An annuity is a contract with an insurance company that provides guaranteed income payments for a specified period or for life. It's one of the only financial products that can guarantee you won't outlive your money.
Lifetime Income: Receive guaranteed payments for as long as you live
Longevity Protection: Eliminate the risk of outliving your savings
Longevity Protection: Eliminate the risk of outliving your savings
Benefits of Annuities
Lifetime Income
Receive guaranteed payments for life - no matter how long you live.
Predictable Payments
Know exactly how much you'll receive each month. Budget with confidence.
Longevity Protection
Protect against the risk of outliving your retirement savings.
Tax Advantages
Prescribed annuities offer tax-efficient income with level taxation.
Types of Annuities
- Life Annuity: Payments continue for your entire lifetime
- Joint Life Annuity: Payments continue until both spouses pass away
- Term Certain Annuity: Payments for a fixed period (10, 15, or 20 years)
- Life with Guarantee Period: Lifetime payments with a minimum guarantee period
- Indexed Annuity: Payments increase annually to help offset inflation
How Annuities Work
- You make a lump-sum payment to an insurance company
- The insurer calculates your payment based on age, interest rates, and annuity type
- You receive regular payments (monthly, quarterly, or annually)
- Payments continue according to your contract terms
Who Should Consider Annuities?
- Retirees who want guaranteed income they can't outlive
- Those concerned about market volatility affecting retirement
- People who want to simplify retirement income planning
- Anyone looking to convert RRSP/RRIF savings to guaranteed income
- Those without employer pension plans seeking pension-like income
Annuities vs Other Retirement Options
- vs RRIF: Annuities guarantee you won't run out of money; RRIFs don't
- vs GICs: Annuities can provide income for life; GICs have fixed terms
- vs Dividends: Annuity payments are guaranteed; dividends can be cut
Explore Your Annuity Options
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