Life annuity / Certain / Prescribed
To ensure retirement income
Retirement
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A life annuity provides for the periodic payment of a fixed amount for the rest of your life. It can be taken out on one life, i.e. based on the life of one person, or on two lives, i.e. based on the life of two people. An annuity certain provides the saver with a guaranteed regular income for a specified period. Once this period has elapsed, arrears cease and the contract terminates. Prescribed annuities offer preferential tax status for non-registered investments. Each payment is made up of the same amount of interest and capital. The taxable amount is levelled, allowing for tax deferral. A Manulife annuity may qualify as a prescribed annuity.