An annuity is a financial product, purchased through a lump sum payment to an insurance company, and provides a pre-set distribution of income. Typically, it is used during your retirement years.
Your clients’ personal income needs and sources of income will help to determine if annuities are right for them. These financial products have several unique features:
- Predictable income
- Payments are insured
- Payments are guaranteed for life (or a specified term)
- Fully taxable
- Limited Liquidity
How Annuities are Protected
Canadian life insurance companies have the obligation to be members of a consumer protection agency called Assuris. In the unlikely event that a Canadian financial institution fails, consumers are protected by a variety of compensation plans. Discover more.
This Annuities infographic works well with the Retirement Planner in FreshPlan. The calculator considers up to five CPP, OAS pension income and other income which can include annuities. Find this and other retirement calculators in FreshPlan.
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