Question 1

What is the purchase price?

Accepted Answer

It is the lump sum you pay to buy the annuity. A larger purchase price buys a larger income. Some options return it to your nominee.

Question 2

Does the income start straight away?

Accepted Answer

Yes. This is an immediate annuity, so payments begin from the start of the policy at the frequency you choose. If you want to save for years before the income starts, ask me about other ways to plan.

Question 3

Which annuity option should I pick?

Accepted Answer

A pays the highest income. Add a guaranteed period or return of purchase price if you want your family to benefit if you pass away early. Choose a joint-life option if your spouse relies on the income. I will walk you through it.

Question 4

Can I change the option later?

Accepted Answer

No. The option and the annuity rate are fixed when the policy starts.

Question 5

Can I buy this for someone else?

Accepted Answer

A lower minimum purchase price applies when buying for a dependant with a disability. Ask me for the details.