A Comprehensive Guide To Life Insurance Annuity Plans In Canada

A life insurance annuity plan is a financial instrument that, following a lump-sum investment, offers you an assured recurring income for the rest of your life. You may think of it as a payment paid to you instead of a pension. You have the freedom to choose whether you want your payments paid monthly, quarterly, half-yearly, or annually.

Types : In Canada, there are mainly two types of life insurance annuity plans that are available:
  • Deferred Annuity Plan : Your income from a deferred annuity plan begins when you specify. You can secure higher interest rates when you buy the annuity, which means you'll have more money in your retirement years. If you have 5–10 years till you retire, this is a pragmatic investment.
  • Immediate Annuity Plan : Your income in an immediate annuity plan begins immediately after you invest in one. After investing in the plan, you can receive the annuity as soon as one month later.

Benefits : The following are the benefits of a life insurance annuity plan :
  • This policy covers you with a guaranteed income for the rest of your life, allowing you to enjoy financial independence during your golden years.
  • You can select between a monthly or yearly payment plan.
  • You will be eligible for tax benefits based on current tax laws.
  • Additional perks, including loyalty boosters, bonus returns, and more, are available with some annuity plans.
Final Words : You can secure your retirement with a guaranteed lifelong income by obtaining a life insurance annuity plan from one of the renowned life insurance companies in Canada. The seasoned insurance agents of these companies will help you select the best life insurance plan based on your budget and financial goals.

Therefore, contact a reputed life insurance company in Canada today.

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