As part of your financial security plan, a Great-West Life payout annuity can provide guaranteed payments to meet your fixed-income needs. A payout annuity is a financial product that pays you a regular income for a fixed period or the rest of your life.
Great-West Life offers a wide range of payout annuity types including:
- Single life annuity – provides a level or indexed amount of income for as long as you live.
- Joint and survivor life annuity – provides a level or indexed amount of income for as long as you or your joint-annuitant are living; when one dies, the survivor continues receiving the same income or a reduced income by a given percentage, as chosen at the time of purchase.
- Term certain annuity – guarantees payments for a fixed period of time as chosen at the time of purchase.