The Annuity That Lets You Change Your Mind
August 24, 2021 by William Baldwin
Most lifetime annuities are irrevocable. But three months ago a Canadian company, Purpose Investments, began offering the Purpose Longevity Pension Fund, a lifetime annuity with an exit door. You can put your money in now, start collecting a monthly income, and then change your mind later, retrieving what’s left of your principal.
Yikes. Doesn’t a redemption right destroy the economics of longevity pooling?