Want to be able to count on regular, guaranteed income during your retirement? With a life annuity, you'll get payments at set intervals for your entire lifetime.
Advantages
- Guaranteed periodic income for life
- Shelter from market fluctuations
- Worry-free investment management
- Eligible for pension income tax credits
- Can supplement your Registered Retirement Income Fund (RRIF)
- Protection from Assuris against the financial failure of the life insurance company
Options
- Indexed annuity: To offset inflation, each year your payments will increase by a set percentage (from 1% to 4%) that you choose when you take out the annuity.
- Joint and survivor annuities: After you die, your spouse will continue to receive annuity payments for life.
- Guaranteed payment term: Payments are guaranteed for a specified period (up to your 90th birthday). If you die before this period ends, the annuity will continue to be paid to your Beneficiary for the remainder of the period.
The terms with capitalized first letters are defined terms of the Retirement Annuity Contract. They can be found in the Contractual Provisions of the Retirement Annuity.