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In Canada, Annuities Make Sure Retirees Do Not Run Out Of Money

 

ivon t hughesNovember 22, 2013

 

by

Ivon T Hughes

 

 

Many Canadian retirees will tell you that the fear of of running out of money during their retirement years makes them extremely nervous. This is why numerous baby boomers in Canada usually embrace annuities in order to be sure they've got enough funds to help them through their retirement years.

 

In Canada, Annuities Make Sure Retirees Do Not Run Out Of Money

 

 

In Canada, annuities are sold by life insurance companies; however not all life insurance companies sell annuities. Here is a list of the top 10 annuities companies that sell annuities in Canada .

 

Top 10 Annuity Companies In Canada

01. BMO Insurance

02. Canada Life Insurance

03. Empire Life Insurance

04. Great West Life

05. Industrial Alliance

06. La Capitale

07. Manulife Investments

08. Standard Life

09. Sun Life Financial

10. Transamerica Life Insurance

Since insurance companies do not sell annuities directly to the public, retirees need to find a life insurance agent acting for the insurance company or preferably a life insurance broker who specializes in annuities. Why a life insurance broker? An insurance broker will act independently and act in your best interest. A broker will represent more than on company hence offering you competitive annuity quotes from several companies.

 

There are 3 different types of annuities sold in Canada

What type of annuity should I buy?

 

1. Single Life Annuity (with or without a guarantee period)

A single life annuity provides an income as long as the annuitant is living.

 

If a guarantee period is selected, and the annuitant dies before the end of the guarantee period, the income will continue to the beneficiary.

 

 

2. Joint Life Annuity (with or without a guarantee period)

This type of annuity provides an income during the lifetime of two people, first on the life of the primary annuitant, then on the life of the successor annuitant.

 

Again, If a guarantee period is selected, and the annuitant dies before the end of the guarantee period, the income will continue to the beneficiary in case of a non-registered annuity.

 

 

3. Term certain Annuity

A term life annuity provides the annuitant with guaranteed, regular income for a selected period of time. Income payments cease and the annuity contract ends at the end of the term certain period.

 

 

About the Author:

Ivon T Hughes is a leading expert in life annuities in Canada. His website LifeAnnuities.com is a recognized authority on annuities. He's also an established insurance and investment broker, licensed across Canada through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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