In Canada, variable annuities are usually referred to as segregated funds or seg funds. In addition, there is a type of immediate annuity that could be considered a variable annuity.
Determining who has the "best rate" is not as simple as it sounds. Seg funds are similar to mutual funds with your money invested in "units" that can rise or fall in value. Like any investment, you can look at past performance of the underlying fund, but that is no guarantee of future performance. Since segregated funds are issued by insurance companies, they contain minimum maturity and death guarantees. Some offer resetting or the locking in of investment gains and other valuable features.
The immediate annuity with a variable component, is a payout annuity where you exchange a lump sum for an income. Part of the income you receive is dependent on the performance of fund chosen.
An independent insurance broker is in a position to advise you of the different features, so you can select the plan that is right for you for accumulation or retirement income.
This is a basic overview of a potentially complex subject.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
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Determining who has the "best rate" is not as simple as it sounds. Seg funds are similar to mutual funds with your money invested in "units" that can rise or fall in value. Like any investment, you can look at past performance of the underlying fund, but that is no guarantee of future performance. Since segregated funds are issued by insurance companies, they contain minimum maturity and death guarantees. Some offer resetting or the locking in of investment gains and other valuable features.
The immediate annuity with a variable component, is a payout annuity where you exchange a lump sum for an income. Part of the income you receive is dependent on the performance of fund chosen.
An independent insurance broker is in a position to advise you of the different features, so you can select the plan that is right for you for accumulation or retirement income.
This is a basic overview of a potentially complex subject.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.