Income Annuities

A secure source of retirement income

Medical advances and healthier lifestyle choices mean people are living longer – but you may worry about outliving your money. When you use a lump-sum investment to purchase an income annuity, you receive regular payments for a specific time period or for life. Those payments are guaranteed, so you have a worry-free, dependable source of retirement income.

It’s Simple

• Payments are guaranteed
• No need to manage an investment portfolio
• Income annuities help make retirement years simple, not more complicated
• Inflation protection option available

Choose the Amount

Buy an income annuity for between $10,000 and $2 million
To find out more about Income Annuities, contact an Independent Insurance Advisor

Choose Your Plan

Choose the amount of income or the period of time you want to receive payments

Single Life Annuity

• Provides income for as long as you live
• If you choose a guaranteed period on your annuity, your income payments will be guaranteed for the selected number of years
• if you die during the guaranteed period, your beneficiary will receive a death benefit

Joint Life Annuity

• Provides income for as long as you or your spouse lives
• If you choose a guaranteed period on your annuity, your income payments will be guaranteed for the selected number of years

Term Certain Annuity

• Provides a specified number of guaranteed income payments – from three years to 25 years
• If you die before all the specified payments have been made, your beneficiary will receive a death benefit
• Particularly useful if you need a steady stream of income for a specific length of time

Registered and Non-Registered Annuities

• Purchase the right annuity depending on whether your funds come from a registered or non-registered plan
• Annuities purchased from RRSPs, Locked-in RRSPs, RRIFs, LIFs, or pension plans are considered registered annuities.
• For registered annuities, all annuity income paid out in a calendar year is taxable to the owner in the year the payment is made.
• Non-registered annuities are purchased with money that has not received the tax sheltering advantages of an RRSP, RRIF, etc.
• If your annuity qualifies, we can issue a non-registered annuity on a prescribed tax basis which provides for level taxation over your lifetime

Need an Independent Insurance Advisor?

Contact the BMO Insurance office in your area:

Ontario: 1-800-608-7303, insurance.advisorsalesontario@bmo.com
Quebec & Atlantic: 1-866-217-0514, insurance.advisorsalesquebecatlantic@bmo.com
Western Canada: 1-877-877-1272, insurance.advisorsaleswest@bmo.com