Key Facts Before Buying Annuities From National Bank

Does National Bank of Canada Issue Annuities?

In Canada, annuities are issued only by life insurance companies, not banks. Banks such as National Bank sell annuities through their licensed financial advisors, not by the bank tellers or standard branch staff. At National Bank, annuity policies are typically issued by National Bank Insurance Firm, not the bank itself.

Which insurance companies issue annuity policies in Canada?

Insurance companies who issue annuity policies are:
• BMO Insurance
• Canada Life
• Desjardins Insurance
• Empire Life
• Equitable Life
• ivari
• Manulife
• RBC Insurance
• Sun Life

Does National Bank issue annuity policies?

No, National Bank does not issue annuities. In Canada, only life insurance companies can issue annuity policies. National Bank distributes annuity policies through their financial advisors usually from National Bank Insurance Firm or National Bank Financial Wealth Management. National Bank advisors sell annuities that are underwritten and usually issued by Canadian life insurance companies.

Which Insurance Companies Does National Bank Offer?

Advisors from National Bank work with a small number of Canadian life insurance companies in Canada. The exact insurance company depends on their current distribution agreements.

The most common companies are:
• Canada Life
• Manulife
• Sun Life (sometimes)
• Other insurers may be offered, but limited.

Pros and Cons of Buying Annuities from National Bank

Pros of Buying National Bank Annuities
• Trusted Brand: National Bank is well known and reputable Canadian bank and is considered one of "Big Six" banks.
• Convenience: If you already bank with National Bank, it keeps your accounts all in one place.
• Easy: Manage all your investments under your National Bank accounts.

Cons of Buying National Bank Annuities
• Few Choices: National Bank work with one or two insurance companies (e.g. Canada Life or Sun Life)
• No Comparison Quotes: You won't see a list of 10 life insurance companies like you would with an annuity broker, meaning you will receive a lower monthly income .
• Not Issued By National Bank: The annuity policy is not issued by National Bank but by an insurance company.

Do Independent Insurance Brokers Offer Better Value?

Yes, independent annuity brokers work with multiple life insurance companies in Canada. They compare annuity quotes giving you more options and potentially a higher monthly income.

National Bank vs Annuity Broker Quote Comparison

Annuity Details:

• Sex: Male
• Age 65
• Amount: $100,000
• Fund Type: Registered
• No Guarantee option selected
• Payments to start in one month

Insurance Company	Monthly Income $ Registered Funds Age 65
BMO Insurance	582.70
Canada Life	538.54
Desjardins Fin.	568.79
Empire Life	540.76
Equitable Life	n/a
Manulife	584.56
RBC Insurance	539.75
Sun Life	551.02

Insurance Company	Monthly Income $ Registered Funds Age 65
Canada life	538.54

Before Choosing National Bank, Have You Seen a Comparison Quote?

National Bank advisors offer limited choices. We compare quotes from all the insurers to help you get more income. Complete the form to compare quotes from the best insurers like Canada Life, Empire Life, Manulife, Sun Life, etc. and see for yourself.