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Accumulation annuities

Accumulation annuities (AA) are a kind of guaranteed investment only offered through the insurance industry. They are very similar to GICs, but because they are offered by a life insurance company they have different guarantees, and the added benefits of a beneficiary designation and potential creditor protection.

With an AA, you can start with a lump sum or make periodic deposits at regular intervals, or on a flexible payment basis. The value within the annuity grows (accumulates) as deposits are made and as it earns interest. You can hold an AA as part of a registered or non-registered savings or investment plan. You are guaranteed to receive a set interest rate over a predetermined term, and your investment is protected by specific insurance legislation.

You may not have heard of this investment option, but accumulation annuities offer unusual advantages for people thinking of estate planning.

Potential creditor protection
If the beneficiary you've named qualifies, accumulation annuities are generally protected against seizure by creditors. This can be a big advantage for business owners and professionals wanting to protect against an unexpected lawsuit or bankruptcy.

Estate planning advantages
Usually, only registered investments like RRSPs and pension plans, let you name a beneficiary. But an accumulation annuity lets you name a beneficiary and avoid the trouble and expense of estate and probate fees, in case you were to die. If your spouse is named as your beneficiary, there are even more advantages.

Payment Plan
You can make monthly contributions as low as $50 ($25 for juveniles) or make a lump sum payment any time.

Choose from a variety of investment terms, either daily interest account, or guaranteed interest accounts.

Fixed terms, or you choose the end date
Normally, terms are 1 to 5 years. But you can choose a specific date, when you expect to need your money back.

45-day rate guarantee
You can lock in your interest rate up to 45 days before you deposit your money.

Unlike many guaranteed investments, our accumulation annuities are fully redeemable. That lets you get all or some of your money if you need it unexpectedly. There may be penalties.

Competitive interest rates

Tips on how to save more money each month



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