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Carl bought a life annuity with a 15-year guarantee at age 65 and named his niece as beneficiary. He lived well into his eighties and had received 18 years of payments when he died at 83. His niece calls the insurer to ask what she is entitled to. What does his beneficiary receive?
The guarantee period has expired, so the life annuity simply ends at death. Payments continued past 15 years only because Carl was alive. Source: CISRO LLQP Curriculum (May 2015), Segregated Funds and Annuities module, component 2.3 (annuities); standard Canadian segregated fund and annuity contract terms (industry practice) (as at 12 Oct 2026).
Thinking the guarantee restarts after it ends.
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