WHERE CAN I BUY AN ANNUITY IN VICTORIA
Guaranteed Annuities in Victoria, BC - A Steady Income for Your Retirement Years
Victoria, BC is a dream retirement destination. With its mild climate, ocean views, and access to healthcare, it's no wonder many Canadians choose to retire here. But one key financial question remains, how do you turn savings into reliable income? Life annuities in Victoria can offer the peace of mind you need to enjoy your retirement with confidence.
If you’re 55 or older, a guaranteed annuity provides predictable income for life, shielding you from market volatility and outliving your savings. In Victoria, where financial security supports a relaxed lifestyle, annuities are a smart addition to your retirement strategy.
Why Retirees in Victoria Are Choosing Annuities
With many Victoria retirees living into their 80s and 90s, running out of money is a real concern. Guaranteed annuities provide:
- Guaranteed lifetime or term income
- Freedom from stock market risk
- No ongoing portfolio management
- Peace of mind for daily expenses
Use an annuity to cover essentials while preserving other savings for travel, hobbies, or family.
Options to Suit Your Needs
With help from annuity broker John Beaton, you can compare products designed to match your goals. Some options include:
- Life Annuities - guaranteed income for life, with optional spousal or guaranteed period benefits
- Term Certain Annuities - choose an income term that suits your circumstances
- Joint Life Annuities - continuous lifetime income for both spouses
Why Work with an Annuity Broker Like John Beaton?
Annuities are a major financial decision. As a licensed British Columbia annuity broker, John Beaton helps Victoria retirees find the best rates from top Canadian insurers, without sales pressure .
John offers:
- Access to multiple insurers for rate comparison
- Guidance with RRSPs, RRIFs, and non-registered funds
- Experience with Vancouver Island retirement planning
Whether you’re in Oak Bay, James Bay, or Saanich, John will help you plan with confidence.
John Beaton's Sample Annuity case illustration
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Sometimes a family will purchase multiple annuities over a period of several years. In this case a husband and wife were of advanced age and financially secure. Neither had any known living relatives, nor did they have children. They purchased their first two regisered joint life annuities from me in 2015 from a Canadian life insurance company that has since been absorbed by a larger life insurance company. There was no disruption to the regular monthly payments to this couple by the change of insurance companies. The new insurance company simply embraced the couple as one of their own. Please note that the reason for two registered joint life annuities was that one spouse purchased a registered joint life annuity with spousal RRSP funds. The other spouse purchased a registered annuity with regular RRSP funds. Spousal RRSP funds and regular RRSP funds cannot be mixed together for a singel or joint life registered annuity purchase. The husband purchased the next two non-registered joint life annuities in 2024. Most of the bulk of his remaining non-registerd savings were commited to the purchase of these two annuities. The reason for this was that his wife had now been commited to a costly private medical facility specializing in dementia. Two different life insurance companies with best surveyed rates were now supplying monthly income to the husband. All four of the annuities purchased by this couple had a 0 year guarantee period attached to them. This means that upon one of the couple's death, the total income would continue to the survivore. Upon both of their deaths, income would stop and there would be no further benefit to anyone. The husband considered the possibility that he might die before his wife who would not be able to make personal decisions going forward because of her illness. He therefore set up a trust with a law firm, providing them with power of attorney to deal with the various insurance companies and his wif's medical facility. Full contact information and disclosure of the circumstances were provided to the trustees and the insurance companies. |
Annuities and Tax Efficiency
For Victoria retirees, prescribed annuities offer low, level tax, consistent income from non-registered savings. John will also advise you on your registered annuities whether they are purchased with funds from RRSPs, RRIFs, or LIRAs. Please note that the income from registered annuities is fully taxable.
A Comfortable Retirement Starts with Predictable Income
Life in Victoria should be about morning walks on Dallas Road or visiting Butchart Gardens, not worrying about investments. Life annuities in Victoria give you financial freedom and peace of mind.
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
- Email john@annuitybrokers.ca
- Phone (Lower Mainland BC) 604-535-2404
- Toll-Free 1-800-667-8818
You will not be charged any fees from the broker or the insurance company you choose to do business with.
