Canadian Life and Health Insurance Facts - 2021

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17 Canadian Life & Health Insurance Facts // 2021 Edition Retirement solutions Annuities are a savings product that pay guaranteed income regularly in exchange for upfront contributions. These products protect individuals from the risk of outliving their savings and are often used to provide retirement income. Sold as: 69% 31% Group plans Individual policies Related products: Segregated funds Life and health insurers manage retirement savings for over 8 million Canadians Over eighty-five per cent of small businesses that provide pensions, RRSPs, TFSAs, RRIFs to their employees offer these through life and health insurers. Benefits of owning annuities Annuities aren't like other retirement income products. Here's what they offer that's different: Lifetime income benefits Solutions for pension plan de-risking Maturity guarantees Sources of annuity contributions $ 51.4B 2020 annuity contributions Pension plans RRSPs & TFSAs RRIFs Non-registered savings

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