Can I convert a living annuity and RA into a life annuity?

Francois le Clus Profile Mail Dear reader,The short and sweet answer is that you will be able to convert your living annuity and retirement annuity into a life annuity without any tax consequences.

Section 37 of the Long-Term Insurance Act provides for transfers of living annuities from one insurer to another. Directive 135 provides for transfers from one living annuity to either another living annuity or to a life type annuity.A life annuity is an insurance product that ensures a fixed income flow throughout the entire term of the annuity contract. This implies that individuals who have retired can depend on a stable and foreseeable income during their retirement.

Not all life annuities are the same. Some provide for a single life, joint life, certain term, whole life, and yearly escalations.A single-life annuity means that payments will stop when the annuitant dies. The life payouts are generally larger since the payments stop upon the death of the annuitant. You can also choose a guaranteed period, such as 10, 15, 20 or 25 years as well as a yearly increase.

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