What is an insurance GIC?

Insurance GICs, also known as accumulation annuities, offer security for you and protection for your family and because they guarantee your principal and the rate of return, they can serve as an important component for your savings during your working years. All Insurance GICs are easily convertible into an income stream at retirement. 

Insurance GICs also allow you to name a beneficiary to help avoid the cost and delays associated with probate and estate settlement.


Types of insurance GICs :

Accumulation annuity and Superflex deferred annuity

SunSpectrum Interest Account - Deferred annuity

  • This investment product starts with a guaranteed savings phase and then converts to a guaranteed income stream and is only available for locked in funds.
  • You have a number of choices for building your savings in compound interest investments or in a daily interest investment, and the accumulated amount determines the annuity payments upon maturity.
  • The SunSpectrum Interest Account locked in retirement account (LIRA) can easily be converted into a life income fund (LIF) to generate a steady stream of retirement income.
  • Rates: Insurance GIC
  • Sample policies:
     SunSpectrum Interest Account - Deferred Annuity - RSP/LIRA/Locked in RSP
     SunSpectrum Interest Account - RIF/LIF