Annuities in Coquitlam, British Columbia

Annuities - Provide Income and Security For Life

coquitlam british columbia annuities

Annuity Terminology

Terms Definition
Types of Annuities Single Life Annuity: Provides a series of fixed monthly income payments for as long as the annuitant lives.
Joint Life Annuity: Provides a series of fixed monthly income payments for both annuitant's lifetimes.
Income Period Until the death of the annuitant or last surviving annuitant if joint life.
Indexing You can choose to index your annuity to inflation
Non-registered: 0-6% Registered: 0-4%
Source of Funds Registered (RRSP, RRIF, LIRA, LIF, RPP, DPSP)
Non registered (savings, chequing account,TFSA)
Minimum Guarantee Period For registered annuities using RRSP/RRIF funds the minimum guarantee is 0 years. For non registered annuities using funds for your savings account can be from 0-7 years depending on the insurance company
Maximum Guarantee Period For registered annuities the guarantee period can not exceed the annuitant's 90th birthday. For non registered funds the guarantee period can exceed the annuitant's 90th birthday however accrual taxation is used.
Minimum Premium $10,000 - $50,000 depending on the insurance company.
Payment Frequency Payments can be made monthly, quarterly, semi-annually or annually.
Taxation Registered: The annuity payments are fully taxable in the year it is received.
Non registered: The capital portion of the annuity payment is not taxable. The interest earned is taxable based on whether the annuity is prescribed or non prescribed (accrual).

Who Sells Annuities in Coquitlam?

Life insurance companies do not sell annuities direct to the consumer. A life insurance agent or a independent life insurance broker are used to buy annuities.

Ideally it's in the annuitant's best interest to use an independent life insurance agent who specializes in annuities. An independent annuity broker will provide quotes from all the life insurance companies which you can then compare and choose the company with the best income.

Frequently Asked Questions (FAQ)

What is a life annuity?

A life annuity also called an income annuity, immediate annuity, fixed annuity or a guaranteed income is a series of regular payments that provides you with steady, guaranteed income, similar to a pension. With a life annuity, you will receive payments for as long as you live. Annuities can be purchased using non-registered or registered funds.

Why Should I Consider Buying An Annuity For Retirement?

  1. Income For Life: When you purchase a life annuity, you don’t have to worry about outliving your money. Your payments can be guaranteed for as long as you are alive.
  2. Income Security: There is no market or interest rate fluctuations that will decrease the income you receive each month.
  3. No Management Decisions: There are no more investment decisions to make once you’ve purchased your annuity.
  4. Estate Planning Benefits: Payments can be guaranteed to continue to your surviving spouse or other beneficiary for a minimum number of years in the event of your death. In addition, the amount goes directly to your beneficiary and does not have to go through probate.
  5. Flexible Income Option: You can use your retirement savings to buy an annuity at any time, just before retirement, at retirement or at any time during retirement. And you can convert some or all of your savings. For example, if you need guaranteed income to cover just a certain number of fixed expenses, you can buy an annuity that produces the income level you need to cover these costs alone.

How Are Annuities Taxed?

Tax treatment of life and term annuities depends on source of premium (registered/non-registered), and (for non-registered annuities), on whether the contract meets requirements for prescribed taxation.

1. Registered Annuities

Annuities purchased with funds from a registered retirement savings plan (RRSP), spousal RRSP, registered retirement income fund (RRIF), spousal RRIF, deferred profit sharing plan (DPSP), locked-in plan or pension plan are considered registered annuities. Every dollar paid to the client is taxable as income in the year it is received.

2. Non Registered Annuities

The taxation of non-registered annuities depends on whether the requirements for qualification as a prescribed annuity contract are met. It’s important to note the income payment doesn’t change between prescribed and accrual taxation; just the amount of income that’s taxable each year.

Annuity Rates as of February 5, 2020

The following monthly annuity rates are based on a premium of $100,000.00 of registered funds and with a 10 year guarantee option. Payments will commence in one month.

Single Life Annuity: Male

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 431.40 490.87 563.91 609.79 701.77
Canada Life 412.33 464.09 534.82 621.45 715.77
Empire Life 401.48 453.46 519.43 603.65 709.34
Great-West 412.33 464.09 534.82 621.45 715.77
La Capitale 411.37 470.33 543.41 629.67 719.39
*Manulife n/a n/a n/a n/a n/a
RBC Insurance 430.16 490.40 564.43 622.69 735.24
Sun Life 386.30 460.17 538.61 617.17 706.52

Single Life Annuity: Female

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 396.29 449.04 516.88 558.66 659.25
Canada Life 384.50 427.04 484.65 562.56 653.59
Empire Life 371.90 416.97 477.69 559.67 664.93
Great-West Life 384.50 427.04 484.65 562.56 653.59
La Capitale 368.53 418.45 483.99 569.48 n/a
*Manulife n/a n/a n/a n/a n/a
RBC Insurance 396.55 448.19 516.79 569.39 677.37
Sun Life 362.35 422.16 496.00 576.66 668.11

*Manulife has discontinued external sales of individual fixed annuities.

Request An Annuity Quote

If you live in the city of Coquitlam, The Hughes Trustco Group ( will provide personal annuity quotes from all the life insurance companies.

Coquitlam: Annuity Form
Annuity Details
Primary Annuitant
Contact Details

Canadian Life Insurance Companies in Coquitlam, BC

The following is a list of Canadian life insurance companies licensed to sell annuities in Coquitlam.

Some of the cities we serve in British Columbia

Abbotsford Armstrong Burnaby Campbell River Castlegar
Chilliwack Colwood Coquitlam Courtenay Cranbrook
Dawson Creek Delta Duncan Enderby Fernie
Fort St. John Grand Forks Greenwood Kamloops Kelowna
Kimberley Langford Langley Maple Ridge Merritt
Nanaimo Nelson New Westminster North Vancouver Parksville
Penticton Pitt Meadows Port Alberni Port Coquitlam Port Moody
Powell River Prince George Prince Rupert Quesnel Revelstoke
Richmond Rossland Salmon Arm Surrey Terrace
Trail Vancouver Vernon Victoria West Kelowna
White Rock Williams Lake

Canadian Provinces We Serve

List of Canadian provinces and territories

  1. Ontario
  2. British Columbia
  3. Alberta
  4. Quebec
  5. Manitoba
  6. Saskatchewan
  7. Nova Scotia
  8. New Brunswick
  9. Newfoundland and Labrador
  10. Prince Edward Island
  11. Northwest Territories
  12. Yukon Territory
  13. Nunavut
Phil Barker

Speak to an Annuity Expert

Phil Barker

You can customize your annuity to meet your needs by adjusting the guarantee period, indexing it to inflation or including your spouse in a joint policy. You can compare quotes from all the leading life insurance companies in Canada. Our clients get sound advice and excellent service with no fees to pay.

(888) 970-1470 | Book Meeting


Let's start the conversation!

Get a free annuity quote today.
We compare the best annuity rates in Canada! There is no cost or obligation and your privacy is guaranteed.

Life Inc. | Website: | Email: | Toll-free 1-888-970-1470