Understanding Annuities from Scotiabank

What Scotiabank Doesn't tell You About Their Annuities

In Canada, annuities are issued only by life insurance companies, not banks. Banks such as Scotiabank sell annuities through their licensed financial advisors not by the bank tellers or standard branch staff. The actual annuity policy comes from the insurer like Canada Life, Manulife and others, not the banks.

Which insurance companies issue annuity policies?

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

Does Scotiabank issue annuity policies?

No, Scotiabank does not issue annuities. In Canada, only life insurance companies can issue annuity policies. Scotiabank distributes annuity policies through their financial advisors usually from Scotia Wealth Management division. Scotiabank advisors sell annuities that are underwritten and issued by one of the life insurance companies mentioned above. Scotiabank acts as a distributer, not an annuity issuer.

Which Insurance Companies Does Scotiabank Offer?

Advisors from Scotiabank 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.

It's important to note that Scotiabank advisors do not provide quotes from all the insurance companies. Usually banks offer annuities from one or two partners, they do not survey the full market.

Pros and Cons of Buying Annuities from Scotiabank

Pros of Buying Scotiabank Annuities
• Trusted Brand: Scotiabank is well known and reputable Canadian Bank and is considered one of Canada's top 5 banks.
• Convenience: If you already bank with Scotiabank, it keeps your accounts all in one place.
• Easy: Manage all your investments under your Scotiabank accounts.

Cons of Buying Scotiabank Annuities
• Few Choices: Scotia usually work with one or two insurance companies (e.g. Canada 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 recvevied a lower monthly income .
• Not Issued By Scotiabank: The annuity policy is not issued by Scotiabank 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.

Scotiabank 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 Scotiabank, Have You Seen a Comparison Quote?

Scotiabank 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.