Life Annuities in Saskatchewan
Guaranteed income for life for Saskatchewan retirees — so you can never outlive your savings.
An annuity provides guaranteed income for the rest of your life, or for a set period of time. We actively serve clients across Saskatchewan, helping you build a retirement plan focused on dependable monthly cash flow.
For those approaching retirement, a life annuity could be a key asset to provide a secure and predictable financial future for your golden years.
Saskatchewan retirement income considerations
Saskatchewan households often want retirement income that stays predictable through changing commodity cycles, phased retirement, or succession planning. A life annuity can create steady monthly cash flow while the rest of a portfolio remains available for liquidity and long-term growth.
- Useful for families coordinating retirement with farm or business transitions
- Helpful when you want to cover essential bills with guaranteed income first
- Often considered when comparing longevity protection against self-managed withdrawals
We can help you compare annuity options with the income you already expect from CPP, OAS, and registered accounts so the quote fits the rest of your plan.
Select Your Province
We provide annuity planning across Western Canada and Ontario. Choose your province for localized guidance:
Annuity Types
Lifetime Annuity
Provides guaranteed income for the rest of your life, no matter how long you live. You can never outlive the payments.
- Income guaranteed for life
- Can include joint-life option for spouse
- Guarantee period options available
- Eliminates longevity risk
Term-Certain Annuity
Pays a guaranteed income for a specific period (e.g., 10 or 20 years). If you pass away during the term, payments continue to your beneficiary.
- Guaranteed payments for set period
- Beneficiary receives remaining payments
- Higher payments than lifetime annuity
- Ideal for bridging to other income
Annuity Settlement
A strategic tool for generational wealth transfer. Structure annuity payments to efficiently pass wealth to future generations with tax advantages.
- Efficient wealth transfer
- Tax-advantaged structuring
- Estate planning integration
- Customizable payment schedules
Annuities for Generational Wealth Transfer
An Annuity Settlement Option allows you to direct annuity income to a beneficiary, providing a structured income stream for future generations rather than a lump-sum payout.
Pass Wealth to the Next Generation
A structured annuity settlement can convert insurance proceeds or personal assets into a guaranteed income stream for your beneficiary — offering more predictability and creditor protection than a lump-sum inheritance.
Personally Funded
When you purchase an annuity with your own funds, you retain control over how the settlement option is structured. Income can be directed to a surviving spouse, child, or other beneficiary with potential tax advantages over a lump-sum inheritance.
Insurance Proceeds Funded
Life insurance proceeds can be used to fund an annuity for a beneficiary, converting a tax-free death benefit into a guaranteed income stream. This is often more efficient than leaving a lump sum that may be quickly depleted.
Annuity vs. Trust
Unlike a trust, an annuity provides guaranteed payments with no ongoing administration costs or trustee requirements. Annuities offer simplicity, creditor protection, and predictable income — often making them the preferred choice for straightforward wealth transfer.
About Life Annuities
You make a lump-sum payment to an insurance company, and in return they guarantee regular income payments for life or a specified period. The amount you receive depends on factors like your age, the amount invested, current interest rates, and the type of annuity chosen.
Prescribed annuities spread the taxable portion of income evenly over the payment period, providing consistent tax treatment. Non-prescribed annuities have higher taxable amounts in early years and lower amounts later. The right choice depends on your tax situation and financial goals.
Life annuities can be an excellent complement to other retirement income sources like CPP, OAS, and registered accounts. They provide the certainty of a pension-like income stream, reducing the risk of outliving your retirement savings. We can help you determine the right allocation.
Yes. You can use registered funds (RRSP, RRIF) to purchase a registered annuity. The payments will be fully taxable as income, similar to RRIF withdrawals. Non-registered funds can also be used, with more favourable tax treatment on the income portion.
Contact us directly and we will guide you through the process. WCB annuity purchases have specific requirements and timelines that we can help you navigate to ensure compliance and the best possible income outcome.
Yes. Locked-in retirement accounts (LIRAs) and pension funds can be used to purchase a life annuity. This is often one of the permitted options when you reach retirement age and need to convert locked funds into income.
The main trade-off is reduced liquidity — once you purchase an annuity, the capital is committed and cannot be withdrawn. If interest rates rise significantly after purchase, you may feel locked in at a lower rate. Annuities also don't benefit from market upside the way equity investments can.
Guaranteed income for life eliminates longevity risk — you can never outlive your payments. Annuities provide predictable cash flow, require no investment management, and are protected from market downturns. Prescribed annuities can also offer tax-efficient income from non-registered funds.
An annuity may not be the right fit if you need full access to your capital, expect to earn higher returns through active investing, or have a shorter life expectancy. It also may not suit those who prioritize leaving a large estate. We can help you weigh these factors against the security annuities provide.
Request an Annuity Quote
Complete the form below and a licensed advisor will prepare a personalized annuity quote for you.