Just SA’s weekly jargon buster aims to give simple, plain English explanations for typical words and phrases used in the financial industry, in particular, words relating to guaranteed life annuities and living annuities.
This week, we look at the letter: G
| Guarantee period | Also called a Minimum Payment Period. An annuity income is payable for as long as the annuitant (the person receiving the annuity) lives. You can choose a guarantee period (up to 20 years), which means that, if you die within the guarantee period, the annuity will continue to be paid until the period ends. The remaining payments are made to the named beneficiaries of the deceased. |
Source: Just Retirement SA, [email protected].
The jargon buster is intended for information purposes only. It should not be regarded as advice as defined in the Financial Advisory and Intermediary Services Act 37 of 2002, or any form of advice in respect of the policy, retirement, tax, legal or other professional service whatsoever.
You are encouraged to seek advice from an authorised financial adviser or to independently decide what financial product is appropriate for you based upon your own judgement and understanding of your financial needs.
Just Retirement Life (South Africa) Limited is a licensed life company, regulated by the Prudential Authority of the South African Reserve Bank and the Financial Sector Conduct Authority as an authorised financial services provider (FSP number 46423).
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