Metropolitan Life Annuity

compulsory-life-annuity

Get an income for life

A life annuity (also known as an immediate annuity) pays you an income for the rest of your life. You will start receiving the income immediately after you invest in a Metropolitan Life Annuity.

The compulsory life annuity is specifically designed to make the most of your built-up retirement savings. You can only invest money from a retirement annuity fund, provident fund, pension fund or a preservation fund into a compulsory life annuity.



For more information, call the Metropolitan Call Centre on 0860 724 724.




Who can take out the plan?


Metropolitan’s Life Annuity is available to those who want to invest built-up retirement savings to secure an income for life. There are two types of life annuity plans: single (for you only) or joint life annuity (for you and your spouse). A joint life annuity will pay you and your spouse an income for the rest of your lives. In other words, Metropolitan will pay the money until the last surviving spouse passes away.


How much will it cost?


The amount of money that you can afford to invest in a life annuity is called your contribution. Contributions for Metropolitan’s Life Annuity start from R15 000.


What are the benefits and features?


Potential for higher income
You will benefit from Metropolitan’s competitive annuity rates, which could mean a higher income.

Choose a level or increasing income
You can choose level income if you want your income to remain the same for the term.
Alternatively, you can choose to increase your income by between 3% and 15% every year to ensure your income keeps up with the rising cost of living (inflation).

Guarantee term on your income
You can choose to add a guaranteed term to your life annuity. If you pass away during the guaranteed term, Metropolitan will continue paying the income from the annuity to your beneficiaries for the rest of the guaranteed term. This ensures that you leave a legacy for your loved ones who can benefit from your annuity when you are no longer around.


What are the rules?


Entry age
Anyone between the ages of 20 and 86 years old can invest in a life annuity.

Term
You will receive an income for life, but you also have the option to select a guaranteed term of up to 15 years. If you pass away during the guaranteed term, Metropolitan will continue paying the income from the annuity to your beneficiaries for the rest of the guaranteed term.

Income payments
You can choose to receive your income from the annuity monthly, quarterly, half-yearly or yearly.

 

Get financial advice

We will call you back.

Or call us on 0860 724 724

retirement


Need to claim?

Call us on 0860 724 724

or visit your nearest Client Service Office