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To help you step into retirement with a steady income stream, planning to possess an income annuity is highly recommended. Annuity turns a portion of your savings (your RRSP for instance) into a monthly income (annuity) either for a fixed period of time or for the rest of your life. Knowing when you plan to retire and how much you regular payment you will need would be required to plan for the establishment of such a steady level of income.

Some of the important features to be highlighted on annuities are:

A term certain annuity provides income for a fixed period of time whereas life annuity provides income for as long as you live.
The initial sources of savings can be from RRSP, RRIF, DPSP, … or Non-registered funds.
Payment frequency can be monthly, quarterly, semi-annually or annually.
Upon making the lump-sum payment, receiving monthly income can either start immediately or it can be deferred on a future date set by you.
Payments can be either level in which the payment amount remains the same throughout the whole payment period or indexed where payments increase yearly to offset the inflation effects.
In case you die, your beneficiary will receive the balance of the guaranteed payments.
For more information about Income annuity, feel free to contact one of our advisors at Forever Insure for a free consultation.

Due to the great variety of conditions and facilities in preparing and using any kinds of insurance, it is recommended that you consult with one of our insurance advisors before making any decision. Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right choice.

For more information, please contact one of our advisors at Forever Insure for a free consultation.
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