You can budget better. Since you have a very good idea of what your income will be every year, you can budget more realistically. You get paid when you like. How you like. Scheduled payments can be made annually, semi-annually, quarterly or monthly on any day you choose by direct deposit or by cheque.
Payments are automatic.
Payments are automatically taken from the term deposit with the lowest interest rate. There's no fee for lump sum withdrawals for income purposes not reinvestment. Annuities An annuity, purchased from Richmond Savings Insurance Services Ltd., is simply a contract between you and a Life Insurance Company. It promises you fixed, periodic payments in return for an initial lump sum investment. And within Life Annuities, you have 2 options.