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Annuity Payments from Insurance Policy

Annuity Payments from Insurance Policy

Sarah is age 73 and has a great deal of difficulty living independently, as she suffers from severe arthritis. She is covered by a $400,000 life insurance policy payable upon death, and her children are named as the beneficiaries. Because of her health, Sarah decides to live in a nursing home, but she does not have enough income to pay her nursing home bills, which are expected to total $42,000 per year. As an alternative to payment upon death, the insurance company offers disabled individuals the option of either reduced settlements on their policies or annuity. Given Sarah’s age and health, she has the option of receiving $3,200 per month or a lump sum payment of $225,000. To date, Sarah has paid $80,000 in premiums on the policy. How much income must Sarah report if she chooses the lump sum settlement? How much income must Sarah report if she elects the annuity? How much income would Sarah have to report if her nursing home bills amounted to only $36,000 per year?

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