What is an annuity?

The payout annuity is a simple yet powerful concept. In basic terms, an annuity is a financial product you buy from a life insurer who, in turn, pays you a regular income for a fixed period or for the rest of your life.

Payout annuities are ideal for transforming a lump sum payment into a dependable income stream, especially when you need to convert your registered retirement savings plan (RRSP).

Choose the annuity that works for you

Single Annuity: income payments are made to you until death.

Joint Annuity: income payments are made for the lives of you and your spouse.

Term Certain Annuity: you choose the number of years to receive the income payments. Payments will stop at the end of that period.

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