Guaranteed Spousal Support with Life Annuity
You can create a carefree retirement strategy, with no risk of running out of money, by purchasing an annuity. These safe investments are financially backed by Canada’s insurance companies. They allow you to simply enjoy life, with a guaranteed monthly income and no worries about managing your money.
A life annuity guarantees you receive a certain number of payments over a defined period, usually 5, 10 or 15 years. If you die before the end of the term, your beneficiaries or your estate will continue to receive your payments, either monthly or as a lump sum, until the term ends.
If you’re married or have a common-law partner, choosing a joint annuity will ensure your payments will continue throughout the lifespan of the surviving spouse. While adding this option may reduce your payments, it offers you the comfort of knowing that you will have reliable income along with secure, life-long financial protection for the surviving spouse.
Your FORTAX Financial Planner can help you understand the options available. For example, while joint annuities are typically purchased by a husband and wife, you can also purchase one to benefit a child or other loved one.