Insurance Becomes an Annuity

Annuity Broker: Canadian Independent Annuity Broker

Talk to an independent annuity broker who can advise you on Canadian Annuities and how they can fit into your retirement plan.

annuity broker
Ivon T Hughes annuity broker since 1972.

Ivon T. Hughes is a Canadian annuity broker who represents all the annuity companies in Canada and has been in business since 1972. Call Ivon toll free in Canada  1-877-842-3863 or 514-842-9001 from U.S and internationally.

Why Use an Independent Annuity Broker?

Annuity policies can only be purchased from an insurance agent or broker.  It also makes more sense to use an independent annuity broker to do the shopping and the research for you. In addition, insurance agents only represent one company and are tied to selling their annuity products.

An independent annuity broker can get you annuity rates from all the life insurance companies. The following is a list of Canadian insurance companies that sell life annuities in Canada.

An Annuity Broker’s List of Companies Should Consist of the following:

1. BMO Insurance
2. Canada Life Assurance Company
3. Desjardins Financial Security
4. Empire Life Insurance
5. Equitable Life
6. Great-West Life
7. Industrial Alliance
8. ivari (formerly Transamerica)
9. La Capitale
10. Manulife Financial
11. RBC Insurance
12. Standard Life (now Manulife)
13. Sun Life Financial

Ask Ivon T Hughes to find you the best annuity deal for you. We’ll shop the market and send you all the annuity rates. Furthermore, the services provided are free of charge and you’re under no obligation to buy any of the quotes you receive.

If you would like more information on annuities please use our contact us page and request a call from Ivon T Hughes. In addition, you can also complete our online annuity quote form and we’ll get back to with an annuity illustration.

Advertising Newsprint: 1986 The Montreal Gazette

Independent Annuity Broker Ivon T. Hughes
Ivon T Hughes is an independent annuity broker.
2015-rrif-minimum-withdrawals-sm

Does new RRIF legislation in the 2015 budget help you?

RRIF: Changes to the RRIF minimum withdrawal amounts are designed to let you preserve more of your retirement savings and most companies will adjust your minimum income as of January 1 2016.

2015-rrif-minimum-withdrawals-smBut if you are drawing income from a RRIF/LIF, you could benefit from reduced minimums starting now.

While a RRIF now allows you to shelter more capital it results in less income . And is that what you want? All tax sheltered income is taxable at the 2nd death of a couple, so is taking less worthwhile? You can leave tax-paid capital and goods to your beneficiaries, so it is your tax sheltered investments that you should use before you use any non-registered funds.

Click here for the Best 2015 RRIF Interest Rates

TFSA: Thanks to proposed budget changes, you can now contribute up to $10,000 annually to a TFSA (Tax-Free Savings Account). Boost your contribution to enjoy increased tax-free savings.

Insurance Becomes an Annuity

Should you consider an annuity?

My comments to “Should you consider an annuity?” by Kevin Press at BrighterLife.ca

Mr Press has emphasized perhaps the most important element in the purchase of annuities today.

As the largest seller of life annuities in Canada, in which we specialize at www.lifeannuities.com, we find that that most people seem to believe that it is 1-5 year GIC rates which set the scenario for the payouts which is not true at all.

And even if long term bond rates do rise,there is still no guarantee that annuity rates will go up. And of course you are getting older and losing time to enjoy the income.You might want to read ” Retirement Income; income that lasts a lifetime ” which you can find here. Hopefully it will give you some ideas.

Annuity Longevity

Longevity is becoming more and more of a factor in annuity rate calculations

Below are my comments from a  recent article in the Globe and Mail “Canadian Wheat Board tackles pension risk with annuity
We have warned in recent articles, that longevity is becoming more and more of a factor in annuity rate calculations.
WhiAnnuity Longevityle some are waiting patiently for annuity rates to rise,the companies are worried about longevity or the need to keep paying pensions longer than anticipated.
And you will see from the following extract that the concern has moved the CWB to transfer risk in its group plan.

