What is a guarantee period?
A beneficiary designated in a will continue receiving payments after the plaintiff’s death. The structured annuity might be set up for life, guaranteed for a suitable period of time, to provide for the plaintiff’s dependents. What is a measuring life? The purchase price of a structure is directly related to the life expectancy of a plaintiff. The measuring life is almost always that of the plaintiff. However, it is possible to base the structure on the joint life expectancies of two people (e.g., husband and wife). What happens upon death of the plaintiff/claimant/annuitant? Four scenarios are possible depending on how the structure is designed: : • If the plaintiff dies before the end of a guarantee period all remaining payments required to be made under the annuity contract can be made to such beneficiary or beneficiaries as the plaintiff names in a Will, or in accordance with a court order under the Estate Administration Act RSBC c.122.
