Canada Life begins transition to one product shelf

By The IJ Staff | July 24 2019 01:30PM

As it moves to a single brand, Canada Life announced on July 24 that it has begun the transition to one shelf of products under the Canada Life name via new offerings and enhancements to existing wealth and insurance products.

Canada Life announced a unified brand for Canada Life, London Life and Great-West Life in April.

"As the new Canada Life, we're building a harmonized and innovative product offering that can be delivered to market faster and more competitively than ever before," said Paul Orlander, Executive Vice-President, Individual Customer, Canada Life. "These new products and enhancements provide more choice and flexibility for our customers."

"One product shelf will help enhance our focus on growth, and how we can better deliver for advisors to help Canadians," said Hugh Moncrieff, Executive Vice-President, Advisory Network and Industry Affairs, Canada Life.

Offered through all distribution channels

The changes announced by Canada Life include opening the full suite of Canada Life wealth and insurance products to both Wealth and Insurance Solutions Enterprise (WISE) and Freedom 55 Financial advisors. “One brand and one product shelf offered through all distribution channels, including Managing General Agency (MGA) and National Account (NA) partners, give even more advisors the ability to sell Canada Life products, making them more accessible to Canadians,” says Canada Life.

New term products

Canada Life is also introducing two new term products, term 30 and term to age 65, under the Canada Life brand for Freedom 55 Financial and WISE advisors, MGA and NA partners. The products will be available through SimpleProtect, the company's digital individual insurance application.

Enhanced CI product

A newly enhanced critical illness insurance product will also be offered. Improvements include: new payment options for paying premiums; lower premiums on some products and lower rates on policies $1 million or more, says Canada Life. SimpleProtect will be expanded to include CI policies in the coming months.

Segregated funds

Canada Life is also offering Pathways segregated funds for Freedom 55 Financial and WISE advisors, MGA and NA partners. In other changes, it will also be offering no sales charge (NSC) options on Canada Life segregated funds.

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