In Canada, there are two basic types of immediate (payout) annuities, term certain and life annuities. Term certain annuities payout over a specified term and then stop. Life annuities payout over the lifetime of the annuitant (can be joint life). Life annuities can also include a guaranteed payout option.
Life annuities are only available from life insurance companies. Term certain annuities are available from available from life insurance companies and other financial institutions including banks and trust companies.There are a number of different options to consider when purchasing an annuity too numerous to cover here. You would be best served by working with an independent insurance broker who can help you find the right plan.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
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Life annuities are only available from life insurance companies. Term certain annuities are available from available from life insurance companies and other financial institutions including banks and trust companies.There are a number of different options to consider when purchasing an annuity too numerous to cover here. You would be best served by working with an independent insurance broker who can help you find the right plan.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.