Annuities
Enjoy the security of a guaranteed income. Buy an annuity today.
Annuities provide a guaranteed income stream. The amount you purchase, along with factors like your age, interest rates and the type of annuity, determine your income. You can buy an annuity using funds from your:
Tax-Free Savings Account (TFSA)
Registered Retirement Savings Plan (RRSP)
Registered Retirement Income Fund (RRIF)
Locked-In Retirement Account (LIRA)
Benefits of annuities
Guaranteed income
Annuities shield your money from market fluctuations, so you can rest assured your income won’t change.*
Peace of mind in retirement
Annuities are a great option if you’re worried about outliving your retirement savings. They can be used alongside other retirement income plans, such as an RRIF, to help cover basic costs.
Customizable
Annuities are designed to meet your income needs. You decide:
- How long you want a steady income (for life or for a specific amount of time)
- Whether your payments are adjusted to keep up with cost of living
- How often you get paid (monthly, quarterly or annually)
*Co-operators Life Insurance Company is a member of Assuris – a non-profit, industry-funded organization that provides a guarantee for Canadian policyholders in case their life insurance company fails. Assuris guarantees monthly annuity payments up to $5,000 or 90% of your promised monthly income benefit per policy, whichever is greater.
Annuities can help:
- Retirees live comfortably and maintain their desired lifestyle
- Anyone who may benefit from having a regular income – for example, someone who’s changing careers and needs a financial bridge between jobs
This type of annuity provides regular payments for as long as you live.
This type of annuity provides a regular income stream for your lifetime, and for the lifetime of your spouse or common-law partner when you pass away. It’s often purchased using money from a registered pension plan as it’s designed to provide retirement income to both the former employee and their spouse or common-law partner.
This type of annuity provides a steady income stream for your lifetime, or a period of five, 10 or 15 years, whichever is longer. It ensures that if you pass away before the end of your guarantee period, your beneficiary will receive the balance of your guaranteed-income payments.
This type of annuity provides a fixed, regular payments for a set amount of time, starting with a minimum of five years. If you pass away before the end of your guarantee period, your beneficiary will receive the balance of your guaranteed-income payments.
How much you’ll need to save depends on your retirement lifestyle.
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Not all products are available in all provinces.
In the province of Quebec, the authorized representatives are Financial Security Advisors who have been duly certified by the Autorité des marchés financiers.
Annuities are underwritten and administered by Co-operators Life Insurance Company.
Co-operators Life Insurance Company is committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit our privacy policy for more information.
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