Canadian Life and Health Insurance Facts, 2022 Edition

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Retirement solutions Annuities are a contract sold by life insurers that pay a guaranteed regular income in exchange for upfront contributions. These products protect individuals from outliving their savings and are often used to provide retirement income. Related products: Accumulation annuities, like life annuities and term certain annuities; pay-out annuities; and segregated funds. Sold as: Sixty-six per cent of annuities is purchased through a group plan. 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, and 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 reduce the risk of outliving your savings Pension plan de-risking by transferring the investment risks of defined benefit plans to insurers to manage Maturity guarantees mitigate the risk of volatile investment returns Sources of annuity contributions $ 62.1B 2021 annuity contributions 34% 66% 17 Canadian Life & Health Insurance Facts // 2022 Edition Group plans Individual policies 2021 annuity contributions

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