The landscape for a GMWB or a GLWB has changed dramatically in only one year.
1 Year ago there were a dozen companies that you could consider for a Personal Pension, with a lifetime guarantee of Income, today there remains only 4!
Manulife Income Plus has survived, but has reduced their Lifetime Income payback to 4% from a previous 5%.
SSQ Astra Guaranteed Income has also reduced their Lifetime Income payback to 4% from a previous 5%.
Canada Life Income for Life has remained relatively unchanged with the exception of a slight adjustment to their fee schedule, but still offer a 5% guarantee on the growth of the Investment, as well as a 5% income base for Life.
Empire Life and their ClassPlus investment has also remained unchanged, and have not increased any fees despite the pressure from their competitors.
It is important to note, that an Income Base bonus of 5% is an incredible way to give yourself peace of mind through our turbulent Investment times. And on the flipside, if the market performs better than 5%, then you get the better of the two!
Take some time and download the Income Stability Report to learn more about a GMWB Investment, and then see how your Investment will grow into the future by running your own GMWB Quote based upon your age, and deposit amount. It could be the smartest financial move you make going forward.
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