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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?

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.

Unlike traditional investments, you don’t have to worry about managing your investments or the ups and downs of the market since your payments are guaranteed.

You may want to consider a life annuity if:

  • 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

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).
Joint Life Annuities Term Certain Annuities Registered and Non-Registered Annuities

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You can purchase this plan by contacting your independent Insurance or Investment Advisor.


Insurer: BMO Life Assurance Company

Full details, terms and conditions are available on request.

Insurance benefits are tax-free payments under current legislation.