Leave A Legacy With An Annuity

Lifetime Gift Annuity

What is a Lifetime Gift Annuity?

A lifetime gift annuity allows a grandparent to leave a legacy of a annual income to their grandchild, payable on the grandchild's birthday.

It is a joint life annuity between a grandparent and a grandchild who'll receive a lifetime payment every year, even after the granparent passes away. The granparent will leave behind a legacy contributing to their grandchilds future.

The lifetime gift annuity is not restricted to grandparents; a parent may also purchase a lifetime gift annuity for a child.

Sun Life's Lifetime Gift Annuity - Brochure

Lifetime Gift Annuity Brochure

Overview of a Lifetime Gift Annuity

Lifetime Gift Annuity Annuity Details
Annuity type Joint life annuity
Source of premium Non-registered funds only
Tax treatment Accrual
Policyholder (and taxpayer) Parent, Grandparent, Aunt, Uncle etc.
Contingent policyholder Child, Grandchild, Niece, Nephew, etc.
Annuitants Parent = Annuitant
Child = Joint annuitant
Payee Parent or Child*
*We advise against naming a minor joint annuitant as a payee.
Payment frequency Annual
Payment date Child's birthday (or date of policyholder's choice)
Payment start date The start of income may be deferred up to 10 years from the purchase date.

Annuity Payout For A Lifetime Gift Annuity

Lifetime Gift Annuity Payout
Lifetime Gift Annuity Payout

Lifetime Gift Annuity Quote

Overview Annuity Details
Annuitant: Father
Date of birth: 12/09/1957
Sex: Male
Joint annuitant: Son
Date of birth: 01/01/2004
Sex: Male
Total premium: $100,000.00
Annuity type: Life
Guaranteed period: 0 years
Purchase date: 01/11/2013
Income start date: 01/11/2014
Non-registered tax type: Accrual
Income frequency: Annual
Total income: $4,137.62

Lifetime Gift Annuity Form

Complete our Lifetime Gift Annuity Form and we'll provide you with a quote and help you set up this meaningful legacy gift.

Phil Barker

About the Author

Phil Barker

Phil Barker is a leading expert on life annuities in Canada. LifeAnnuities.com has different financial products and has been a recognized authority since 1972.

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