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Are you looking for a life annuity calculator?
This is the place to find the best rates in Canada. We offer quotes from all of the top insurance companies in Canada so that you can compare and choose which one suits your needs best.
A life annuity is an investment vehicle that offers guaranteed income for life. It’s like getting paid while you sleep! Find out if this type of investment makes sense for you by comparing rates!
How Is The Rate Determined?
The amount of income an annuity generates depends on 5 factors:
- Deposit amount
- Interest rate
- Your age
- Your gender
- Type of annuity
Basically, the longer the insurance company expects to pay the income, the smaller the amount, and vice versa.
That’s why single life annuities without a guarantee period produce the highest income, while joint annuities with a long guarantee period will give you the lowest income.
It’s also why men, who have a shorter life expectancy than women, will receive higher payments.
Fixed Annuity Calculator
A fixed annuity is a type of annuity where you make one lump-sum contribution and receive an ongoing stream of income for your lifetime. Payments usually start right the month after you make the deposit.
You can customize the annuity with a guarantee period. If you die before the guarantee period ends, your loved ones will continue to receive payments until the end of the guarantee.
If you’re executing the insured annuity strategy, a fixed annuity is the type you should use.
The rates below represent the monthly income with $100,000 deposit and are current as of August, 2022.
Male fixed annuity, 10-year guarantee
| Financial Institution | Age | |||||
|---|---|---|---|---|---|---|
| 55 | 60 | 65 | 70 | 75 | 80 | |
| BMO Insurance | $454.28 | $487.29 | $533.76 | $591.94 | $637.14 | $709.02 |
| Canada Life | $446.11 | $474.89 | $524.50 | $589.82 | $670.58 | $764.87 |
| Desjardins | $449.42 | $487.17 | $537.84 | $605.86 | $688.51 | $787.40 |
| Empire Life | $454.91 | $493.20 | $542.54 | $605.43 | $686.41 | $788.57 |
| Equitable Life | $436.52 | $479.65 | $516.12 | $565.66 | $639.90 | $709.80 |
| RBC Insurance | $430.76 | $489.13 | $536.69 | $604.84 | $677.69 | $781.67 |
| Sun Life | $444.05 | $483.95 | $540.56 | $608.62 | $698.89 | $786.90 |
Female fixed annuity, 10-year guarantee
| Financial Institution | Age | |||||
|---|---|---|---|---|---|---|
| 55 | 60 | 65 | 70 | 75 | 80 | |
| BMO Insurance | $437.26 | $470.53 | $506.70 | $566.61 | $592.93 | $672.29 |
| Canada Life | $421.38 | $450.85 | $491.15 | $543.17 | $612.54 | $701.19 |
| Desjardins | $429.54 | $463.01 | $507.41 | $567.05 | $642.05 | $741.41 |
| Empire Life | $429.78 | $460.72 | $506.91 | $565.10 | $636.35 | $736.32 |
| Equitable Life | $427.55 | $449.51 | $494.15 | $545.61 | $613.79 | $689.39 |
| RBC Life Insurance | $413.57 | $469.43 | $506.13 | $566.87 | $624.44 | $729.85 |
| Sun Life | $423.78 | $459.21 | $507.55 | $570.67 | $641.85 | $734.36 |
Joint fixed annuity, 10-year guarantee
| Financial Institution | Age | |||||
|---|---|---|---|---|---|---|
| 55 | 60 | 65 | 70 | 75 | 80 | |
| BMO Insurance | $407.76 | $433.51 | $460.80 | $510.65 | $528.10 | $604.50 |
| Canada Life | $387.82 | $421.86 | $455.40 | $497.48 | $562.03 | $652.77 |
| Desjardins | $401.87 | $428.79 | $465.89 | $518.07 | $587.29 | $688.70 |
| Empire Life | $405.84 | $429.80 | $462.67 | $508.22 | $572.73 | $667.68 |
| Equitable Life | $397.41 | $413.06 | $447.56 | $488.76 | $546.76 | $618.48 |
| RBC Life Insurance | $391.03 | $425.00 | $470.60 | $517.78 | $576.72 | $672.30 |
| Sun Life | $394.28 | $423.48 | $463.98 | $517.61 | $585.93 | $674.54 |
Deferred Annuity Calculator
A deferred annuity is a type of annuity that pays you a regular stream of income at some future date. You can invest in a deferred annuity before you retire and set the target start date when you retire.
Because payments don’t begin right away, you’ll receive a higher income with a deferred annuity compared to an immediate annuity.
The rates below represent the monthly income with $100,000 deposit and are current as of August, 2022.
