Retirement Annuities are purchased by means of a capital amount that is invested to provide an income during the lifetime of a person or for a defined period.
Life annuity: A Life Annuity is payable throughout the lifetime of the annuitant and ceases on the annuitant's death. It can be selected with or without a guarantee period. The guarantee period ensures that in the event of death within the guaranteed period, the annuity will become payable to the deceased's dependents for the balance of the period.
Term Certain: A Term Certain Annuity is payable for a fixed period of years only, whether the annuitant dies in this period or survives. If death occurs during the period, the annuity becomes payable to the deceased's dependant for the balance of the period.
Joint Survivorship: A Joint Survivorship Annuity is based on the lives of the husband and wife. The annuity is payable until the death of the last surviving annuitant. An option whereby the annuity reduces by a selected percentage on death of the first dying is available and can be issued with or without a guaranteed payment period.
Capital Preservation Plan: Capital Preservation Plan provides the policy owner with a guaranteed income for life and a return of capital on death. The policy owner may choose to receive a level or escalating income and can elect to have between 50% and 100% of the capital returned on death.
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