This Longevity Health Insurance Company Review will briefly discuss the Longevity Insurance Company, which is based out of New York, and then we will review longevity insurance, which is a type of insurance product that helps protect individuals who may outlive their earned income and retirement benefits. Longevity Insurance Company does not sell health insurance but there is a way you can find health insurance right now.
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Longevity Insurance Location
Longevity Insurance Company is headquartered in New York City. The address is:
New York, NY, 10036
Longevity Insurance Telephone Numbers
Toll free phone number: 800-223-2440
Fax number is 646-225-5492
Longevity Insurance Rating
A.M. Best is an independent company that rates insurance companies. The rating is determined around the insurance company’s financial strength and if it is able to fulfill its ongoing contract obligations and insurance policy. A.M. Best evaluates the company’s business profile, operating performance, and balance sheet strength.
The benefit for an insurance company to be rated by A.M. Best or any other rating company, is that it can increase the confidence of consumers in the stability of the organization. It also helps attract investors to the company. For new insurance companies especially, a rating increases their credibility with reinsurers, which is a valuable resource.
In looking at the ratings for Longevity Insurance Company, it shows that A.M. Best gives the company a NR designation, which means that the company has not been rated by A.M. Best. As a result, it is hard to know what the financial stability of the company is and what the outlook of it is.
Longevity Insurance and How It Works
Longevity insurance is an insurance product that is made up of specialized annuities that pay out monthly payments beginning at an older age. These payments often start at the age of 85 and continue for your lifetime. Other names for Longevity insurance are advanced- life deferred annuity, deferred fixed-income annuity, and longevity annuity.
Longevity insurance works this way: you give an insurance company an amount from your current savings, often it is a lump sum of anywhere from $25,000 to $100,000. This buys you income that is guaranteed for the part of your retirement. Some insurance companies allow you to pay a certain amount every year for a certain number of years, such as $10,000 per year for 10 years. This usually results in a much greater cost to you, however.
Every company and policy is different in terms of the amounts paid out later in life. If you are interested in this type of insurance search around and do your research on a variety of companies before you decide on a policy.
Longevity Insurance Benefits
There are a number of benefits to consider when deciding on longevity insurance. One of the benefits is that it protects you against the chance you will run out of money in your older age. People are living a lot longer than expected and there is often the fear that there won’t be enough money at the end to live off. Longevity insurance can help calm your fears.
Another benefit is that it defines the specific time period that your savings need to cover so that your financial planning is more certain. This makes planning easier and less stressful.
Because longevity insurance does not start paying out until later, it costs less than annuities that start payments at the beginning of retirement. It also pays for itself quickly once you start receiving payments and if you live past 90, it can pay substantially.
Longevity Insurance Cons
Although there are benefits with using longevity insurance, there are also negatives. For many of the longevity insurance policies, you and your heirs will receive nothing if you pass away before you start receiving payments.
Another con is that you give up access to the sum of money for a while, often two or more decades. Your money is also at risk if the insurance carrier happens to go out of business.
Lastly, if your policy doesn’t have inflation protection, which costs you more, you may lose in times of high inflation.