Reword this.
You have a policy with a cash value of $250,000 which you wish to annuitize. You are currently 62 years old and your spouse is 58. Interest rates are 5% per year, and you are considering receiving monthly payments under three options: In option 1 you will receive 10 years of monthly payments.
With option 2 you will receive a monthly payment until you die (assuming 14 more years, according to the Mortality Table)
With option 3 you will receive a monthly payment until both you and your spouse die (assuming 22 more years).
How much will you receive with each option (ignoring administrative costs and fees)?
You have a policy worth $250,000 that you want to convert into an annuity. You are currently 62 years old and your spouse is 58. The interest rate is 5% per year, and you are considering three options for receiving monthly payments:
Option 1: You will receive monthly payments for 10 years.
Option 2: You will receive monthly payments until your death, assuming an additional 14 years based on the Mortality Table.
Option 3: You will receive monthly payments until both you and your spouse die, assuming an additional 22 years.
The amount you will receive with each option (excluding additional costs and fees) is as follows:
You want to change the wording of the following statement:
"You have a policy with a cash value of $250,000 that you want to annuitize. Currently, you are 62 years old and your spouse is 58. The interest rate is 5% per year. You are considering three options for receiving monthly payments: In option 1, you will receive 10 years of monthly payments. In option 2, you will receive a monthly payment until your death (assuming 14 more years according to the Mortality Table). In option 3, you will receive a monthly payment until both you and your spouse die (assuming 22 more years). How much will you receive with each option, excluding administrative costs and fees?"