Administration details

Should you require further information that is not listed here, additional details can be found in the literature listed on the previous page or within the Library section. Alternatively please contact our Sales support team or your usual representative.

The aim of the Purchased Life Annuity is to:

Type of policy

The Purchased Life Annuity is a non-linked single premium policy issued by Canada Life

Life assured

It is available on a single or joint life basis.

Age limits

- Lifetime annuities

The minimum age at entry is 35 attained. The maximum entry age is 94 and 11 months.

- Temporary annuities

There is no minimum age for entry. The maximum age is 94 and 11 months. However, for annuitants above age 80, certain restrictions apply.

Minimum/maximum investment

Policyholders pay a single one-off premium. The minimum purchase price, i.e. premium, is £10,000. No top-ups or alterations may be made once the policy is in force.

Insuring against early death

To avoid much of the investment being lost on early death after the start of income payments, the annuitant may select at outset:

(a) Fixed Period of Payment. Payments to be guaranteed for a number of years to a maximum of 1 year less than the duration of a temporary annuity. In the event of death(s), income payments continue throughout the remainder of the guaranteed period to the personal representatives of the estate.

(b) Guaranteed return of purchase price. Where death occurs before the sum of income payments made to the annuitant(s) is equal to the purchase price, i.e. the premium, the company will pay the balance to the personal representatives.

New business requirements

Please ensure that the following items are completed before submitting to Canada Life:

Canada Life Limited
Canada Life Place
Potters Bar
Hertfordshire
EN6 5BA