Industrial Alliance EcoFlextra
(Temporarily?) No Longer accepting new deposits…
Ecoflextra offers you the choice of 5 low risk investments including Dan Bastasic’s Strategic Corporate Bond Fund, allowing you to convert some of your retirement savings into a source of dependable income that you can’t outlive. Whether you’re building for your retirement or are in the retirement stage of your life, you can look to Ecoflextra to supplement existing guaranteed income sources or to create a new income source on which you can rely.
At a Glance Pro’s:
Industrial Alliance has a very unique GMWB in the market place, which allows you to start your guaranteed Income for life at the age of 55. Although the guaranteed income is reduced the earlier you take it, on the flip side, the longer you wait till you receive your income the greater the returned base will be.
At a Glance Con’s:
Some of the funds in the IA basket have not been around for a very long time, and the returns are based on the financial instability that we have experienced over the last 5 years. Which is a great reason to look into a GMWB product.
You are given a standard 75/100 Guarantee; 75% Principle Guarantee after 10 years; and a 100% Death Benefit Guarantee from Contract issue. Death Guarantee resets until the age of 80.
Annual Income Base Interest Rate Credited (or Market Value, whichever is higher):
up to 7% Income Base Guarantee for the first 14 years, or Market Value, whichever is higher.
Account Automatic Market Value Resets:
Every 3 years, if the Market is higher, you receive the Market Value, if 5% is better than market return, there is no need for a reset.
Guaranteed Minimum Income for Life:
From 4-6% of Account Value or Income Base Value, whichever is higher for Life, starting at age 55. The longer you wait, the greater the benefit.
MER Fee including Income for Life fee:
From 1.43% to 3.92% Depending on Fund
S & P Rating based upon Financial Stability and Strength:
Rating of A+