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A new generation with-profit guaranteed annuity

Just Lifetime Income

Just Lifetime Income, also referred to as JuLI, is a type of guaranteed life annuity known as a with-profit annuity. It is designed to be closest to a salary in retirement.

When you retire, your expenses continue and so does inflation. This is why Just Lifetime Income aims to provide annual increases that target inflation or a percentage above inflation to keep up with the cost of living.

What's the difference?

Just Lifetime Income as a standalone life annuity or in a blended living annuity

You can access Just Lifetime Income as a standalone life annuity or as a lifetime income portfolio in a blended living annuity.

Standalone life annuity

A life annuity is an insurance product that trades your savings for regular income payments for the rest of your life, guaranteed. This retirement income (or pension) will never reduce, regardless of what happens to investment markets or how long you live. 

Just Lifetime Income as a standalone life annuity provides the potential for income to increase based on the performance of an underlying investment over the long term.

Lifetime income portfolio in a blended living annuity

One way to better manage the higher investment risk of living annuities and the rigidity of guaranteed life annuities is to use a blended annuity, a product that has the best of both in one.

Blending inside partner living annuities

A blended living annuity offers a guaranteed lifetime income portfolio (Just Lifetime Income) as an investment portfolio inside a living annuity’s structure. Features of both products are available in one solution. Just SA currently provides the lifetime income portfolio in six partner living annuities.

Just Lifetime Income balances risk and reward

With Just Lifetime Income, your annual increases are linked to the performance of an independent underlying investment portfolio managed by specialist asset managers. 

‘With-profit’ means that your annuity income can increase over time, with the potential to outpace inflation. These income increases are typically declared annually, and reflect the performance of underlying investments.

This means you receive a stable and guaranteed income for the rest of your life, which cannot go down if investment markets are poor (but it can stay the same).

View the increase track record for each underlying investment portfolio by looking at our fund fact sheets.

Choose one of three increase options

Just SA offers three increase options for JuLI: HiGro, HiYield and StableGro.

  • JuLI HiGro has the lowest starting income, with the highest future increases.

  • JuLI HiYield has the highest starting income, with the lowest future increases.

  • JuLI StableGro has a moderate starting income with moderate annual increases.

These options are priced to provide equivalent value for money at inception.

For all increase options we also offer the Advance feature, which exchanges participation in future investment returns for a higher starting income.

  • A higher starting income for JuLI in exchange for participation in the six-year average investment returns (after asset management fees) in excess of 15% per annum.

Find out more by downloading our JuLI brochure.

What makes Just Lifetime Income different?

  • You can convert your retirement savings into a regular income for the rest of your life.
  • You can cover your essential expenses and diversify investments.
  • You can choose to target increases at the rate of inflation or a percentage of inflation.
  • Your income is taxed in the same way that a salary is taxed.

You can purchase Just Lifetime Income if you are leaving a retirement fund, transferring out of a living annuity, or voluntarily purchasing a retirement income from personal savings.

For more information please watch our explainer video, refer to our JuLI product brochure, or view the key information documents to:

Important points

  • Once the policy has started, your purchase amount cannot be returned and there is no cooling-off period.
  • The policy has no surrender value at any time.
  • You cannot make any changes after the income starts.

Experience security, stability and expertise

Our trusted partnerships ensure that you are able to choose your underlying investment to drive future increases, while benefitting from specialist investment management expertise.

Our team has a track record of product innovation in the local life annuity market, and together with the expertise and intellectual property we leverage from our parent company, Just Group plc, we are able to provide a fair price and financial security for your retirement income.

Enhanced Annuities

Underwriting can enhance your annuity

Just SA is the only South African life insurer to offer underwriting at retirement for life annuities. We assess your personal health circumstances and life expectancy to ensure you receive the highest possible starting income for your retirement savings.

Here’s how our underwriting process works:

A professional Just SA underwriter will give you a friendly 20-minute phone call.

No new medical tests or paperwork are required – we assess your personal circumstances through a list of standard questions related to:

  • Socio-economic context
  • Lifestyle
  • Health

Our assessment of your personal circumstances will determine your life expectancy. There are no negative consequences to completing underwriting.

The outcome will be either:

  1. A standard life annuity quote (similar to those you would receive from other insurers)
  2. An increased impaired-life quote with a higher starting income

Important points:

  • There is no cost to underwriting.
  • There is no obligation to accept any quote after underwriting.
  • There is no paperwork required (unless you choose to complete the questionnaire manually).
  • There are no new medical examinations or tests required.

Income Legacy

Optional features of Just Lifetime Income

Just Lifetime Income gives you the choice to provide an income legacy with different death benefit options, giving your spouse and family income security in the event of your early death. These options are:

  • A guaranteed income to your spouse for the rest of their life.
  • A guaranteed income to your dependants for a period of time that you would expect them to rely on your income.


Take the next step│Secure an income for life

Let us help you take the next steps in securing an income for life. With our trusted life annuity options, you can confidently embark on the journey towards a secure and fulfilling retirement.

Are you a financial adviser?

As a registered adviser, you can request a quote for Just Lifetime Income or any other of our life annuity options via JustQuote or in JustBlend for Just Lifetime Income in a blended living annuity. Please contact us to request registration details.

You may also need to provide:

  • The percentage (or amount) to switch into the Just Lifetime Income portfolio
  • Whether to add a Spouse’s Income or Minimum Payment Period
  • The chosen increase option*
  • The linked investment portfolio(s) for JuLI increases*

Underwriting is optional and can improve the annuity rate. This is a 20-minute phone call to your client, for which we will need a phone number and a convenient time to call.

*Depending on the partner’s living annuity arrangement

Do you need more information?

Consider seeking advice from a qualified financial adviser. Contact us to request the details of an adviser in your area, or to find out more about our offering.

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