Guaranteed Lifetime Income

By Ivon T Hughes
guaranteed lifetime income
Figure 1. Guaranteed Lifetime Income

The 2018 Guaranteed Lifetime Income Study

In a study, released on May 15, 2018, Guaranteed Lifetime Income was viewed as a valuable supplement to government sponsored retirement plans.

The top retirement concerns in this survey of 1003 retirees and pre-retirees aged 55-75, was conducted on behalf of Sun Life and Great-West life.

Their top concerns were:
1. low interest rates
2. losing money or low returns on the stock market
3. not being able to afford long term care
4. outliving savings

Can they afford to live to age 85 is the question in most people's minds. If you don't have a defined benefit pension plan, inflation indexed like public servants, then you definitely need a guaranteed lifetime income. With aging affecting your ability to keep moving your money around, rising inflation and longevity makes outliving your money a real concern.

The study also found that 76% of women think that it is important that essential living expenses be covered by a guaranteed lifetime income source.

The survey confirms what our clients continue to tell us. They need a private income like an annuity, registered or non-registered, to guarantee they will have income for life. They are tired of trying to find the best fund or best interest rate and just want a cheque, guaranteed to be in their account each month.

2018 Guaranteed Lifetime Income Study
- Read the full 8 page report.


Current Annuity Rates as of Friday, May 18, 2018
Monthly income based on a premium of $100,000.00 of funds. Payments will commence in one month.

Male Annuity Rates

Company Age
60 65 70 75 80
BMO Insurance 482.57 549.16 643.33 735.20 929.59
Canada Life 464.44 523.18 612.59 0.00 0.00
Desjardins Fin. 473.85 532.13 615.55 734.37 883.80
Empire Life 460.38 520.59 602.18 709.77 0.00
Great-West Life 464.44 523.18 612.59 0.00 0.00
Manulife 447.22 504.66 577.37 703.98 926.27
RBC  Insurance 463.55 534.37 634.76 749.34 936.07
Sun Life Assurance 460.42 544.08 640.13 758.49 943.29


Female Annuity Rates

Company Age
60 65 70 75 80
BMO Insurance 442.00 493.59 568.02 641.04 809.78
Canada Life 429.97 478.44 548.66 0.00 0.00
Desjardins Fin. 443.75 493.39 562.35 658.84 790.64
Empire Life 424.72 472.78 540.61 639.17 0.00
Great-West Life 429.97 478.44 548.66 0.00 0.00
Manulife 421.68 462.48 513.47 612.51 767.98
RBC Insurance 412.17 465.58 540.07 647.05 817.40
Sun Life Assurance 432.02 497.77 583.07 691.11 852.86
Ivon T Hughes

About the Author

Ivon T. Hughes

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, through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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Ivon T. Hughes - Annuity Broker

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