Beneva
BMO Insurance
Canada Life
Desjardins Financial
Empire Life
Equitable Life
Great-West Life
Industrial Alliance
ivari
Manulife
RBC Insurance
Sun Life
Guarantee Period for Annuities
It's Guaranteed!
An annuity provides a series of periodic income payments for a worry-free, dependable source of retirement income. With medical advances and healthier lifestyle choices, people are living longer. Annuities can provide a lifetime income source... you cannot outlive your income payments.
Why choose a Guarantee Period?
Two reasons. You love your family and you want to maximize the income from your savings. And the guarantee period ensures that the income will continue, even after your death.
Annuity Guarantee Period Table
| Premium Source | Types of Annuities You Can Buy | Guarantee Period |
|---|---|---|
| Locked-in RRSP, LIRA, RLSP |
Single Life Annuity |
Zero to age 90 |
| Non-locked-in RRSP | Single Life Annuity |
Zero to age 90 |
Term Certain |
Age 90 less age of younger spouse |
|
| Non-registered | Life Annuity |
Maximum guarantee depends on the company. |
Term Certain |
Minimum and Maximum depends on the company (i.e. 3 - 40 yrs). |
|
RPP |
Single Life Annuity Joint Life Annuity |
Zero to 15 years. The minimum and maximum guarantee period requirements depend on the selected annuity income and benefits not being materially different to the pension plan payout. |
LIF/RLIF/LRIF |
Single Life Annuity |
Zero to age 90 |
RRIF |
Single Life Annuity |
Zero to age 90 |
Term Certain |
Must be to age 90 of the annuitant or the younger spouse. |
Accrual Taxation
The age plus the guaranteed period can't exceed 115 years.
Prescribed Taxation
The age of the youngest annuitant plus the guaranteed period can't exceed age 90.