A secure source of retirement income
With medical advances and healthier lifestyle choices, people are living longer – and are looking for dependable sources of income during their retirement years. Annuities can be an ideal solution.
What are income annuities?
With income annuities, you make a lump sum premium payment to an insurance company. In return, the company guarantees to pay you a certain amount for a given period of time – either for a specified number of years or for as long as you live.
- You’re a Canadian looking for a source of guaranteed lifetime income, typically for retirement
- You’re interested in supplementing other sources of guaranteed lifetime income such as Canada Pension Plan (CPP), Old Age Security (OAS) or a defined benefit pension
- You want an “income floor” to ensure you have enough guaranteed income to pay your basic essential living expenses
Income Annuity options from BMO Insurance:
Single Life Annuities
- 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
- Buy an income annuity between $10,000 and $500,000 (non-registered) / $1,000,000 (registered).
Full details, terms and conditions are available on request.
Insurance benefits are tax-free payments under current legislation.