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LifeAnnuities.com is the life annuity authority in Canada advising Canadians across the country for 40 years and online since 1999. We provide rates, quotes and articles and, most importantly, advice on how and when and if buy an annuity. A life annuity is a very personal purchase which needs to be designed for you personally. Below you will find various features of life annuities but please call us toll free at 1-877-842-3863 for anything you don't quite understand.
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An annuity gives you guaranteed payments for life.
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A life annuity is a contract with a life insurance company which, in exchange for a lump sum deposit, agrees to pay you a guaranteed amount as long as you live. The payment is based on your age, sex, interest rates of bonds and various other actuarial factors. In Canada, life annuities may be purchased with registered funds such as RRSP's, RRIF's, LIRA's and the like. They may also be purchased with money that you have saved.
As life annuities are only sold by life insurance companies,you need a life annuity broker or someone who specializes in annuities to give you advice. As your life and family is unique, so you need advice on how to get the best income for you.
Many people take the easy way out by buying the first company quote offered to them. This can result in a loss of income as variations in payouts from various companies can be tremendous! It is not uncommon to see variations of 10% or more, with the leading company paying $1000 a month and the lowest, $900.
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The two basic types of life annuities are on a single life or joint lives.
Single life annuity - In the single life annuity, payments continue for the lifetime of the annuitant.
Joint life annuity - With a joint life annuity, payments continue for the lifetimes of both annuitants, i.e. until the 2nd death.
Term Certain annuity is paid for the period of years selected by the annuitant e.g. 10 years at the end of which,payments cease. A registered term certain annuity cannot extend beyond the annuitant's 90th birthday. A non registered annuity term certain annuity can be for any period a company will issue a policy.
Impaired annuity - An annuitant with a decreased life expectancy, can provide a short medical report outlining the health problem, medications and diagnosis. With this information an insurance company may be able to offer increased income.
If you wish, you can add a partner to your life annuity. Also some companies permit children at various ages to partner with a parent.
All life annuities can be guaranteed for a various number of years. For registered policies, the guarantee period can be to age 90 or extended to age 90 of the younger partner. For non registered annuities purchased with savings, the age limit is that offered by each individual insurance company. Most offer policies for up to 30 years with some going as far as 40 years or age 100. But in fact we have a lady for whom we negotiated a policy to age 115!
REMEMBER that all life annuities are paid for life, with or without any guaranteed period.
Indexed annuities are mostly used to protect the annuity purchaser from inflation, though sometimes for legal reasons. Most companies offer an indexation rate of 2% to 4% and your monthly payment will be increased by the chosen percentage each year.
Most annuities are immediate but you can have non registered policies deferred up to 10 years which gives you flexibility in your planning.
A life annuity can be structured so that the total premium paid is returned.
At purchase, the annuitant can decide if the payments are to remain level for the lifetime for both annuitants. If not, payments can be reduced by certain percentages on the death of either annuitant.
We shop the annuity market so you don't have to. We provide comparison quotes from all the companies.
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"My valued financial security advisors. My association with Ivon Hughes and Hughes Trustco goes back 25 years."
"The gentleman's name there is Ivon T. Hughes a tireless worker. Was always there when I phoned to get info. Easy to talk to. "
"Never to busy to take a call, or answer an email, I respect the way they run their business and serve their clients."
"Ivon gave me alternatives at each point to help me reach my goals. If you want the widest choice of products for your portfolio, call him."
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