A retirement investment that provides you with a guaranteed fixed income stream when you invest a lump sum. You choose upfront whether you want to receive this for a fixed term, or for the rest of your life. You can also choose how often you want to receive the income payments and whether you want the payments to increase each year with inflation.
A guaranteed fixed term annuity provides regular income payments for a fixed period of time. You can invest in a guaranteed term annuity using any accessible superannuation/rollover savings, or other savings. You can also choose how often you want to receive the income payments and whether you want the payments to increase each year with inflation.
An annuity that will be paid to a person for his or her lifetime, with a minimum number of payments guaranteed. For example, if a person who owns an annuity that has a five-year guarantee dies after three years, payment will continue to the persons or spouse for two years.
Annuity that is guaranteed to make payments for a minimum period even if the annuitant dies during that period. Payments continue after that period if the annuitant is still alive.
There are two types of annuities, fixed and variable. A fixed annuity provides you with a guaranteed of principal and interest. Your principal earns a current level of interest that can't fall below the specified minimum in your annuity contract. A variable annuity provides you the opportunity to invest in separate contracts that are run similar to mutual funds and offer you the opportunity to have professional money management with current tax-deferral. Fixed annuities are not subject to any market risk while variable annuities are subject to market risks.
An annuity that will be paid for the lifetime of a person or for a certain period, whichever is longer, but in any event for a minimum guaranteed period. For example, if an annuitant with a five year guarantee dies after three years, payment will be continued to a beneficiary or the estate for the two remaining years.
A life annuity of any kind which has a proviso that it shall be paid for at least a stated number of years in any event.
This is an annuity that is paid until the person getting it dies. If they die before a certain date, the annuity is then paid to their dependants until that date.