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
