Life annuity income is determined by the following factors:
1. Premium Amount
– The amount of money you deposit. The larger the premium the greater the income payment.
2. Interest Rates
– The current interest rates at the date of deposit or the rates established previously with a rate guarantee.
3. Sex and Age
The annuitants gender and age affects the income amount.
4. Guarantee Period
The longer the guarantee period, the lower the income amount.
5. Annuity Type and Options
The choice between single or joint life and options like indexing, return of premium will affect the amount of income.
6. Income Deferral
The period of time between the purchase date and the income start date.