Many of the big insurers offer life annuities (Old Mutual, Sanlam, Discovery etc.) but there is a new player that actually specalises in life annuties - Just. They're a UK brand, with a local offering. https://justsa.co.za/our-products/
Ja that's been the thinking but more people seem to be taking an interest because life annuities offer certainty of an income until you pass away. Especially when markets have been all over the place since Covid. In a living annuity, money can run out if you don't plan well or live longer than...
A life annuity is an insurance product (as opposed to an investment product). You get a quote from a life insurance company, and trade your savings/purchase amount for regular monthly income payments for the rest of your life. It's a good option if you're worried about investment markets.
You...
Have you considered a life annuity? Some good options out there. Not just for older folk, you can be as young as 40 to get income for the rest of your life.