Single Premium Annuity
Secure your future with guaranteed retirement income
These days, less than 40% of Canadians have a pension through work*. And the reality is, it can be really challenging to live on a government pension alone. But with a Single Premium Annuity, you are building and growing your own retirement plan – with a guaranteed income stream.
Why choose a FaithLife Financial Single Premium Annuity?
Our Single Premium Annuity (SPA) gives you the freedom to live out your retirement without worry. In addition to enjoying a monthly** income to help cover your retirement, here’s what you can expect with a FaithLife Financial SPA:
- Flexibility – choose the term that works for you, based on your income objectives
- Financial security – with guaranteed payments for life (or 5, 10, 20 years, or more!)
- Guaranteed period – if you were to pass away before this period is up, the remaining money would go to your beneficiary
Is a Single Premium Annuity for me?
A Single Premium Annuity is most appropriate for individuals who are planning for retirement, and have access to a lump sum of money in the form of an inheritance, financial settlement, or accumulated savings. In the event you pass away early, any remaining funds may be passed along to your beneficiary if it falls within the guaranteed period. It’s a wise choice if you’d like to:
- turn your hard-earned savings into a guaranteed monthly pay cheque of $50 or more – immediately or once you retire***
- feel confident you won’t outlive your savings – because your income will never run out – no matter how much you invested to begin with (for lifetime annuities only!)
The right investment for your needs
If you’re looking to fund your retirement years, a Single Premium Annuity may be right for you. It’s a good choice for individuals who have access to a lump sum (minimum: $10,000) they’d like to turn into a guaranteed income stream for a certain number of years… or for the rest of their life! With an SPA, you can enjoy your later years without worrying about your finances – and may even have a little extra money left over for your beneficiaries.
*In 2019, Statistics Canada released data indicating that only 37% of Canadians have a pension plan through work.
**Income payments may be available on a monthly, quarterly, semi-annual, or annual basis
***Income payments must begin within 10 months of purchase
****Annuity payments may be reduced upon first death
Invest in a Single Premium Annuity
Talk to a FaithLife Financial Representative to learn about investment solutions that are right for you.
¹ FaithLife Financial Representatives have a direct contract with the company to meet with consumers and arrange for the sale, delivery, and ongoing service of FaithLife Financial products.