Group Payout Annuities
Product
A group payout annuity policy pays a monthly income benefit to each annuitant in the group while the annuitant is alive.
A group payout annuity is a monthly income benefit protected under Assuris protection.
Assuris Protection
If your life and health insurance company fails, Assuris guarantees that you will retain up to $5,000/month or 90% of your promised monthly income benefit, whichever is higher.
Example 1
Monthly income benefit
$3,500 /month
Original benefit amount
Since your monthly income benefit is less than $5,000/month, you will retain your full benefit amount.
$3,500 /month
Protected benefit amount
Example 2
Monthly income benefit
$6,500 /month
Original benefit amount
Since your monthly income benefit is more than $5,000/month, you will retain 90% of your benefit amount.
$5,850 /month
($6,500 × 90%)
Adjusted benefit amount
Questions and Answers
1. What if my group payout annuity policy is a defined benefit plan?
If your group policy is a defined benefit plan, the plan sponsor is considered the covered person. This means that you will retain 90% of your monthly benefit amount.
