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Chapter 1

Annuity Types:

Single Life Annuity

Joint Life Annuity

Term Certain Annuity


Registered and Non-Registered

Factors that affect annuity income

Advantages of an annuity

Disadvantages of an annuity


Chapter 2

Why an annuity?

Annuity Popularity


Annuity Options:

Guarantee period





Chapter 3

Turning 71


RRIF or an Annuity?

Annuity Taxation

Assuris Protection


Chapter 4

Annuity Pros & Cons

Annuity FAQ

List of Annuity Companies

Annuity Fees


Chapter 5

Male Annuity Rates

Female Annuity Rates

Joint Annuity Rates



Chapter 6

Annuity Calculator

Sample of an Annuity Policy

Annuity Quote Illustration




Chapter 1: What is an annuity?

Chapter 1 Highlights

Annuity Types

Single Life

Joint Life

Term Certain Annuity


Registered and Non-Registered Annuities


Factors that affect annuity income


Advantages of an annuity


Disadvantages of an annuity


Annuity Types

Lets take a look at the types of annuites that are available in Canada.


Single Life Annuities

Provides a series of income payments for your life. You cannot outlive your payments.


Joint Life Annuities

Provides a series of income payments for as long as you or your spouse live.


Term Certain Annuities

Provides a series of guaranteed income payments for a chosen period (e.g. 5, 10, 15, 20 years).


Registered and Non Registered Annuities

The funds to purchase an annuity can be from a registered plan or a non-registered plan.


Registered Funds

You can convert the following list of registered plans into an annuity policy.

RRSP - registered retirement savings plan

RRIF - registered retirement income fund

RPP - registered pension plan

Locked-in RRSP / LIRA / RLSP


DPSP - deferred profit sharing plan



Savings/Chequing Account

GIC - guaranteed income certificate

TFSA - tax free savings account


Mutual Funds


Factors that affect annuity income

The amount of income provided through an annuity is determined by the:

Type of annuity selected

Amount of money invested



Payment guarantee selected


Advantages of an annuity

Provide a regular income stream for retirement

Payments will continue, unchanged, for life or the designated term regardless of
Interest rate fluctuations

As part of a diversified retirement income plan, annuities reduce risk, add stability

Ideal to top-up retirement income

Annuities can create personal pension plans for those without pension plans

Annuities can be integral to estate planning (i.e. death benefit guarantees, appointment of beneficiary to avoid probate, if any and create potential creditor protection1, etc.)

Suitable for investors who can’t or don’t want to actively manage part of or all of their capital

No one knows how long they will live, and with a life annuity, you can never outlive your money; joint life annuities can also protect their spouse’s income


Disadvantages of an annuity

The loss of investment value due to an early death, though cash refund annuities are available

The income amount is fixed

Purchasing power reduces with inflation – if an indexed annuity is not selected

Your ability to draw lump sums from your fund is gone


continue... Chapter 2. Why an annuity?

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