Immediate Annuity:An annuity that begins payments within 12 months of the purchase date. An immediate annuity usually makes a payment at the end of each period of payment. The interval may be monthly, quarterly, semi-annually or annually.
In-network:Providers or health care facilities which are part of a health plan's network of providers with which it has negotiated a discount. Insured individuals usually pay less when using an in-network provider, because those networks provide services at lower cost to the insurance companies with which they have contracts.
Income Tax:This is your income tax rate. Changing this rate only affects your interest income from your investments. All other income and expenses should be entered on an after tax basis.
Indemnity Health Plan:Indemnity health insurance plans are also called "fee-for-service." These are the types of plans that primarily existed before the rise of HMOs, IPAs, and PPOs. With indemnity plans, the individual pays a pre-determined percentage of the cost of health care services, and the insurance company (or self-insured employer) pays the other percentage. For example, an individual might pay 20 percent for services and the insurance company pays 80 percent. The fees for services are defined by the providers and vary from physician to physician. Indemnity health plans offer individuals the freedom to choose their health care professionals.
Individual Health Insurance:Health insurance coverage on an individual, not group, basis. The premium is usually lower for an individual health insurance plan than for a group policy.
Individual Retirement Annuity (IRA):An annuity, available as a retirement account, for someone who is employed. IRAs receive favorable tax status under Section 408 of the Internal Revenue Code. IRAs are sometimes referred to as Individual Retirement Accounts.
Inflation Rate:What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2009. The CPI for 2009 was -1.0%, as reported by the Minneapolis Federal Reserve. Your total expenses are increased by this rate for each year you require income. The income you would receive from your life insurance policy is used to cover any shortfalls between your expected income from all sources and your expenses.
Insured:The person whose life is covered by a life insurance policy.
Interest Rate (Current):The current rate of interest credited to the life insurance policy or annuity contract.
Interest Rate (Loan):The current rate at which interest is charged for a life insurance policy loan.
Investments:Total value of all investments that you are willing to use toward your living expenses.
Irrevocable Beneficiary:A beneficiary designation that cannot be changed without the beneficiary's consent.
Issue Age:The insured's age at the time life insurance coverage takes effect. Insurance plans typically define issue age as either the age at the insured's last birthday or nearest birthday.
