Insurance Service

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 annui...