Annuities In Canada
Annuities In Canada
Annuities are one of the simplest ways to ensure adequate income in your retirement. When you invest in annuities in Canada, you will receive a guaranteed regular payment from your insurer for as long as you live, or for a fixed term, depending on the type of annuity that you invest in. This payment is comprised of interest and a return of principle. An annuity is a lump sum investment, which makes it perfect for those who already have some savings, which they would like to turn into security for their retirement.
In Canada, there are a few conditions that determine the guaranteed regular payments that you receive from an annuity. These include:
- Your age
- Your partner’s age (in the case of joint annuities)
- The period of time over which you’d like your income payments to be spread
- The amount of your lump sum
- Current interest rates
Types of Annuities Canada
There are three different types of annuities in Canada. They are:
- Life Annuities – these annuities provide income payments until the end of your life
- Joint Annuities – these are a type of annuity that you purchase with your spouse. Both of you will receive income payments until one of you dies. After the first partner dies, the surviving partner will continue to receive income payments.
- Term Certain annuities – these annuities provide income payments for a predetermined length of time, or a term. After that term ends, income payments will expire.
For further information about annuities, and assistance in selecting the right type of annuity for you, as well as how much to invest, you can talk to one of our insurance brokers. The insurance brokers at Lifetime Insurance are only a phone call away, and support is available 24 hours a day, 7 days a week. We are committed to putting you first.
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