What is the difference between a life insurance policy and an annuity?

Saskatchewan, Canada


The following excerpt is from Neuls (Bankrupts), Re; Touche Ross Limited v. First City Trust Company et al., 1985 CanLII 2367 (SK CA):

In my opinion the basic distinctions between a life insurance policy and an annuity contract set out in Gray v. Kerslake and Scott v. Manufacturers Life Insurance Company and Public Trustee, remain and s. 158 is not wide enough to include the annuity contracts in this case.

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