An insured annuity consists of two elements:
An insured annuity may be purchased by an individual or corporation.
A prescribed life annuity with a zero guarantee period is purchased with non-registered funds:
Income from a prescribed annuity is a blend of interest and principle; therefore, only a portion of each payment is taxed. The taxable component remains the same in each payment. After-tax income is guaranteed for the life of the client.
A portion of each payment is used to fund the cost of the life insurance:
The remaining funds produce income, typically higher than a GIC.
A 70-year-old female buys a life annuity with no guarantee for $500,000. She also purchases a Term to 100 contract for $500,000.
(All the above information is subject to errors and omissions.)
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