Annuities in Laval, Quebec

A life annuity provides a lifetime income payments that you cannot outlive. No worry and stress about managing investments or fear of stock market crashes!

laval quebec 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 Laval?

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 turns your retirement savings into a competitive and secure retirement income, without putting your money at risk. You can receive guaranteed payments that will never decrease and will last a lifetime.

Annuities are ideal for seniors who:

  1. Need their income to last a lifetime, for themselves, their spouse or both lives
  2. Don’t want to take risks with market volatility
  3. Want the guaranteed monthly income to cover basic living expenses through retirement
  4. Are looking for tax-efficient income.

Will you benefit from an Insured Annuity?

Yes, if:

  1. You are insurable.
  2. You want to avoid high-risk investments.
  3. You wish to generate additional cash flow
  4. from non-registered liquid assets.
  5. You want to pass on an estate to your heirs.
  6. You wish to maintain your cash flow but
  7. increase the estate you pass on to your heirs.
  8. You are not already claiming the $1,000 pension income

How many types of annuities are in Canada?

There are 3 types of annuities in Canada:

  1. Single Life annuity – provides a series of income payments for your life. You cannot outlive your payments.
  2. Joint life annuity – provides a series of income payments for as long as you or your spouse live.
  3. Term certain annuity – provides a series of guaranteed income payments for a chosen period.

You can purchase an annuity with registered or non-registered investments:

  1. Registered funds
    • Registered Retirement Savings Plan (RRSP)
    • Registered Pension Plan (RPP)
    • Registered Retirement Income Fund (RRIF)
    • Life Income Fund (LIF)
    • Locked-in Retirement Income Fund (LRIF)
    • Deferred Profit Share Plan (DPSP)
    • Locked-in RRSP/ Locked-in Retirement Account (LIRA)
    • Restricted locked-in savings plan (RLSP)
  2. Non-registered funds
    • Savings
    • Investments

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 Laval, The Hughes Trustco Group (LifeAnnuities.com) will provide personal annuity quotes from all the life insurance companies.

Laval: Annuity Form
Annuity Details
Primary Annuitant
Contact Details


Canadian Life Insurance Companies in Laval, QC

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

Some of the cities we serve in Quebec

Montreal Québec Laval Gatineau Longueuil Sherbrooke
Saguenay Lévis Trois-Rivières Terrebonne Saint-Jean-sur-Richelieu Repentigny
Brossard Drummondville Saint-Jérôme Granby Blainville Saint-Hyacinthe
Shawinigan Dollard-des-Ormeaux Rimouski Châteauguay Saint-Eustache Victoriaville
Mascouche Mirabel Rouyn-Noranda Boucherville Salaberry-de-Valleyfield Sorel-Tracy
Vaudreuil-Dorion Côte Saint-Luc Val-d'Or Saint-Georges Alma Pointe-Claire
Sainte-Julie Boisbriand Saint-Bruno-de-Montarville Sainte-Thérèse Thetford Mines Sept-Îles
Chambly Magog Saint-Constant La Prairie Baie-Comeau Saint-Lambert
Kirkland Varennes Beloeil L'Assomption Westmount Candiac
Joliette Beaconsfield Mount Royal Rivière-du-Loup Saint-Lazare Dorval
Mont-Saint-Hilaire Saint-Augustin-de-Desmaures Deux-Montagnes Saint-Lin-Laurentides Sainte-Catherine L'Ancienne-Lorette
Saint-Basile-le-Grand Sainte-Marthe-sur-le-Lac Gaspé Sainte-Anne-des-Plaines Matane Dolbeau-Mistassini
Pincourt Rosemère Mont-Laurier Lavaltrie Saint-Colomban Sainte-Marie
Amos Lachute Cowansville Bécancour Prévost Sainte-Adèle
Beauharnois Mercier Montmagny La Tuque Notre-Dame-de-l'Île-Perrot L'Île-Perrot
Saint-Félicien Roberval Sainte-Agathe-des-Monts Marieville Saint-Sauveur Saint-Raymond
Mont-Tremblant Bois-des-Filion Lorraine Coaticook Notre-Dame-des-Prairies La Malbaie
Pont-Rouge Otterburn Park Farnham Carignan Nicolet La Sarre
Chandler Acton Vale Bromont Chibougamau Louiseville Delson
Baie-Saint-Paul Saint-Rémi Brownsburg-Chatham Hampstead Asbestos Sainte-Anne-des-Monts
Coteau-du-Lac Plessisville Mont-Joli Port-Cartier Beauceville Amqui
Sainte-Catherine-de-la-Jacques-Cartier Donnacona Contrecoeur Lac-Mégantic Charlemagne Princeville
Saint-Césaire Brome Lake Saint-Pie Windsor L'Épiphanie Cookshire-Eaton
Hudson Témiscouata-sur-le-Lac Montreal West Sainte-Anne-de-Bellevue Warwick Saint-Joseph-de-Beauce
Rivière-Rouge Waterloo La Pocatière Métabetchouan–Lac-à-la-Croix Berthierville Danville
Carleton-sur-Mer Maniwaki Sutton Neuville Saint-Tite Baie-D'Urfé
Château-Richer New Richmond East Angus Montréal-Est Saint-Pascal Dunham
Grande-Rivière Trois-Pistoles Malartic Beaupré Percé Richmond
Forestville Paspébiac Normandin Clermont Portneuf Dégelis
Cap-Santé Senneterre Fermont Saint-Marc-des-Carrières Stanstead Sainte-Anne-de-Beaupré
Saint-Gabriel Bonaventure Pohénégamook Sainte-Marguerite-du-Lac-Masson Macamic Saint-Pamphile
Bedford Cap-Chat Ville-Marie Disraeli Saint-Basile Causapscal
Huntingdon Thurso Témiscaming Gracefield Valcourt Léry
Lebel-sur-Quévillon Waterville >Kingsey Falls Saint-Ours Saint-Joseph-de-Sorel Fossambault-sur-le-Lac
Chapais Matagami Desbiens Daveluyville Murdochville Duparquet
Métis-sur-Mer Lac-Delage Scotstown Lac-Sergent Belleterre Lac-Saint-Joseph
Schefferville Estérel L'Île-Cadieux Barkmere L'Île-Dorval

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
Ivon T Hughes

Speak to an Annuity Expert

Ivon T. Hughes

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.

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