Annuities in Edmonton, Alberta
Who Sells Annuities in Edmonton?
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 Buy An Annuity in a Low Interest Rate Environment?
When we speak to our clients, it’s not about the interest rates. It's more about about reliability, security, control and predictability of a life income. The desire to have enough income to live comfortably is important to most clients.
In a Wells Fargo survey found that “22 percent of the middle class say they would rather ‘die early’ than not have enough income to live comfortably in retirement.
How Are Annuities Taxed?
Tax treatment of life and term annuities depends on source of premium (registered/nonregistered), 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 Edmonton, The Hughes Trustco Group (LifeAnnuities.com) will provide personal annuity quotes from all the life insurance companies.
Canadian Life Insurance Companies in Edmonton, Alberta
The following is a list of Canadian life insurance companies licensed to sell annuities in Edmonton.
- BMO Insurance
- Canada Life Insurance
- Desjardins Insurance
- Empire Life Insurance
- Equitable Life Insurance
- Great-West Life
- Industrial Alliance
- ivari
- La Capitale
- Manulife Financial
- RBC Insurance
- Sun Life Financial
Some of the cities we serve in Alberta
Airdrie | Alberta Beach | Athabasca | Banff | Barrhead | Bassano | Beaumont | Beaverlodge |
Bentley | Black Diamond | Blackfalds | Blairmore | Bon Accord | Bonnyville | Bow Island | Bowden |
Brooks | Calgary | Calmar | Camrose | Canmore | Cardston | Carstairs | Chestermere |
Clairmont | Claresholm | Coaldale | Coalhurst | Cochrane | Cold Lake | Coleman | Crossfield |
Devon | Didsbury | Drayton Valley | Drumheller | Duchess | Eckville | Edmonton | Edson |
Elk Point | Fairview | Falher | Fort Macleod | Fort McMurray | Fort Saskatchewan | Fox Creek | Gibbons |
Grand Centre | Grande Cache | Grande Prairie | Grimshaw | Hanna | Heritage Pointe | High Level | High Prairie |
High River | Hinton | Innisfail | Irricana | Jasper | La Crète | Lac la Biche | Lacombe |
Lamont | Lancaster Park | Langdon | Leduc | Legal | Lethbridge | Lloydminster | Magrath |
Manning | Mayerthorpe | Medicine Hat | Millet | Morinville | Nanton | Nobleford | Okotoks |
Olds | Peace River | Penhold | Picture Butte | Pincher Creek | Ponoka | Provost | Raymond |
Red Deer | Redcliff | Redwater | Rimbey | Rocky Mountain House | Sexsmith | Slave Lake | Springbrook |
Spruce Grove | St. Albert | St. Paul | Stettler | Stony Plain | Strathmore | Sundre | Swan Hills |
Sylvan Lake | Taber | Three Hills | Tofield | Trochu | Turner Valley | Two Hills | Valleyview |
Vauxhall | Vegreville | Vermilion | Viking | Vulcan | Wainwright | Wembley | Westlake |
Westlock | Wetaskiwin | Whitecourt |
*Source: Wikipedia top cities in Alberta.
Canadian Provinces We Serve
List of Canadian provinces and territories