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Life Annuity
An insurance product that guarantees regular payments to the annuitant for life, in exchange for an initial investment.
Term Annuity
An insurance product that pays out income over a fixed period or term, not necessarily for life.
Compounded Monthly
This involves the recalculating of interest on a loan or investment by taking into account both the initial principal and the accumulated interest from previous periods, recalculated on a monthly basis.
Life Annuity
A financial product providing a series of payments at regular intervals for the remainder of the annuitant's life.
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