With a lifetime income annuity, Canada Life will pay you a regular income for the rest of your life. This guaranteed income can help to cover your basic living expenses, no matter how long you live.
Income annuities can be the right income choice if you are:
- Near or in retirement.
- Concerned about outliving your money.
- Concerned poor financial markets may reduce your retirement savings.
- Seeking a steady income stream to cover your essential expenses.
- In need of income until your Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) and old age security (OAS) payments begin.
- Looking to convert your registered retirement savings plan (RRSP) funds into a regular income stream.
Benefits of Income Annuities
- Regular income payments for life or a fixed time, regardless of market performance or changes in interest rates
- The guaranteed income acts similar to a pension plan and can fill a gap if you don’t have a pension from work
- The income from your annuity isn’t affected by financial market changes
- Supplements other income
- Access to cash (when the cashable feature is available)
Income annuities provide a stream of guaranteed income for as long as you live, giving you certainty and stability for your retirement income portfolio. Income annuities can be a part of the HelloLife retirement program.
Our products can be purchased with registered (e.g., RRSP, RRIF, LIF, etc.) or non-registered funds as a way to top up retirement income once you’ve reached your annual RRSP contribution limits.