Key Facts About Segregated Funds Contracts

Before the annuity becomes payable, you will be able to choose the type of annuity payment to receive and whether to receive the value of the contract as a single payment, rather than as a series of payments. [...] The benefit is payable to the beneficiary of the contract upon the death of the insured person. [...] When the contract’s named beneficiary is a spouse, child, grandchild or parent of the insured person (or, in Quebec, the contract owner), when the beneficiary is designated irrevocably or where the contract is registered (for example, as a Registered Retirement Savings Plan), creditors cannot seize a segregated fund contract if the contract owner declares bankruptcy or fails to pay his or her debt [...] This permits you to reset the guarantee periodically in order to lock in in- creases in the market value of the segregated funds the contract has invested in. [...] Features of a GMWB can vary, and may include differences in: (i) the duration of guaranteed income payment periods; (ii) the ability to increase the amount of those payments due to growth in the mar- ket value of the segregated funds; and (iii) the ability to increase the amount of payments by waiting until specified ages before taking income payments.