elinkuorman

Elinkuorman is a Finnish term that translates to "life annuity" or "lifetime annuity." It refers to a type of insurance contract where an individual pays a lump sum or a series of payments to an insurance company. In return, the insurance company guarantees to provide regular payments to the individual for the rest of their life. These payments can be fixed or variable, depending on the terms of the contract.

The primary purpose of an elinkuorman is to provide a steady and predictable stream of income during retirement, ensuring financial security for the annuitant. It can help mitigate the risk of outliving one's savings. The amount of the annuity payments is typically determined by factors such as the initial investment, the annuitant's age and life expectancy, and prevailing interest rates.

There are various types of elinkuorman contracts, including immediate annuities, which begin paying out shortly after the purchase, and deferred annuities, which start payments at a later date. Some contracts may also offer options for joint life annuities, where payments continue to a surviving spouse after the annuitant's death, or annuities with guaranteed periods, ensuring payments for a minimum number of years even if the annuitant passes away sooner. Elinkuorman is a financial product offered by insurance companies and is often considered as part of a broader retirement planning strategy.