GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Wraparound Annuity


Synonyms:sheltered annuity, tax-deferred annuity, umbrella annuity
Filed Under: annuities, estate-management, financial-banking, investments
Tags: annuity, banking, investment
 

Definition of wraparound annuity

wraparound annuity
1. A type of annuity that gives the investor a great deal of control over how funds are invested after they have been collected in the accumulation phase.

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • annuity certain   A type of annuity that makes payments to the annuitant for a set term; payments stop when the agreed upon term ends, even if the annuitant is still alive after the term ends.
  • deferred annuity   An annuity that makes payments to the annuitant at some date in future instead of immediately.
  • immediate payment annuity   An annuity where payments to the annuitant start immediately after the annuity has been set up.
  • split-funded annuity   Two annuities purchased together, one with a deferred payout and the other with an immediate payout.
  • tax deferred annuity (TDA)   A type of annuity where taxes are deferred until the annuitant decides to withdraw money from the annuity.
      ➥  More commonly known as a Tax Sheltered Annuity (TSA).
  • variable annuity (VA)   An annuity where the payments received by the annuitant in the income phase of the annuity vary depending on how well the insurer's investment portfolio has performed.

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