Annuity that is payable for a specified number of years , irrespective of whether the insured life is alive or not. If death occurs within the fixed period, the annuity becomes payable to the deceased’s dependant for the balance of the selected period
Annuity taken on the life of more than one person. A joint life annuity provides for the life payment of an annuity for as long as both insured lives are alive.The annuity contact may stipulate that the annuity will reduce on the death of one of the insured lives.
A compulsory purchase annuity with an embedded life cover that provides a guaranteed life income and a return of capital at death by means of splitting the annuity to provide an income and fund a non-profit life whole life policy.
A flexible compulsory purchase life annuity that allows the annuitant to make a choice at the outset of the policy and every policy year thereafter regarding the level of periodical income he or she requires. This choice will be restricted to minimum and maximum amounts which will be recalculated each year, taking into account:
»the value of the annuitant’s fund account
»the life expectancy of the annuitant
»the expected return over the remaining lifetime of the contract