Has anyone here bought the Manulife Ready Life Income (Pay 10) plan?

Yup, it's an up to 120-year annuity policy that can be bought by you and then transferred to your child.

Example if you're 30, this policy will be up to 90 years long. You can transfer the policy to your child before you pass away and the policy will continue to pay until your child passes away or 90 years have passed, whichever earlier.

However, ReadyLifeIncome is currently the annuity with the lowest guaranteed yield and other annuities have a higher potential total yield.

Here's a quick screenshot of some of the available annuity plans that are alternatives to Manulife's policy.