YOU ASK:
What is the definition of Unbundled Contracts?
WE ANSWER:
Unbundled Contracts are annuities that provide the annuity owners the freedom to select the special features that they want included in their contract.
This includes death benefit protection (where the annuitant's beneficiaries stand to receive at least the total investment amount at the death of the annuitant) and the living benefit guarantees (which are optional benefits that serve to add value to the annuity). Living benefit guarantees take the form of a guaranteed lifetime income, a guaranteed return of the principal (whether the market performs well or not), as well as principal protection.
Owners of unbundled contracts may also have the option to invest in a selection of investment instruments (including stocks and bonds).
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More insurance terms around unbundled contracts:
- Underinsurance
- Underwriting
- Underwriting Income
- Unearned Premium
- Uninsurable Risk
- Uninsured Motorists Coverage
- Universal Life Insurance
- Utilization Review
- Valued Policies
- Vandalism
- Umbrella Policy
- Twisting
- Treaty Reinsurance
- Treasury Securities
- Travel Insurance
- Transparency
- Total Loss
- Total Disability
- Tort Reform
- Tort Law