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How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

An income annuity is a simple way to turn a portion of your savings into regular income – for a fixed period or the rest of your life. It’s up to you.

No matter how the markets fluctuate or how much interest rates change, you’ll continue to receive payments that can help cover your essential expenses or support your retirement lifestyle.

You can put a portion of your retirement savings, like RRSP, into an annuity. It can cover your basic needs so the rest of your money can be used to live the retirement you want – taking that dream vacation, for example.

  • Work with an advisor, your retirement planning partner, to determine when you want to retire and how much regular income you’ll need.
  • Make a lump-sum payment.
  • Choose to receive income payments for life or a set period of time.
  • Choose to receive income for one person or a couple.
  • Choose to receive monthly, quarterly, semi-annual or annual payments.
  • Customize your annuity with different options that fit your needs.
  • Start receiving a retirement paycheque.

Income annuities can be the right choice if you are:

Lifetime income for you from a single-life annuity

  • Similar to a pension plan for one person  
  • Provides income payments for life  

Lifetime income for a couple from a joint annuity  

  • Similar to a pension plan for a couple  
  • Pays a regular income for as long as you or your partner lives  
  • When one spouse dies, the survivor continues to receive income payments 

Regular income for a specific period from term annuity 

  • Pays a regular income to you  
  • Provides income payments for a certain number of years, indicated by you