity.