Canada Life Annuities

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As the name suggests, Canada Life was founded and mainly operates in Canada, however it is a large player in the insurance and retirement market in the UK too.

Below are some annuity types offered by Canada Life:

Option Annuity Provision Considerations
Single Life Annuity
  • Pays you an income for the rest of your life
  • Pays you a higher income than a joint life annuity but there is no provision for your spouse / partner / financial dependant if they survive you
Joint Life Annuity
  • Pays you an income for your lifetime. Upon death your surviving spouse / partner / financial dependant will continue to receive an income at a level agreed at the commencement of the annuity
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  • The level is a percentage of your income, normally 100%, 66% or 50%.
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  • The spouse / partner / financial dependant's pension will continue for their lifetime
  • Pays you a lower income than a single life annuity
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  • The higher the level of spouse/partner/financial dependant's pension, the lower your initial income
Level Income
  • Pays you a fixed income, which is set from the outset of the policy
  • Pays you a higher initial income than an increasing annuity
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  • As the income is fixed, inflation could erode the value of your income
Escalating Income
  • Pays you an income that increases each year by a fixed percentage or varies in line with the Retail Price index (RPI)
  • The initial income will be lower than a level annuity, but will increase over time
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  • It can take a number of years before the income reaches the amount it would have been with a level annuity
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  • If you choose to have your income change in line with the Retail Prices Index (RPI) your income could go down if the price of goods and services included in that index are lower than they were one year earlier

To find out more about Canada Life retirement products, choose one of the options below.

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