An annuity can help you provide financial support to the people you care about after you pass away.
INPRS members who purchase a MetLife annuity can choose from two payment options: a single life annuity or a joint and survivor annuity. Either option can be purchased with or without a cash refund feature.
- Single Life Annuity – Provides guaranteed, regular income for the duration on only one person’s life.
- Joint and Survivor Annuity – Provides guaranteed, regular income to two people. If the first person passes away, the survivor continues to receive scheduled payments for the rest of their lifetime.
The cash refund feature protects any part of your annuity purchase that you do not receive during your lifetime. If you pass away before getting payments equal to the full amount you used to purchase the annuity, your beneficiary will receive the difference.
For example, if you buy an annuity for $100,000 and receive $60,000 in payments during your lifetime, your beneficiary would receive approximately $40,000.
If you’re interested in learning more to see if an annuity will support your retirement goals, check out this page.
Still curious about annuities? Explore these articles for additional information on annuity options for INPRS members:
Answering Your Annuity Questions
Your DC Balance Can Fund Lifetime Retirement Income