Annuity with Capital Protection upon Death (limited period or lifetime) – Insurance coverage upon death
Annuity with Multi-Generation Income Payout – Annuity Income can be transferred to children
Due to the different features available, not all annuity plans are able to provide against longevity risk in retirement. In order for an annuity plan to provide against the risk of living too long, it should be able to provide a lifetime income, with no maturity date. However, there are also annuity plans that provide for an income up to age 100 and upon reaching age 100, refunds the full premium invested into the plan. I regard such plans as being able to provide for longevity risk as well.
This guide consists of a table that list down 10 such lifetime income annuity plans in Singapore, with the additional features of these plans indicated to help you select a suitable plan for your retirement.
I hope that it has saved you much time and potential grief in going through the seemingly myriad annuity options available.
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