Park Your Money Now, Profit Later
If you’re the type of person who likes to save for the things you need, you may be interested in learning another way to help your savings grow.
A Guaranteed Interest Annuity (GIA) is a type of investment you lock your money into for a set period of time, called the ”term.” It provides an ideal way to save for special goals because it offers risk-free growth through guaranteed returns, and early access to your money if you really need it (though charges may apply). Let’s take a closer look.
Risk-free growth
An GIA is similar to a GIC in that your initial deposit will never go down in value. This is important when you need to save a certain amount by a certain date, but you don’t want to take any chances with the ups and downs of the stock market.
Guaranteed returns
When you save money in an GIA, the interest you earn is guaranteed when you maintain your deposit for the agreed term (i.e., the number of months that you keep your investment in your GIA) of your plan.
Access to your money
The money in your GIA grows – out of sight, out of mind. But it’s always there if life throws you a curveball and you need the money sooner. Always check with your Serenia Life advisor before withdrawing funds to ensure the potential cost won’t negatively impact your finances. Because there’s always the chance that charges may apply if you surrender your funds before the term is up.
How ISAs grow with you
When you’re young, your savings goals tend to be simple and achievable in the short term. As your wealth and responsibilities increase, your needs become more complex.
Here’s a look at how your needs may evolve over time, some common goals, and how GIAs can help you achieve them.
| Life stage | Saving goals | The GIA advantage |
|---|---|---|
| Starting out You're just starting out and have no shortage of savings goals. | Furniture for your first place Travel Your first car | Safety and growth: Save for short-term goals with guaranteed returns and know the exact date that you'll reach your goal. |
| Settling in You're on your way, getting some financial traction, and maybe even starting a family. | A wedding The down payment on your first home A new car | Protection and security:GIAs keep their value. The ups and downs of the stock market will never affect how quickly your money grows. |
| Well on your way You're established, focused on helping the kids, and making big plans for the future. | Home improvements Family trips Your children's education | Higher interest: Larger deposits are rewarded with higher interest rates. You can earn Bonus Interest of up to ¾ percent on higher balances. Speak with a Serenia Life Financial advisor for more details. |
| Thinking about retirement You're looking ahead and creating a financial plan for the next chapter of your life. | Retirement savings Securing your legacy Minimizing taxes | Enhanced features: Tax and estate planning strategies are an important way to protect your loved ones. GIAs can complement the fixed-income (i.e., any investment with a fixed rate of return) portion of your financial plan and provide tax-effective ways to share your wealth. |
An easy way to get started
An GIA is one way you can put the security of annuities to work for you at any stage of life. Whether your goals are a year from now or a lifetime away, we can help you achieve them with greater confidence. Book a FREE Needs Analysis with a Serenia Life advisor today. Get started!
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Guaranteed Interest Annuity
A Guaranteed Interest Annuity is like a GIC, with a twist. Enjoy more flexibility and more control over your savings!
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Did you know our roots go back nearly a century?
At Serenia Life, our heritage is rich and our traditions are lasting. And one of these traditions is our voting membership.
Voting members are invited to participate in our Confirmation Election for Lee Bennett, running until October 31st.
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Sugar and spice or puppy-dog tails? As parents, we want to protect our little ones for life – no matter what they’re made of. That’s exactly what life insurance was designed to do. And with Serenia Life, you’ve got two very different options: (1) Term life insurance for you can help cover mortgage payments and other expenses, meaning your children won’t have to leave the family home or say good-bye to the lifestyle they’re used to in the event they lose their mom or dad too soon. (2) A whole life policy for them will guarantee they are covered for their lifetime, and even has an investment option that grows with them. The best part? You can save up to $500 on your first-year life insurance payments at Serenia Life. Learn more on our website... link in bio!
Hosting Thanksgiving this year? Let us help with the cost of your groceries. Refer a friend to Serenia Life, and you`ll be entered into our monthly draw for your chance to win a $100 grocery gift card. With each friend you refer, your chances to win grow. Learn more on our website (link in bio).
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For the third annual National Day for Truth and Reconciliation, we encouraged our employees to wear orange — to honour and acknowledge the first peoples of this land.
Want to do your part to support Indigenous communities in Canada? We`ve shared a good place to start (link in bio).
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