Just SA’s weekly jargon buster aims to give simple, plain English explanations for typical words and phrases used in the financial industry, in particular, words relating to guaranteed life annuities and living annuities.
This week, we look at the letter: J
| J | Joint life annuity | A joint life annuity provides a steady income for the lifetimes of two individuals, typically the main life and a spouse/partner. In the event of death, a percentage of your annuity income may continue to be paid to a surviving spouse, civil partner or named beneficiary. This offers stability and security, ensuring ongoing financial income following a death, but can reduce the initial starting income as more is expected to be paid over the long term. |
Source: Just Retirement SA, info@justsa.co.za.
The jargon buster is intended for information purposes only. It should not be regarded as advice as defined in the Financial Advisory and Intermediary Services Act 37 of 2002 or any form of advice in respect of the policy, retirement, tax, legal or other professional service whatsoever.
You are encouraged to seek advice from an authorised financial adviser or to independently decide what financial product is appropriate for you based upon your own judgement and understanding of your financial needs.
Just Retirement Life (South Africa) Limited is a licensed life company, regulated by the Prudential Authority of the South African Reserve Bank and the Financial Sector Conduct Authority as an authorised financial services provider (FSP number 46423).
PERSONAL FINANCE
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