How do annuities work?
We are not able to provide advice but try to provide general information to help take the next step.
You may benefit from learning about annuities which is a contract with a life insurance company whereby, you deposit a lump sum of money, and they agree to pay you a guaranteed income for a set time. There are two types of annuities, term-certain and life annuity and are most commonly used to generate retirement income.
Visit the annuities hub on GetSmarterAboutMoney.ca to learn about annuities such as, how annuities work— including, how to buy them, related annuity fees and 6 things that affect annuity income. Speak with a registered financial representative or licensed insurance agent for advice to fit your personal situation.