What are the different types of gift annuities that
are available?
Single Life Annuity:
A Single Life Annuity is for one individual. Depending
upon the age of the individual, the fixed rate of return
is paid to the individual who is named in the contract
for life.
Joint Annuity: A
joint annuity is jointly owned by two people. It provides
payments to these two individuals for as long as either
of them lives.
Survivorship Annuity:
A survivorship annuity covers the life of two individuals.
Payment is made to the donor alone during his/her lifetime
and subsequently to the survivor.
Deferred Annuity:
A deferred annuity begins payments at a later date, to
be determined by the donor. The interest is compounded
accordingly.
*
An annuity cannot be issued for more than two individuals.
* The
principal of the annuity is irrevocable.
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