what is life annuity insurance?

[Lamenko]

Business English Lesson, Advanced Level

ESL/EFL Test #129 "Insurance Policy Vocabulary", question 2

My insurance ......... are only $70 per month.

(a) receipts
(b) fees
(c) premiums
(d) payings

Business English Lesson, Advanced Level

ESL/EFL Test #129 "Insurance Policy Vocabulary", answer 2

My insurance premiums are only $70 per month.

Correct answer: (c) premiums
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what is life annuity insurance?

Lamenko

[Kikon]

life - you know what's life, right?
annuity comes from french and means yearly;
insurance is something like in advance guard, safety; assurance;
When you get hurt, the country pays you money. And every year you pay to the country to pay you in case you get hurt.
Get the point? :)

[Mister Micawber]

Not really. This is life insurance, not health insurance-- and it is supplied by private insurance companies, not the government. It is a kind of personal pension plan.

ANNUITY

A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant’s lifetime. There are two basic types of annuities: deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase.
.
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Native English teacher at Mister Micawber's