“The Canadian Wheat Board inked a $150-million deal to buy an annuity policy that will transfer the risk in its defined benefit pension plan to a subsidiary of insurer Sun Life Financial Inc.

The move comes as many pension funds in Canada and other markets such as the U.S. and U.K. are facing underfunded pension plans battered by stock market volatility, prolonged low interest rates and longer life spans”

So each retiee or near retiree needs to take longevity into consideration.Yes,interest rates may rise some day,but will annuity rates follow?

Insurance Becomes an Annuity

Where do I get the latest annuity rates on the internet?

At Lifeannuities.com we publish the latest annuity rates. Below is a table of the latest annuity rates in Canada as of June 10, 2013.
Annuity Rates shown below are Registered. Premium of $100,000 of registered funds. Payments will commence in one month.

Single life male, no guarantee

Single life male, no guarantee
Financial Institution Age in Years
55 60 65 69 70 75 80
BMO Insurance 420.88 470.46 538.56 604.56 624.30 737.77 882.31
Canada Life 470.41 505.92 568.35 651.16 676.60
Desjardins Fin. Security 427.20 480.30 552.58 628.04 649.80 769.05 898.21
Empire Life 431.22 484.20 562.22 640.65 663.41 795.85
Manulife Investments 425.60 475.16 543.39 615.71 639.64 775.07 993.75
Standard Life 413.49 463.42 532.60 606.48 628.10 727.04 894.07
Sun Life Assurance Co 427.10 477.05 546.44 618.60 639.70 770.05 959.46
Insurance Becomes an Annuity

Delaying your annuity gives you a bigger income, but it could take 36 years to get back money you lost

sad woman not buying annuity This is a prominent article that is well overdue.
As Canada’s leading life annuity broker, we have been saying this for a long, long time.
You don’t know how long you will live. If the interest rates will go up. Whether you and your spouse will enjoy good health in the future or a host of other considerations.
Does anyone think of longevity? We may be living longer so insurers are dropping rates to meet the flood of paying pensions for longer periods.
If you’ve decided you want an income, take it now. You may not be here tomorrow.
Insurance Becomes an Annuity

Canadian annuity rates are best in the world?

One of the largest UK papers, The Daily Telegraph, has just released a report “UK retirement vs the best in the world” that says 2 important things about the annuity market in Canada. It compares various statistics from our website LifeAnnuites.com with figures gleaned from other world sources.

Firstly, like the UK but not necessarily elsewhere, pensions are directed to the purchase of annuities but also allow for drawdown products like a RRIF. An annuity guarantees you an income for all your life but a RRIF can be drawn down to zero, leaving you with no income at the end of your life. And here it is important to remember that the difference between an old man and elderly gentleman, is money.

Secondly here in Canada, annuity rates are better, possibly because annuities are issued with less bells and whistles.  In the UK and elsewhere, annuity issuers can differentiate between smokers and non-smokers and those with health problems. All these procedures take time and money spent elsewhere is not available for you.

Insurance Becomes an Annuity

Manulife Financial Annuity Products

About Manulife Financial Insurance

Manulife provides some of the very best financial protection and wealth accumulation products backed by the financial strength and security of a global leader.

When you insure your family against the unexpected or invest your money for the future, you need a financial services company that is financially secure and able to keep its promises, possibly many years from now. Our high quality investment portfolio, diverse business platform and prudent risk management practices are a few of the reasons why you make the right choice when choosing Manulife Financial. Read more about Manulife Financial.

Product name: Manulife annuities

Issue ages: non registered 0-97, registered 16-60 (18-60 in Qc)

Types of annuities: Single life annuity, Joint life annuity, Term Certain annuity

Rate guarantee: 45 days

Guarantee Period: Registered 0-30 years, non registered 3- 30 years

Premium: minimum $10,000, maximum $2M

Quote: Calculate a Manulife Annuity Quote

Calculator: Manulife annuity calculator