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Annuity: Start your retirement strategy today.

What is Annuity Insurance?

An annuity is a life insurance contract that provides a regular, usually monthly, income during the life of the purchaser, with the option of payments continuing for the life of the surviving spouse. There is also the option of a guaranteed minimum number of payments, but taking either or both the options would reduce the annuity's regular payment.Older Couple

Here's how an annuity works: you make an investment in the annuity, and it then makes payments to you on a future date or series of dates. The income you receive from an annuity can be doled out monthly, quarterly, annually or even in a lump sum payment.

The size of your payments are determined by a variety of factors, including the length of your payment period. You can opt to receive payments for the rest of your life, or for a set number of years. How much you receive depends on whether you opt for a guaranteed payout (fixed annuity) or a payout stream determined by the performance of your annuity's underlying investments (variable annuity).

While annuities can be useful retirement planning tools, anyone who considers an annuity should research it thoroughly first, before deciding whether it's an appropriate investment for someone in their situation -- let Shivam Financial Services assist you.

Immediate or Life Annuities

Canadians are generally familiar with immediate or life annuities, which provide a fixed payout for life. Payouts are a function of two things: mortality tables and interest rates. As with life insurance policies, the annuities marketed by life insurance companies pool mortality risks, and payout rates are partially determined by actuarial calculations of the probabilities of some people dying before their average life expectancy and some people exceeding their life expectancy.

Interest rates determine payout schedules according to the (relatively) riskless investment policy life insurance companies adopted. While insurance companies invest in many types of investment vehicles, their reserve requirements — the amount of money they have to set aside in safe investments such as government T-bills, for example — limits the capital they can invest. Contact us today for more information on how to get your Annuity Insurance plan started.

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