Annuities
Annuities offer the security and convenience of a guaranteed income – for life or for a
set term of your choosing. They free you from ongoing, potentially stressful, investment decisions in retirement.
You can purchase an annuity using money from most savings plans. They can be used in conjunction with other income
plans ( Registered Retirement Income Funds, Life Income Funds and Systematic
Withdrawal Plans, for example) to help
you take care of retirement expenses.
As with all annuities, the regular payments you receive depend on personal factors such
as age, gender, and life expectancy, as well as interest rates, funding amount and the type of guarantee.
Below, you’ll find a rundown of the types of annuities you can purchase. But, if you
want to first brush up on the basics, this article explains how this
investment vehicle works and its benefits.
What we offer
At Co- operators , you can
choose from a range of annuities to fit your lifestyle and
needs:
Single Life annuity
Through fixed, regular payments, you’ll receive income for as long as you live. This
option may not be ideal for individuals who want payments to continue, after death, for a spouse or other
beneficiary.
Joint and Last Survivor Life annuity
If you wish to ensure a regular income stream for your lifetime and, upon your death,
your spouse’s lifetime, then a Joint Life annuity may be a better option for you. This option is most often selected
when purchasing an annuity using money from a registered pension plan, since pension plans are designed to provide
retirement income to both the employee and their spouse.
Life With Guarantee Period annuity
You can also enjoy a guarantee period of five, 10 or 15 years on either a Single Life
or a Joint and Last Survivor Life annuity. This option provides a guaranteed income for your lifetime or the
guarantee period, whichever is longer. That means, if you ( or in the case of a Joint
Life annuity, you and your
spouse) die before the end of the guarantee period, your beneficiary will receive
the balance of the
guaranteed- income payments.
Term Certain annuity
Take advantage of fixed, regular payments during your selected term, starting with a
minimum of five years. If you die before the end of the guarantee period, your beneficiary will receive the balance
of the guaranteed- income payments. While this annuity offers stable income for a guaranteed period, it may not be
suitable for individuals who are looking for a stream of income to last their lifetime.
Here's why it makes sense to
invest with
Co- operators .
Questions about annuities?
Connect with a
Co- operators financial
representative near you.
Not all products are available in all provinces. Annuities
are underwritten and administered by Co- operators Life Insurance Company.