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The death benefit and accrued interest remain with the insurer under the fixed period settlement option, who distributes them in equal amounts over a predetermined period of time. This regular payment serves as tax-free income and can assist your beneficiary in meeting living expenditures.
An interest rate is the amount of interest that is payable each period stated as a percentage of the amount that was lent, deposited, or borrowed. The principal amount, interest rate, frequency of compounding, and duration of the loan, deposit, or borrowing determine the total amount of interest on a sum that was lent or borrowed. The annual interest rate is the rate of interest that is calculated over a year. Other interest rates, which are often annualised, are applicable over shorter time periods, such a day or a month. The interest rate is "a measure of the preference for a dollar of present income over a dollar of future revenue," according to one definition.
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