Definition: "Progressive insurance payments" refers to a type of financial product, often called an annuity, where premiums are paid over several years rather than at once, as if they were part of a larger payment that covers the entire life expectancy of the policyholder. Here's a more detailed definition of progressive insurance payments: In this type of financial plan, premiums for a policy are added to the amount invested in the policy. The amounts added may be based on an index or growth rate, and the investment returns can vary depending on market conditions as well as individual risk tolerance. As the policyholder ages, their payouts also increase with each year that the payment remains outstanding. This type of insurance plan is often referred to as a "living annuity" because the payments are made only when the policyholder lives or dies, rather than at retirement age. It can provide financial security for older individuals who want to avoid paying into an annuity system, but still receive benefits if they pass away.

progressive insurance payments