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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.



Benefits

 

  • 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 your plan

 

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


Single Life Annuity

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
  • Buy an income annuity between $10,000 and $500,000 (non-registered) / $1,000,000 (registered).
Joint Life Annuity

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
  • Buy an income annuity between $10,000 and $2 million
Term Certain Annuity

Term Certain Annuity

 

  • Provides a specified number of guaranteed income payments, from three 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
  • Buy an income annuity between $10,000 and $2 million
Registered and Non-Registered Annuities

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 or RRIF
  • If your annuity qualifies, we can issue a non-registered annuity on a prescribed tax basis which provides for level taxation over your lifetime
  • Buy an income annuity between $10,000 and $2 million

Back to Retirement page

 

 

Contact your Investment or Insurance Advisor

 

Explore other insurance plans tailored to your additional needs – Preferred Term Life, Whole Life, Critical Illness, Universal Life,
Income Annuities and Guaranteed Investment Funds.

 

Insurer: BMO Life Assurance Company

 

Full details, terms and conditions are available on request.

Insurance benefits are tax-free payments under current legislation.