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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Guarantee Period


Synonyms:annuity guarantee period, guaranteed payment period, warranty
Filed Under: annuities, estate-management, investments
Tags: annuity, investment, life insurance
 

Definition of guarantee period

guarantee period
1. A set period of time where an annuity is guaranteed to continue making payments, even if the annuitant dies. If the annuitant dies before the end of the guarantee period, the remaining payments are made to the beneficiaries of the deceased. A guarantee period will generally last from five to ten years.

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • annuity certain   A type of annuity that makes payments to the annuitant for a set term; payments stop when the agreed upon term ends, even if the annuitant is still alive after the term ends.
  • beneficiary   An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
  • cash refund annuity   An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
  • fixed annuity   An annuity that makes fixed payments to the annuitant with guarantees for earnings and principal.
  • joint and survivor annuity   An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
  • payout phase   The phase of a deferred annuity where the annuity begins to make payments to the annuitant.

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