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.
- Pages
- 13
- Published in
- Toronto, ON, CA