An annuity is an option for a person who at retirement, wants to receive a guaranteed income for the rest of their life.
You have three choices that you need to consider, when purchasing an Annuity:
Single Life
A Single Life Annuity is payable for the rest of your life only. With a Joint Life Annuity, a percentage of your pension is payable to your spouse after you die.
Guaranteed Period
If you choose to include a guaranteed period, your pension will be payable for a minimum of the guaranteed period, even if you die during that time.
Escalating or Level
A Level Annuity means your payments remain the same throughout your life. An Escalating Annuity means your payments increase at a fixed rate each year throughout the lifetime of the Annuity.
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