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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 Cooperators, 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 guaranteedincome 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 guaranteedincome 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.

Ready to invest in annuities, but not sure who to partner with? Here's why it makes sense to invest with Cooperators. 

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 Cooperators Life Insurance Company.