Most people underestimate their lifespan by several years and half of all 65-year-olds will live past the age of 83. We can expect to live much longer and it is essential to make preparations for alternate sources of income, especially within the current economic environment.
Sagicor provides a diverse set of investment options for you to benefit from guaranteed returns, inclusive of our Annuities. Our Annuities provides you with the option of earning interest on a lump sum of funds or payments regularly made over time. Investing in Annuities is a viable option particularly for retirees as it provides guaranteed life-long payments.
An annuity is a series of periodic payments commencing on a given date for a specified period of time. Sagicor Life of the Cayman Islands offers two types of Annuity Plans:
1. Single Premium Immediate Annuity
2. Single Premium Deferred Annuity
Single Premium Immediate Annuity
This option provides a series of periodic payments using the Accumulated Fund on the policy issue date. The annuity payment will start on the Annuity Commencement Date immediately after the Single Premium is paid. The amount of each payment is dependent upon the premium, length of time (term), form of the annuity and how often payments will be made each year. The funds are invested in repurchase agreements and bonds and payments are made periodically based on the terms within the policy.
Single Premium Deferred Annuity
This option is a long-term retirement account designed to help your investment and provide a steady income stream once you are retired. Your Single Premium will accumulate with interest less the applicable charges and expenses from the policy issue date to Annuity Commencement Date. The Accumulated Fund is then used to provide a series of payments that starts at the Annuity Commencement Date.
The option of having single or joint annuities is available; therefore retirees can invest individually or with their spouse. Annuities are available in both U.S. and C.I. dollars and may be sent directly to your account of choice; therefore you do not have to be on the island to collect your payments.
Kindly contact your Sagicor Financial Advisor today to discuss how this and any other of our products can become a part of your financial portfolio.
Sagicor Life of the Cayman Islands Limited
George Town, Grand Cayman
T: (345) 949-8211