LifeAnnuities.com specializes in annuity quotes. We compare the best annuity rates from the top Canadian Life Insurance companies in Canada.
Annuity Quote of the Day
Date: May 16, 2013
Company: Canada Life Insurance
Annuity Details: Male 59, $100,000, Non-registeresd funds
View Todays' Annuity Quote
Tweets by @LifeAnnuities
Understanding Life Annuities
Today's Annuity Blog
What is a life annuity?
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 an annuity 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 or annuitants die pre-maturely.
A life annuity is the simplest investment income option. In exchange for a sum of money, an annuity from an insurance company provides you with a stream of income payments for life.
The income payments you receive from the annuity 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
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.
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.
Maximum Annuitant Issue Age:
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)
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.
List of Insurance Companies
Get annuitie quotes from all the Canadian life insurance companies in Canada. We provide not just one quote but ALL the annuity quotes in Canada. We deal with all the insurance companies that sell annuities; so that you get the BEST possible income.
Find us in the News
View Our Provincial Licences
A person who acts as an insurance agent without being licensed is guilty of an offence under the Insurance Act. The listings below contain a record of our active licences.
For an Agent search please use: Ivon Hughes
We are happy to answer any questions you may have on your annuity. Kindly type your annuity question and will get back to you within 24 hours.
Request a Consultation
Call toll free 1.877.842.3863