Annuities for Associations
Brookfield Annuity is pleased to offer the same level of retirement funding security provided to our group annuity clients to people who purchase individual life annuity policies through the savings plans facilitated by their associations.
What is an Individual Life Annuity?
An Individual Life Annuity is an insurance policy purchased from a provider through an arrangement made by your association or a related organization. It provides regular income for the lifetime of the purchaser (“annuitant”) and, depending on the annuity features, for the lifetime of the purchaser’s spouse/common-law partner. At Brookfield Annuity, we prefer to call annuitants “policy members”.
Typically, an Individual Life Annuity pays a defined amount of income for the policy member’s lifetime and may pay income for the lifetime of their eligible survivor. Payments are generally made on a monthly basis.
Why Purchase an Individual Life Annuity?
Annuities deliver certainty and contribute to retirement security. In Canada, all annuities are provided by life insurance companies, which are required at all times to hold the capital needed to pay the benefits they have promised to provide under the policies they have issued.
Brookfield Annuity Company is the only Canadian life insurance company that specializes in providing annuities. Brookfield Annuity Company is regulated by the federal Office of the Superintendent of Financial Institutions and is a member of Assuris. (See Frequently Asked Questions for more information).
A Brookfield Annuity individual life annuity will soon be available as part of an integrated retirement solution provided by Common Wealth Retirement. Common Wealth is a Canadian financial technology company offering a digital retirement platform that helps individuals plan, invest and grow their savings. Watch our website for launch news.