Insurance GICs

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.

The Legacy Settlement Option allows you to customize the death benefit from your Insurance GIC.  You can provide a lump sum payment, a steady stream of lifetime income, income for a specified time, or any combination of these options* to beneficiaries.

*Lifetime income or income for a specified time is made possible by an annuity.  The annuity must be allowed under the Income Tax Act (Canada).  For locked-in funds, the death benefit is paid according to applicable pension law.

Accumulation annuity and Superflex deferred annuity

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