Canada Life’s new Estate Protection segregated fund product offers a 100% death benefit to clients who are between the ages of 80 and 90.

In promotional materials released earlier this week, the insurer says the new product is meant for clients who want to "leave a meaningful legacy for those who matter the most to them” and will provide older investors with a "sense of control, certainty and relief".

The minimum initial investment is $10,000 and the policy may be held in a range of registered plans, as well as in non-registered and tax-free savings accounts. For registered accounts the minimum issue age is 80, and the policy owner and annuitant must be the same person, but for non-registered accounts joint policyowners are also permitted.

The 100% death benefit guarantee comes into effect on the death of the last annuitant and 100% of premiums are allocated to the policy, proportionately reduced by any withdrawals. The 75% maturity guarantee matures on Dec. 28 of the year in which the primary annuitant turns 105, and 75% of premiums are allocated to the policy, and these are also proportionately reduced by any withdrawals.

For investments, clients have a choice between 19 segregated funds, including asset allocation, balanced, and income funds. The insurer says the management expense ratios (MERs) are similar to the ones in the company's 75/100 guarantee policy, but certain options are not available under this new plan, including preferred series segregated funds, the guarantee interest option (GIO), maturity and death benefit guarantee reset options, and the lifetime income benefit option.

Canada Life points to research conducted by Investor Economics which found that 1.2 million intergenerational wealth transfer events will occur in Canada between 2015 and 2024, and predicts the total amount of money changing hands will come to about $794 billion.

"This projected wealth transfer provides an excellent opportunity for clients in your business today and in the future," reads the advisor guide for Estate Protection. "With transfers occurring to a spouse, charity, the government, children or grandchildren, there is a risk of losing client assets in the transfer process. There’s an opportunity to strengthen your relationships with the beneficiary to help them make informed decisions.”