Some people are injured in an accident. They are paid a lump sum as a compensation.
It is better for these victims to receive an annuity of $X a month for a certain number of years, or for a lifetime.
This ensures that the money is used for the purpose, ie medical and living expenses, and not used for other purpose, eg buy a property or speculate in investments.
This is a sort of Enhanced Permanent Total Disability insurance policy.
ReplyDeleteUnfortunately, Income does not yet have such a policy or rider. Only Aviva, Great Eastern and Manulife have such insurance now.
I hope Income would soon launch such a product.
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