A life annuity provides guaranteed income payments for as long as you live. A joint life annuity provides payments as long as you or your spouse/partner lives.
You have the option to choose a guaranteed period. If you die before the end of that period, your beneficiary will receive the balance of the guaranteed income payments.
Income from a life annuity may also qualify for the federal pension income tax credit (of qualified pension income).
We'll issue a policy only if the policyholder and annuitant(s) are Canadian residents. There is an exception if the policyholder has an existing Sun Life Financial policy with a contractual right to purchase a payout annuity.
*Subject to legislation
*Applications with premiums $5 million and over are subject to review. Special pricing may apply.
Payments may be deferred for a maximum of 10 years, subject to restrictions based on the source of premium.
Death benefits depend on whether income has started, the source of premium and the guaranteed period chosen.
A payout annuity cannot be partially or fully surrendered and has no cash surrender value.
If you have a life-shortening condition, we'll consider issuing an enhanced life annuity. This can result in a lower premium or higher income than for someone of the same age and gender without a health impairment. You must provide acceptable medical evidence and special underwriting rules will apply.
To learn more about how payout annuities can help you meet your goals, talk to your advisor today.
Sun Life Global Investments is a trade name of SLGI Asset Management Inc., Sun Life Assurance Company of Canada, and Sun Life Financial Trust Inc., all of which are members of the Sun Life group of companies. Sun Life Assurance Company of Canada is the issuer of guaranteed insurance contracts including Accumulation Annuities (Insurance GICs), Payout Annuities and Individual Variable Insurance Contracts (Sun Life GIFs). Sun Life Financial Trust Inc. is the issuer of Guaranteed Investment Certificates. ©Sun Life Assurance Company of Canada and its licensors, 2021.
SLGI Asset Management Inc. is the investment manager of the Sun Life family of mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund’s prospectus. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Sun Life Assurance Company of Canada is the issuer of accumulation annuities (insurance GICs), payout annuities and individual variable annuity contracts (segregated fund contracts). Any amount that is allocated to a segregated fund is invested at the risk of the contract owner and may increase or decrease in value. Sun Life Financial Trust Inc. is the issuer of guaranteed investment certificates.
Sun Life Global Investments is a trade name of SLGI Asset Management Inc., Sun Life Assurance Company of Canada and Sun Life Financial Trust Inc. all of which are members of the Sun Life group of companies.
