Canada Life Income for Life
In 1843, a young newly married bank manager named Hugh C. Baker traversed 500 miles of rough country over six days by horseback, stage coach and steamboat to buy $1000 of life assurance. The trip became the legacy that led to the establishment of The Canada Life Insurance Company in 1847 in Hamilton, Ontario. Today they service over 6 million customers and rank amongst the top 10 life insurance companies in Canada.
At a Glance Pro’s:
With the financial strength and stability of Canada Life, you can be assured of a very financially solid company. As one of Canada’s largest insurers and part of the Power Corporation you are given access to a wide variety of name brand Investment Funds.
At a Glance Con’s:
While you are given access to a number of very recognizable funds in their portfolio such as Fidelity and Mackenzie, the fees start to get quite expensive, compared to their Mutual Fund equivalents.
You are given a standard 75/75 Guarantee; 75% Principle Guarantee after 10 years; and a 75% Death Benefit Guarantee from Contract issue. There is an opportunity for a 75/100 Guarantee in certain contracts, based upon your age. Call below for details.
Annual Income Base Interest Rate Credited (or Market Value, whichever is higher):
3% Income Base Guarantee 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:
- 3% of Account Value or Income Base Value Age 50-54
- 3.4% of Account Value or Income Base Value Age 55-64.
- 4.2% of Account Value or Income Base Value Age 65-69.
- 4.6% of Account Value or Income Base Value Age 70-74.
- 5% of Account Value or Income Base Value Age 75 and Older.
MER Fee including Income for Life fee:
From 1.7% to 4.6% Depending on Fund
S & P Rating based upon Financial Stability and Strength:
AM Best Rating of A+