3 guaranteed investment products you need to know about

We're living longer than ever before. With many of us potentially reaching our 80s or 90s, or even 100s, it's crucial to plan for a lengthy retirement. Add in economic uncertainties and the sneaky effects of inflation, and suddenly, smart retirement planning becomes a must-have, not just a nice-to-have.

This is where an advisor comes in handy. They can help you figure out how long your money needs to last and recommend investments that'll help keep cash flowing your way for years to come. Let's look at 3 guaranteed investment products they might suggest:

1. Payout annuities: Your steady income stream

Think of payout annuities as your financial faucet – turn it on, and the money can flow! Payout annuities offer:

• Regular income that can grow yearly to help fight inflation
• Guaranteed income – perfect for covering your daily expenses
• Flexibility to receive payments for a set time or for life

2. Insurance guaranteed investment certificates (GICs): The bank alternative with extra perks 

These are also known as accumulation annuities. And they’re similar in concept to GICs issued by banks. However, only life insurance companies can offer insurance GICs with different guarantees and benefits, plus some unique features:

• You can designate a beneficiary 
• Estate planning advantages

3. Segregated fund contracts

A segregated fund is a type of investment that pools money from many investors. It invests money in stocks, bonds and other securities- aiming to grow that money (the value of the entire pool). Segregated fund contracts generally offer:

• Guarantees. Protect the value of the premiums you paid on the contract maturity date and when you die. The guarantees are 75% to 100% of your premiums (reduced for any withdrawals). Some segregated fund contracts also offer income guarantees.
• Beneficiaries. You can name a beneficiary to receive a death benefit from your registered or non-registered accounts. Your beneficiary will receive the death benefit when you die. The death benefit is the contract value at death, or the guaranteed amount, whichever is higher. The death benefit bypasses your estate and goes directly to the beneficiary.
• Potential creditor protection. This means that creditors may not be able to take the funds you have in your segregated fund contract.
• Guaranteed income options. Some segregated fund contracts offer lifetime guaranteed income. This can help provide you with a guaranteed income for life.

These products are complex, so it's best to chat with an advisor. They can help you decide if any of these options are right for you and your financial goals.

Whether retirement is just around the corner or you're already there, a little planning goes a long way.