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Annuities in Canada

 

An annuity is an investment that pays you a set monthly income and is one of the simplest retirement income options. It is designed for people who want to turn some of their savings into a guaranteed source of income that will last a lifetime. An annuity is a lump sum investment where the insurer pays guaranteed regular income to the investor. This payment consists of interest and a return of principal. The income payments are based on:

  • Your age (in case of Joint Annuity, our partner's age), for life annuities

  • Current interest rates

  • The period of time for which the payments are guaranteed

  • The amount of money invested into the annuity

There are three types of annuities:

  • Life Annuities – this type of an annuity will provide income payments for as long as you live.

  • Joint Annuities – this annuity provides regular income payments as long as both of the annuitants are living. When one person dies, the partner continues to receive income payments.

  • Term Certain Annuity - Term Certain annuities provide a guaranteed and regular income for a pre-determined period of time; after this period, the annuity contract ends.

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