Term Certain Annuity

term certain annuity
Figure 1. Term Certain Annuity

What is a term certain annuity?

This type of annuity provides income for a specified period of time, chosen at the time of purchase. Once the last payment is made, the contract expires and no further payments are made.

A non-registered life annuity is tax-efficient because only the interest portion is taxable.

Term Certain Annuity Rates

LifeAnnuities.com offers the best term certain annuity rates in Canada. Click here to compare the term certain annuity rates.

Term Certain Annuity Illustrations

Here are two examples of a 10 year and a 20 year term certain annuity illustration. The information and values are provided for illustrative purposes only.

10 Year Term Certain Annuity Table

The monthly incomes below are based on a lump-sum deposit of $100,000 of non-registered funds and will commence in one month.

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 907.05 907.05 907.05 907.05 907.05
Canada Life 885.30 885.29 885.28 885.25 885.19
Desjardins Insurance 881.01 881.01 881.00 880.98 880.94
Empire Life 915.56 915.54 915.50 915.48 915.46
Equitable Life 921.70 921.70 921.70 921.70 921.70
Great West 885.30 885.29 885.28 885.25 885.19
Manulife 860.13 860.12 860.10 860.06 859.96
RBC Ins. 913.91 913.91 913.91 913.91 913.91
Sun Life 893.27 893.27 893.27 893.27 893.27

20 Year Term Certain Annuity Table

The monthly incomes below are based on a lump-sum deposit of $100,000 of non-registered funds and will commence in one month.

Company Age 60 Age 65 Age 70 Age 75 Age 80
BMO Insurance 509.71 509.71 509.71 509.71 509.71
Canada Life 523.55 523.55 523.54 523.52 523.49
Desjardins Insurance 507.00 507.00 507.00 506.98 n/a
Empire Life 541.30 541.29 541.27 n/a n/a
Equitable Life 542.64 542.64 542.64 n/a n/a
Great West 523.55 523.55 523.54 523.52 523.49
Manulife 522.17 522.16 522.14 522.12 522.05
RBC Insurance 513.33 513.33 513.33 n/a n/a
Sun Life 511.65 511.65 511.65 511.65 511.65

Term Certain Annuity Quote

We compare term certain annuity quotes from all the life insurance companies in Canada. Click here to obtain a free term certain annuity quote.

Ivon T Hughes

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Ivon T. Hughes

After you receive your quotes you can review your results with Ivon who is a leading expert in life annuities in Canada. He 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. He 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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