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A joint annuity will pay less than a single life annuity because the insurer has more risk of an extended payout.

If they had bought a standard single life annuity in January, they would have received an average annual payout of PS2,727, but if they bought one now, they would typically get PS2,550, PS177 less.

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ANNUITY A single life annuity would currently give him a pincome of around PS611 a year for life.

Make sure you do it the right way, Andy

Also the cost of a single life annuity will be lower than that of an annuity looking to provide benefits for a partner as well.

How you can tell when the time is right to buy an annuity; Andy James, head of retirement planning at investment management firm Towry, outlines five points that may act as a trigger for retirees to buy an annuity product

More than three months later, Dana sent her a follow-up letter, stating that her husband's pension had been a single life annuity and all benefits ended at his death.

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* You can acquire either a single life annuity (which provides life-long income for you alone) or a joint life annuity (which provides annual income for as long as either you or your spouse/sibling are alive).

Planned giving: 20th anniversary of gift annuities for the presbyterian church in canada

But the majority will sign up to a single life annuity, which is only paid to them and stops paying out when they die.

Don't be left penniless if you lose your husband; Alert over single life annuities that mean no pension money for the surviving partner

He explains that a single life annuity is payable throughout life just for yourself and, with a joint life annuity, up to 100% of your income can be paid to a spouse or civil partner after you die.

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