Understanding Annuities from TD Bank

Important Facts Before You Buy TD Bank Annuities

In Canada, annuities are issued only by life insurance companies, not banks. Banks such as TD Bank act like distributors not issuers. Banks can sell annuities through their licensed financial advisors at TD Wealth and TD Waterhouse 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 TD Bank issue annuity policies?

No, TD Bank does not issue annuities, instead they refer you to advisors at TD Wealth and TD Waterhouse. Advisors sell annuities that are underwritten and issued by one of the life insurance companies mentioned above. TD Bank acts as a distributer, not an annuity issuer.

Which Insurance Companies Does TD Bank Offer?

Advisors from TD Wealth and TD Waterhouse work with a few number of Canadian life insurance companies in Canada.

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

It's important to note that TD advisors do not provide quotes from all the insurance companies. They most often work with one or two preferred insurers.

Pros and Cons of Buying Annuities from TD Bank

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

Cons of Buying TD Bank Annuities
• Few Choices: TD 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 received a lower monthly income .
• Not Issued By TD Bank: The annuity policy is not issued by TD 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.

TD 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 on 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 TD Bank, Have You Seen a Comparison Quote?

TD 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.