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 for life to the individual who is named in the contract.
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 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.