Saturday, May 19, 2012
Annuity Quote of the Day
Date: Thursday, May 17, 2012
Company: BMO Insurance
Details: Single Life, Female 61, non-reg, $300k
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"Annuity Due 2012?"
Today's annuity blog discusses the "What is an annuity due?"
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What is a life annuity?
Definition of What is an annuity?
Single Premium Immediate Annuities (SPIA) provide a regular income stream.
You will enjoy a steady stream of income for life along with the security that you will never outlive your money. You'll never have to worry about market fluctuations or other investment management decisions.
What is an annuity and how does it work?
How it works: You simply deposit a lump sum of money and receive a guaranteed income stream for life. This income can also be guaranteed for a specified period of time in case the annuitant(s) die pre-maturely.
A life annuity is the simplest investment income option. In exchange for a sum of money, a life annuity from an insurance company provides you with a stream of income payments for life.
The income payments you receive are made up of interest and principal and are determined based on:
Your age (for joint cases, your spouse's age)
Current interest rates
The length of time the payments are guaranteed
The amount of money used to purchase the annuity
Life annuities can be purchased with registered funds such as the proceeds of a RRSP or RRIF or with non registered funds from your GIC or savings account.
Life Annuities at a Glance
Types of Single Premium Immediate Annuities (SPIAs)
Single Life Annuity
Provides a guaranteed income to an individual as long as he or she is living.
Joint Life Annuity
Covers the lives of two individuals, a primary annuitant and a secondary annuitant (usually a husband and a wife). Upon the death of one annuitant, the surviving annuitant will continue to receive the income.
Term Certain Annuity
Provides guaranteed income for a specified period of time.
Variable Annuity
A variable annuity is simply an agreement between you and an insurance company in which you contribute a sum of money in exchange for a stream of income, either starting now or some time in the future.
Maximum Annuitant Issue Age:
Age 90
Income Payment Options:
Monthly, Quarterly, Semi-annual, Annual
Guaranteed Period Explanations:
Life annuities are guaranteed for the lifetime of the annuitant or joint annuitants. You can also add a guarantee period of a number of years say 10 years, that the payments will be made.
Specified length of time (e.g. zero, 5, 10, 15, 20 years)
Or to age 90 (maximum guarantee period)
Taxation:
Annuities purchased with non-registered funds are prescribed to spread the tax-payable evenly throughout the lifetime of the annuity.
Which is better:
RRIF or an Annuity?
One of the most frequently asked questions in retirement planning is "Which is better for me, a registered annuity or a RRIF?" Aside from the amount of income you would receive from each we provided a summary of other factors you want to consider when making your decision.
Which is better a RRIF or an Annuity.
View the RRIF Minimum Withdrawal Table.
Life Annuity Quotes
View a sample of a life annuity quote when you request a quote from us. You will receive the rates from top Canadian Life Insurance companies in Canada.
View an Annuity Quote Example (
pdf , 4 pgs, 87kb)
View an Annuity Quote Example (in html)
List of Insurance Companies
Get life annuitie quotes from all the Canadian life insurance companies in Canada. We provide not just one quote but ALL the quotes in Canada. We deal with all the insurance companies that sell annuities; so that you get the BEST possible income.
We represent the following list of life insurance companies.
To request a specialized annuity quote choose from the list of companies below.
Empire Life Insurance
Equitable Life
Cashable Annuities
Cashable life and term certain annuities are an answer to the increasing demand for flexibility, along with the security of the investment.
With this new product, you will get the higher age return income of a life annuity, but with the bonus of being able to cash out if you wish. Life annuities, of course, give better returns the older you are, but as you receive the same income as a non cashable annuity, they're certainly worth investigating.
And you don't have to ever use the cashability feature.
To learn more about Cashable Annuities please call us toll free 1-877-842-3863 or email us your questions.
Annuity Questions
We are happy to answer any questions you may have on your life annuity. Kindly type your question and will get back to you within 24 hours.
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