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ANNUITY COMPARISON

Finding the right Annuity plan is the first step in securing a retirement income that you can depend on.

Annuity Type Duration Type of Income Best For
Term Certain Annuity For an agreed length, often 5 to 20 years. Ends on death. Even payments every month until end of agreed term. Short term needs, supplementing a pension.
Guaranteed Term Annuity For an agreed length, often 5 to 20 years. Continues after death. Even payments every month until end of agreed term. Ensuring your dependents can still benefit from your savings.
Life Annuity In force for the remainder of your life. Ends on death. Variable monthly payments that may decline as you get older. Covering living needs and expenses through retirement.
Guaranteed Life Annuity In force for life and for a guaranteed number of years. Ends on death or term expiry, whichever is later. Variable monthly payments that continue after death for the guarantee period. Ensuring your savings don’t outlive you.
Joint Life Annuity Choice of either ending payments on first or second death. Variable monthly payments. Option to reduce payments on first death. Elderly couples looking to pool their savings into a reliable income.
Non-Prescribed Annuity In force for life Payments begin lower and end higher as taxing decreases over time. Uses non-registered funds. Ensuring you receive a higher income as you age.
Prescribed Annuity In force for life Payments are even as taxation remains level during the annuity. Uses non-registered funds. A level income for easy budgeting.