WHERE CAN I BUY AN ANNUITY IN VANCOUVER
Vancouver Retirement Income with Life Annuities
In Vancouver’s fast paced and evolving retirement landscape, one thing remains constant, the need for dependable income. Life annuities in Vancouver offer individuals aged 55 and over a secure way to ensure financial stability throughout retirement. If you are preparing for retirement in Vancouver, BC, you're likely looking for income solutions that offer security, consistency, and peace of mind. Life annuities provide guaranteed retirement income you can rely on, regardless of market performance or economic conditions. John Beaton, British Columbia annuity broker, helps Vancouver residents make smart, informed choices about turning their retirement savings into dependable income
With guaranteed life annuities in Canada, you receive regular, dependable payments for life. Whether you prefer immediate life annuities that start paying right away or deferred life annuities that begin later with higher income, there's a solution to meet your needs.
Life annuities in Canada are designed to eliminate the risk of outliving your savings. I work with all major Canadian life insurance companies offering life annuities and will help you identify which company offers the best payout for you.
Why Vancouver Residents Are Considering Annuities
Living in one of Canada's most dynamic and expensive cities comes with unique financial considerations. Even with access to world class healthcare, public amenities, and vibrant communities, many Vancouver retirees are concerned about rising costs and longevity risk. The real risk is outliving retirement savings. Annuities offer a practical solution.
They provide:
- Predictable income for life or a fixed term
- Protection from investment market volatility
- Tax efficient payouts for non-registered funds
- Optional survivor and inflation protection
What Is a Life Annuity?
A life annuity is a contract with a life insurance company that turns your lump sum savings into a guaranteed stream of income. You can use registered funds such as RRSPs, RRIFs or non-registered funds to purchase an annuity. The insurer then pays you regular, guaranteed income, monthly, quarterly, or annually for the rest of your life.
Common types of annuities include:
- Single Life Annuity which pays you for as long as you live
- Joint Life Annuity which pays you for as long as you live and continues income to your spouse after your death
- Term Certain Annuity which provides income for a specified number of years
- Indexed Annuity which increases income annually to help keep up with inflation
Who in Vancouver Should Consider an Annuity?
Annuities are ideal for retirees who want to avoid the risk of outliving their retirement funds. Annuities also help avoid managing volatile investments. If you do not have an employer pension plan, or if you want to complement your existing pension plan, an annuity can fill that gap with guaranteed lifetime income.
You may benefit from an annuity if you:
- Are 55+ and approaching or already in retirement
- Prefer stable, hands off income
- Do not have a workplace pension
- Want to protect a spouse with joint income options
- Are concerned about market downturns or inflation
Why Work with John Beaton?
John Beaton is an independent Canadian annuity broker. He provides free, unbiased advice and compares rates from all major Canadian life insurance companies. Whether you are in Kitsilano, Mount Pleasant, Kerrisdale, or the West End, John helps Vancouver clients evaluate the best annuity options for their unique financial situation.
John is not tied to any one insurance company. He has access to all major life insurance companies in Canada. His job is to serve your interests. You will receive transparent guidance and personalized service, without any pressure or obligations.
John Beaton's Sample Annuity case illustration
|
In early 2021 I was contacted by the executor of a will of a recently deceased person. One of the provisions of the will was that the executor was to purchase an annuity with a purchase price of $625,000 for his surviving 52 year old adult daughter. She lived in a common-law relationship with her significant other. The will did not specify what kind of annuity should be purchased but it did specify that it was to be for her alone. I advised the executor that a non-registered, single life annuity would work for the surviving daughter but if she died prematurely, her common-law spouse would be cut off from this source of income. There needed to be a solution to also protect the spouse. The wording of the will prohibited the purchase of a joint life annuity. After some discussion with the executor, I advised the purchase of a term certain annuity. The executor agreed that a term certain annuity payable to the daughter's 72nd birthday would be appropriate. A term certain annuity market survey was conducted and the insurance company with the best payout of $3,128 per month was chosen. The common-law spouse was made the beneficiary in the event the daughter died before all payments were completed. |
Get a Free, no obligation Annuity Comparison Quote Here
If you’re curious about how much guaranteed income your savings could provide for your retirement, we are happy to prepare a free annuity market survey which compares the payouts of all major Canadian insurance companies. If you are able to invest $50,000 or more, we will show you how to turn it into regular, reliable income for life.
Get your free annuity quote by clicking here
Verify John Beaton's British Columbia insurance license credentials by clicking here
Contact John Beaton at Beaton Annuity Services:
Phone: 604-535-2404 or Toll-Free: 1-800-667-8818
Email: john@annuitybrokers.ca