Most People Need Longevity Insurance rather than an Immediate Annuity
指出即期年金由两部分组成：一份有价值的递延年金（长寿保险）和一份对退休人员不利的逆向寿险保单，因此大多数人更需要长寿保险而非即期年金。
An immediate annuity is precisely the sum of two parts. One is a deferred annuity commencing at a specified date, with no death benefit before that date. The remainder, before the deferred annuity commences, is a reverse whole life insurance policy with limited premiums. That reverse policy is effectively one underwritten by the annuitant, with the insurance company as beneficiary—a policy that benefits few retirees. However, the deferred annuity (called “longevity insurance” in the literature) is a valuable component of a retirement portfolio that supplements components that focus on safety and growth.