Life Annuity

Single Life Annuity

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  • Provides annuity payments for your lifetime
  • Options available
    • Guaranteed Period
    • Life Cash Refund
    • Installment Refund

Joint Life Annuity

  • Provides level or increasing annuity payments for your lifetime and that of your spouse
  • Income continues in full or at a reduced amount to the surviving spouse
  • Income can be reduced by a fixed amount or by a percentage; on prime or first death
  • Options available
    • Guaranteed Period
    • Installment Refund

Term Certain Annuity

Provides guaranteed income payments for a specified period

Temporary Annuity (Non-Registered policies only)

  • Provides level or increasing payments for a specified period as long as you are alive
  • Options available
    • Single or Joint Life
    • Guaranteed Period

Lump Sum Annuity (Non-Registered policies only)

  • You customize your annuity as a series of lump sum payments
  • Option available:
    • Guaranteed or Life Contingent payments

Deferred Annuity (Prepaid RRIF)

  • You purchase a deferred annuity policy (term certain to age 90) with the option of converting to a RRIF at the earlier of age 71 and within 7 years of the annuity purchase date; an interest rate and term are selected for the RRIF
  • The single premium accumulates at the annuity policy’s interest rate
  • If you convert to a RRIF, the accumulated value of the policy is transferred to the RRIF while maintaining the RRIF interest rate for the balance of the term selected
  • If you choose not to convert to a RRIF, annuity payments automatically start at the annuity policy’s commencement date

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