Male deferred annuity, 10-year guarantee
| Age | 2 Years | 5 Years | 10 Years |
|---|---|---|---|
| 55 | $484.00 | $544.85 | $680.65 |
| 60 | $531.91 | $609.46 | $753.98 |
| 65 | $596.59 | $720.52 | $892.35 |
| 70 | $670.97 | $828.91 | $1,049.44 |
| 75 | $771.48 | $945.37 | $1,180.07 |
| 80 | $883.09 | $1,056.73 | $1,255.24 |
Female deferred annuity, 10-year guarantee
| Age | 2 Years | 5 Years | 10 Years |
|---|---|---|---|
| 55 | $450.27 | $495.92 | $633.68 |
| 60 | $499.10 | $561.27 | $701.85 |
| 65 | $552.70 | $651.86 | $807.83 |
| 70 | $620.76 | $763.04 | $973.36 |
| 75 | $704.35 | $876.98 | $1,135.01 |
| 80 | $812.21 | $994.94 | $1,238.37 |
Joint deferred annuity, 10-year guarantee
| Age | 2 Years | 5 Years | 10 Years |
|---|---|---|---|
| 55 | $410.58 | $456.40 | $576.47 |
| 60 | $452.22 | $501.64 | $642.38 |
| 65 | $510.59 | $587.51 | $741.00 |
| 70 | $567.40 | $691.68 | $883.87 |
| 75 | $644.27 | $810.65 | $1,073.18 |
| 80 | $761.35 | $952.60 | $1,195.46 |
Indexed Annuity Calculator
Indexed annuities protect you from inflation by guaranteeing their payments are increased every year. If your family has a history of longevity, then an indexed annuity benefits you even more.
When you buy an indexed annuity, your payment is lower at first but then will increase annually to keep up with rising costs over time. This way, you can be confident you’ll have enough money especially near the end of your life when you need it the most.
The rates below represent the monthly income with $100,000 deposit and are current as of August, 2022.
Male indexed annuity, no guarantee
| Age | Initial payments indexed at 2% | Initial payments indexed at 4% |
|---|---|---|
| 55 | $326.60 | $223.69 |
| 60 | $375.14 | $273.76 |
| 65 | $431.74 | $344.07 |
| 70 | $499.93 | $413.90 |
| 75 | $594.48 | $513.54 |
| 80 | $709.18 | $635.22 |
Female indexed annuity, no guarantee
| Age | Initial payments indexed at 2% | Initial payments indexed at 4% |
|---|---|---|
| 55 | $298.25 | $202.79 |
| 60 | $340.27 | $243.66 |
| 65 | $393.29 | $298.61 |
| 70 | $452.83 | $367.06 |
| 75 | $528.76 | $444.87 |
| 80 | $629.81 | $554.05 |
Joint indexed annuity, no guarantee
| Age | Initial payments indexed at 2% | Initial payments indexed at 4% |
|---|---|---|
| 55 | $263.98 | $180.73 |
| 60 | $303.02 | $208.82 |
| 65 | $357.84 | $263.78 |
| 70 | $406.82 | $324.16 |
| 75 | $472.70 | $394.22 |
| 80 | $573.73 | $496.63 |
Need A Life Annuity Quote?
You need income that lasts a lifetime. If you don’t have that, your savings might run out when you need it the most.
Annuities can help you receive guaranteed lifetime income, which is a critical component in creating financial security in retirement.
What type of annuity do you think is right for you and your family? Fixed, deferred, or indexed?
Contact us at info@briansoinsurance.com or 604-928-1628 for more information, or use the form below to request a life annuity quote.
Get Your Life Annuity Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
8 Comments
Hi, I am looking for rates for index linked annuities but cannot find them on your website.
Hi Mark,
Please email me with your date of birth, deposit amount, and province of residence.
Brian
Hi Brian,
I am 65 living in quebec but will be moving to italy in the future. I want to transfer my rrsp to a annuity fixed term or no fixed term are there any canadian withdrawal taxes of my rrsp to an annuity? I am interested in linked annuities as well.
Hi Joanne, although your RRSP issuer will not withhold tax on the annuity payments, you may have to pay tax on the income when you start receiving payments.
Hello Brian!
Tax laws used not to allow using registered funds such as RRIF or RRSP to buy indexed annuities? I assume it is still the case. Is this correct?
JN
Hi Jean-Noel,
You can buy indexed annuities with registered funds like RRSP and RRIF.
Regards,
Brian
Can you quote me a a single premium deferred registered annuity of $450k with the annuity commencement date starting 10 years from the purchase date
I really don’t have a comment at this time – I was just looking for a quote. my pension plan is closing and I have to do something with my pesion amount