An annuity is a guaranteed stream of payments that will provide you with a regular income for your lifetime. You, nor your spouse if included, can outlive the income.
Below are 5 annuity examples and an interpretation of the annuity illustration provided by 5 annuity companies.
1. Annuity Example of a Single Life Male 
Personal Information
The annuitant is a male aged 68 years old. He is currently retired.
Source of Funds
The annuitant lives in the province of British Columbia and has a RRSP account with TD Waterhouse. He does most of his investment transactions online. He has now transferred his stock into cash to purchase a life annuity.
General Information about the Contract
The annuitant purchased a single life annuity with $147,000 from Industrial Alliance Insurance. The life annuity will provide a monthly income of $825.44 for his lifetime, he will never be able to outlive the income. The life annuity income will help cover his fixed costs such as food, rent, electricity in his retirement.
Annuity Illustration Example from Industrial Alliance
Company: Industrial Alliance
Type of annuity: Single Life Annuity
Guarantee Period: 5 years
Annuitant: Male, 68 years old
Jurisdiction: British Columbia
Source of funds: RRSP
Premium: $147,000
Monthly Income: $825.44
Annuity Illustration: View and print annuity quote
To view the the rest of the examples please continue reading “5 Annuity Examples to Help Guide You” on our website.