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Victims of Chilean mine disaster receive retirement annuities

09/12/11

Of the 33 miners who survived for more than 2 months underground following a tunnel collapse in Chile last year, 14 applied for and were granted early retirement benefits, according to The Associated Press. The applicants cited a variety of physical and psychological factors resulting from their ordeal that currently prevent them from returning to work.

Cecilia Morel, the first lady of Chile, gave each miner his pension documents in a ceremony in Copiapo, Chile, a town near the site of the mine that collapsed, trapping workers some 2,300 feet below the surface, the source reports.

The pensions, paid by the government, will come in the form of annuities that will give miners around $540 every month.

According to the Insurance Information Institute, variable and fixed annuities sales in the United States totalled $221.3 billion in 2010, a 7.3 percent decline from the previous year. In the wake of declining life insurance and annuities sales, many providers have adjusted the architecture of plans to make them more relevant to subscribers. Recently, annuities sales have seen gains as investors take advantage of low rates for variable annuities and life insurance policies that feature long-term care options have increased in popularity. 

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