Payout Annuities & RRIFs

Turn your retirement savings into a dependable income stream to support your lifestyle and financial security.

Annuity and guaranteed retirement income

Guaranteed Retirement Income for Financial Peace of Mind

An annuity is a financial product offered by life insurance companies that provides a guaranteed stream of income in exchange for a lump sum investment.

Annuities can be an effective retirement planning solution for individuals seeking predictable income without worrying about investment market fluctuations or managing their investments.

Depending on the type of annuity selected, payments can continue for a specified period or for the remainder of an individual’s lifetime.

Key Benefits of Annuities

Annuities can help turn accumulated savings into predictable income, supporting greater financial confidence throughout retirement.

Guaranteed Income

Receive predictable payments according to the annuity contract, regardless of financial market performance.

Lifetime Income Options

Choose an annuity designed to provide income for life, helping reduce the risk of outliving that source of retirement income.

Financial Stability

Supplement government pensions, workplace pensions and other retirement income sources with reliable payments.

Flexible Payment Options

Select monthly, quarterly, semiannual or annual payments, depending on the contract and available options.

Joint Life Protection

Arrange for income payments to continue for a surviving spouse or partner, according to the selected contract.

Estate Protection Options

Certain annuities offer guaranteed payment periods or other features that may provide benefits to beneficiaries after death.

Choose the Right Type of Annuity

Your retirement goals, income requirements and family circumstances can help determine which annuity option is suitable for you.

Life Annuity

Provides guaranteed income for the lifetime of the annuitant, regardless of how long they live. Payments generally stop upon death unless additional guarantees or survivor benefits have been selected.

Joint Life Annuity

Provides income based on the lives of two individuals, typically spouses or partners. Depending on the contract, payments may continue in full or at a reduced amount following the death of the first annuitant.

Term Certain Annuity

Provides guaranteed income for a predetermined period, such as 10, 15 or 20 years. If the annuitant dies before the guaranteed period ends, remaining payments generally continue to the designated beneficiary or estate, subject to the contract.

Registered vs Non-Registered Annuities

Annuities can be purchased using registered retirement savings or personal savings held outside registered plans. The source of funds affects the tax treatment of the payments.

Registered Annuities

Purchased using eligible registered funds, such as RRSP or RRIF assets. Payments are generally taxable as income, subject to the applicable tax rules.

Non-Registered Annuities

Purchased with personal savings outside registered plans. Depending on the annuity structure, only the taxable portion of payments may be subject to income tax.

Certain non-registered annuities may qualify for prescribed annuity taxation, which can provide a more consistent taxable income amount throughout the payment period, subject to eligibility and applicable tax rules.

Are Annuities Right for You?

Annuities may be particularly attractive for individuals who want predictable retirement income and greater certainty over their essential living expenses.

Want guaranteed retirement income without investment market risk.
Are concerned about outliving their retirement savings.
Prefer predictable payments to cover essential living expenses.
Wish to provide continuing income for a spouse or partner.
Want to complement other retirement income sources with guaranteed payments.

Annuities generally offer limited access to the original capital once payments begin. It is important to consider your emergency savings, liquidity requirements and other financial commitments before purchasing an annuity.

Secure Your Retirement Income

Annuities can play an important role in retirement planning by converting accumulated savings into a reliable source of income.

InsureBizz compares annuity solutions from leading Canadian life insurance companies, helping individuals evaluate income amounts, payment guarantees, survivor benefits and tax considerations.

Contact us to explore annuity options designed to provide financial stability and dependable income throughout retirement.

Explore Annuity Options