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A term certain annuity provides guaranteed income payments for a defined period of time. This product is available for both single and joint annuitants. If you die before the end of that period, your beneficiary will receive the balance of the income payments as a lump sum. No further payments are made after the term ends.
We'll issue a policy only if the policyholder and annuitant(s) are Canadian residents. We’ll make an exception if the policyholder has an existing Sun Life Financial policy with a contractual right to purchase a payout annuity.
*Subject to legislation.
*Applications with premiums over $5 million are subject to review. Special pricing may apply.
Payments may be deferred for a maximum of 10 years, subject to restrictions based on the source of premium.
Death benefits depend on whether income has started and the source of premium.
A payout annuity cannot be partially or fully surrendered and has no cash surrender value.
An advisor’s job is to help you understand how different products – each with their own features and options – can best meet your individual needs. Talk to your advisor; if you don't have an advisor, find one you're comfortable working with. There’s no cost to talk to an advisor.
To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. To help your advisor recommend the right products for your needs, it will be helpful if you gather some basic information about your income, assets and liabilities – including your savings, investment and pension plan statements.
Your advisor will use an annuity calculator to help you understand your options and then work with you to complete the paperwork that’s required and ensure your money is transferred. Shortly after making your purchase, you will receive a policy document confirming the details of your new annuity.