Canada Life Income for Life

Canada Life Income for lifeGeneral Info:

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.

Minimum Investment:

$25,000

Guarantees:

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+

 

Canada Life Income for Life Brochure

Learn How to use a GMWB in your RRSP Here…

Call Today if you would like to Talk more about Canada Life Income for Life or any other Canada Life Investment Products

1-800-303-7196