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Leave A Legacy With An 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
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 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 |
| Results | |
| 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.
