As a tool for investment and financial security, annuities have been around for quite a long time. Annuities first started in the ancient civilization of the Roman Empire as a way for Roman citizens to receive a yearly payment for their lifetimes or for several years in exchange for a large upfront payment. According to Annuity.com, early Roman annuities were often given to Roman legionnaires as payment for years of faithful military service. As time passed, the modern annuity began to take shape.
During medieval times, the concept of lifetime annuities bought with a single initial premium became a way that was popular among nobles for funding the constant warfare that was a fact of life in that period. According to the Annuity Museum, records show that one of the most popular annuities of the medieval era was called the tontine. This annuity was one where the participants purchased a share in an annuity pool, and then, in turn, received a lifetime annuity. As time passed, each participant would receive a larger payment because the payments were divided among the surviving participants of the initial annuity pool. As the participants died off, ever increasing payments would be made to them. Finally, the sole remaining survivor would reap the benefits of the remaining annuity principal. One of the oldest and longest lasting tontines was the annuity called the State Tontine of 1693, which was started in the United Kingdom as a way to pay for its many wars with France.
As the modern financial system started to develop, Dr. James Dodson of England began the formation of the Equitable Life Assurance Society of London in 1756. According to Edwin W. Kopf in his work, “The Early History of The Annuity,” this was one of the first com...
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...highly volatile economic climate, perhaps the advice of Babe Ruth is worth listening to. The life insurance annuity of today provides a level of safety and security for an investor's money that simply cannot be matched by many traditional investments. Considering this factor, one might do very well to rely on a modern life insurance annuity for their future economic and financial security.
Sources
Edwin W. Kopf, “The Early History of the Annuity,” Casualty Actuarial Society
http://www.casact.org/pubs/proceed/proceed26/26225.pdf
“The Glorious History of Annuities,” Annuity.com
http://www.annuity.com/content/articles/glorious-history-annuities
“History of Annuities,” Annuity Museum
http://www.immediateannuities.com/annuitymuseum/historyofannuities/
“History of Annuities,” Save Wealth Financial
http://www.savewealth.com/retirement/annuities/history/
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2) Davis, Gareth. The Destruction of the Second Bank of the United States Rationale and
Carnegie, Andrew. The Gospel of Wealth. 391st ed. Vol. 148. N.p.: North American Review, 1889. Print.
Grant, Peter. "The Giant J.P. Morgan and The Panic of 1907." The New York Daily News 20 Mar. 1998: 49 "J. P. Morgan". Dictionary of American Biography. New York: Charles Scribners and Sons, 1934. Vol. 7 "J. P. Morgan". International Directory of Company Histories. Chicago: St. James's Publishing, 1990. Vol. 2
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A better way to measure the financial trouble facing Social Security is to compare the promised total future benefits to the program 's total future taxes on a present value basis. Unless policymakers cut Social Security and other programs, the fiscal and economic outlook for the nation looks grim. The large baby boomer generation is beginning to retire in droves and average life spans in the nation are continuing to rise. Those changing demographics are driving Social Security 's financial imbalances. When Social Security was created in 1935, the life expectancy for
T.A., L. 1996. Richard Brown, Chartered accountant and Christian gentleman. In: Lee, T. eds. 1996. Shaping the Accountancy Profession: The Story of Three Scottish Pioneers. New York, Garland: pp. 153-221.
http://www.cnn.com/ALLPOLITICS/1998/04/10/polls/social.security/ U.S. News Magazine, Turning 40, March 20, 2000. Vol. 128, number 11 www.usnews.com, 2000 Benefits that last a Lifetime, 1997 Retirement solutions pamplet.
Aging American must now secure other streams of income for retirement to secure their lifestyle.
Susanne Hoeber Rudolph Economic and Political Weekly , Vol. 35, No. 20 (May 13-19, 2000), pp. 1762-1769 Published by: Economic and Political Weekly
Ferguson, Niall. "The Gresham Special Lecture - The Ascent of Money: An Evolutionary Approach to Financial History | Gresham College." Free Public Lectures | Gresham College. Web. Mar. 2011. .
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Life insurance is legally enforceable contract issued by insurer based on the payment of premiums. The well understanding the legal aspects of the life insurance contract will give a further benefits to insured as well as beneficiaries to impose their rights to the insurance contract. Insurance contract include insurer, insured, policyowner, and beneficiary. Insurer must be licensed in each states. Although insurer is the first party of the insurance contract, their power enforcing to insured is limited by the state law. Insured and policyowner is not always but can be a same person. For example, when parents want to insure their children, policyowner and beneficiaries will be either parents. At the event of insured’s death, the policy of the
The use of the lottery dates back to colonial times where they were used to finance a number of public and private projects. The use of lotteries varied greatly such as road projects, the construction of major institutions
retirees, it must not be mistaken as a financial entity on which people can live