Annuities in New Westminster, British Columbia

Canadian Life Insurance Companies in New Westminster, BC

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

• BMO Insurance
• Beneva
• Canada Life
• Desjardins Insurance
• Empire Life
• Equitable
• Industrial Alliance
• ivari
• Manulife Financial
• RBC Insurance
• Sun Life Financial

Some of the cities we serve in British Columbia

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

Annuity Terminology

Who Sells Annuities in New Westminster?

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.