Today while watching Robtv, The guest who is a FA was speaking about, Guaranteed investment, insurance and annuity I couldn't believe what I heard..unfortunately could not rewind the program.

Among other things the host says this, guranteed investment scheme

There was one coupple aged 69 and 62 the couple invested 200,000 and bought an annuity of 12000 per year which in turn will pay the premium for 1million cad insurance policy they have taken from them. The policy is term 100 and is joint to death ( I am not too clear on this) upon death their children will get 1 million dollar.

My question is at 69 and 62 the couple at the most live for 20 to 25 years. Isn't it a better way to make a million.Anyone got anymore idea on this.

Thanks

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