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Conventional, Life and Deferred Annuity

All Standard Life individual insurance products are covered by our unique six-month Total Customer Satisfaction Guarantee.

Lump Sum Annuity (Non-Registered policies only)

  • You customize your annuity as a series of lump sum payments
  • Option available:
    • Guaranteed or Life Contingent payments

Payment Types

Level Income

  • Income payments are the same for the duration of the annuity

Increasing Income

  • Income payments increase each year by a fixed percentage
  • Maximum increase per year
    • 4% for registered annuities
    • 6% for non-registered annuities

Indexed Income

  • Income payments increase each year according to the level of the Consumer Price Index (CPI)
  • Payments can be fully or partially indexed to the CPI
  • Payments will never decrease or be subject to clawbacks
  • Payments can be indexed during the deferral period (from the date of the single premium payment to the annuity commencement date) to a maximum of 10 years

Snowbird feature

  • Payments can be converted to U.S. dollars and deposited in client's U.S. bank account
  • "Snowbirds" can receive payments in a Canadian bank account in Canadian dollars, or in a U.S.

    bank account in American dollars

Frequency of income

  • Monthly, quarterly, semi-annually or annually
  • Direct deposit to client's bank account



  • The annuity payment is fully taxable


  • Only the interest portion is taxable
  • The taxable portion can be reported on a "prescribed" or "non-prescribed" basis
    • Prescribed: level taxable portion each year
    • Non-prescribed: taxable portion changes each year (interest reported each year reduces)

The prescribed taxation basis is attractive to taxpayers as it allows for the deferral of taxes. It is regulated and can only be used with specific types of annuities. All other annuities must be on a non-prescribed taxation basis.

Security benefits

4 Since there are some circumstances where creditor protection may not apply, it is recommended that policyholders consult a legal advisor to find out if they are eligible for this kind of protection.

5 Not applicable in QuГ©bec as notarial wills do not need to be probated by the court and, for holograph wills and wills made in the presence of witnesses, probate fees are minimal.

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