Lifetime income benefit

Learn more about our life insurance

What is it?

Disability insurance coverage helps protect your most valuable asset – your ability to earn income – by providing you with an ongoing monthly income if you ever suffered a disability that left you unable to work and earn a living.

What is it?

The lifetime income benefit is very similar to an annuity, in the sense that it provides you with a guaranteed monthly income.

The key differences being:

  • The amount of income from the lifetime income benefit is less than an annuity.
  • The lifetime income benefit has a higher market value that offers more financial flexibility than an annuity.

Things to keep in mind                      

A primary concern for retirees is the possibility of outliving their investment income, which may result in them withdrawing less money during their retirement to ensure they don’t run out.

The lifetime income benefit can help bring peace of mind when it comes to retirement income, and is available in a variety of policy types. Talk to an Investor’s Group Consultant to see what makes sense for your situation:

  • Non-registered
  • Registered Retirement Savings Plan (RRSP) or Spousal RRSP
  • Registered Retirement Income Fund (RRIF) or Spousal RRIF
  • Prescribed Retirement Income Fund (PRIF)