Annuities in Spruce Grove, Alberta

spruce grove alberta annuities

Who Sells Annuities in Spruce Grove?

Life insurance companies do not sell annuities direct to the consumer. A life insurance agent or a independent life insurance broker are used to buy annuities.

Ideally it's in the annuitant's best interest to use an independent life insurance agent who specializes in annuities. An independent annuity broker will provide quotes from all the life insurance companies which you can then compare and choose the company with the best income.

Frequently Asked Questions (FAQ)

What is a life annuity?

A life annuity also called an income annuity, immediate annuity, fixed annuity or a guaranteed income is a series of regular payments that provides you with steady, guaranteed income, similar to a pension. With a life annuity, you will receive payments for as long as you live. Annuities can be purchased using non-registered or registered funds.

Why Should I Buy An Annuity in a Low Interest Rate Environment?

When we speak to our clients, it’s not about the interest rates. It's more about about reliability, security, control and predictability of a life income. The desire to have enough income to live comfortably is important to most clients.

In a Wells Fargo survey found that “22 percent of the middle class say they would rather ‘die early’ than not have enough income to live comfortably in retirement.

How Are Annuities Taxed?

Tax treatment of life and term annuities depends on source of premium (registered/nonregistered), and (for non-registered annuities), on whether the contract meets requirements for prescribed taxation.

1. Registered Annuities

Annuities purchased with funds from a registered retirement savings plan (RRSP), spousal RRSP, registered retirement income fund (RRIF), spousal RRIF, deferred profit sharing plan (DPSP), locked-in plan or pension plan are considered registered annuities. Every dollar paid to the client is taxable as income in the year it is received.

2. Non Registered Annuities

The taxation of non-registered annuities depends on whether the requirements for qualification as a prescribed annuity contract are met. It’s important to note the income payment doesn’t change between prescribed and accrual taxation; just the amount of income that’s taxable each year.

Annuity Rates as of February 5, 2020

The following monthly annuity rates are based on a premium of $100,000.00 of registered funds and with a 10 year guarantee option. Payments will commence in one month.

Single Life Annuity: Male

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 431.40 490.87 563.91 609.79 701.77
Canada Life 412.33 464.09 534.82 621.45 715.77
Empire Life 401.48 453.46 519.43 603.65 709.34
Great-West 412.33 464.09 534.82 621.45 715.77
La Capitale 411.37 470.33 543.41 629.67 719.39
*Manulife n/a n/a n/a n/a n/a
RBC Insurance 430.16 490.40 564.43 622.69 735.24
Sun Life 386.30 460.17 538.61 617.17 706.52

Single Life Annuity: Female

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 396.29 449.04 516.88 558.66 659.25
Canada Life 384.50 427.04 484.65 562.56 653.59
Empire Life 371.90 416.97 477.69 559.67 664.93
Great-West Life 384.50 427.04 484.65 562.56 653.59
La Capitale 368.53 418.45 483.99 569.48 n/a
*Manulife n/a n/a n/a n/a n/a
RBC Insurance 396.55 448.19 516.79 569.39 677.37
Sun Life 362.35 422.16 496.00 576.66 668.11

*Manulife has discontinued external sales of individual fixed annuities.

Request An Annuity Quote

If you live in the city of Spruce Grove, The Hughes Trustco Group (LifeAnnuities.com) will provide personal annuity quotes from all the life insurance companies.

Spruce Grove: Annuity Form
Annuity Details
Primary Annuitant
Contact Details


Canadian Life Insurance Companies in Spruce Grove, Alberta

The following is a list of Canadian life insurance companies licensed to sell annuities in Spruce Grove.

Some of the cities we serve in Alberta

Airdrie Alberta Beach Athabasca Banff Barrhead Bassano Beaumont Beaverlodge
Bentley Black Diamond Blackfalds Blairmore Bon Accord Bonnyville Bow Island Bowden
Brooks Calgary Calmar Camrose Canmore Cardston Carstairs Chestermere
Clairmont Claresholm Coaldale Coalhurst Cochrane Cold Lake Coleman Crossfield
Devon Didsbury Drayton Valley Drumheller Duchess Eckville Edmonton Edson
Elk Point Fairview Falher Fort Macleod Fort McMurray Fort Saskatchewan Fox Creek Gibbons
Grand Centre Grande Cache Grande Prairie Grimshaw Hanna Heritage Pointe High Level High Prairie
High River Hinton Innisfail Irricana Jasper La Crète Lac la Biche Lacombe
Lamont Lancaster Park Langdon Leduc Legal Lethbridge Lloydminster Magrath
Manning Mayerthorpe Medicine Hat Millet Morinville Nanton Nobleford Okotoks
Olds Peace River Penhold Picture Butte Pincher Creek Ponoka Provost Raymond
Red Deer Redcliff Redwater Rimbey Rocky Mountain House Sexsmith Slave Lake Springbrook
Spruce Grove St. Albert St. Paul Stettler Stony Plain Strathmore Sundre Swan Hills
Sylvan Lake Taber Three Hills Tofield Trochu Turner Valley Two Hills Valleyview
Vauxhall Vegreville Vermilion Viking Vulcan Wainwright Wembley Westlake
Westlock Wetaskiwin Whitecourt

*Source: Wikipedia top cities in Alberta.

Canadian Provinces We Serve

List of Canadian provinces and territories

  1. Ontario
  2. British Columbia
  3. Alberta
  4. Quebec
  5. Manitoba
  6. Saskatchewan
  7. Nova Scotia
  8. New Brunswick
  9. Newfoundland and Labrador
  10. Prince Edward Island
  11. Northwest Territories
  12. Yukon Territory
  13. Nunavut
Ivon T Hughes

Speak to an Annuity Advisor

Ivon T. Hughes

After you receive your quotes you can review your results with Ivon who is a leading expert in life annuities in Canada. He can customize your annuity to meet your needs by adjusting the guarantee period, indexing it to inflation or including your spouse in a joint policy. He can compare quotes from all the leading life insurance companies in Canada. Our clients get sound advice and excellent service with no fees to pay.

GET AN ANNUITY QUOTE RIGHT NOW

Let's start the conversation!

Call 1-877-842-3863 today to get a free annuity quote.
We compare the best annuity rates in Canada! There is no cost or obligation and your privacy is guaranteed.

Ivon T. Hughes - Annuity Broker

The Hughes Trustco Group | Website: LifeAnnuities.com | Email: info@trustco.ca | Toll Free: 877-842-3863