A life annuity payable for your lifetime and ceasing upon death.
Life annuity, five to 15 year income payment guarantee
A life annuity pays an income for your lifetime or for the guarantee period, whichever is longer. If you die before the completion of the guaranteed income payments, payment may continue to your beneficiaries or the current value of the remaining guaranteed payments will be paid to your appointed beneficiary. The life annuity is offered with guaranteed monthly income payments for anywhere from five to 15 years.
If the annuity is funded by RRSP or RRIF funds, the guarantee period cannot extend beyond age 90. If the annuity is funded by pension funds, the guarantee period cannot exceed 15 years.
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