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Guaranteed Withdrawal Benefit: just 3 players still in the game

By The IJ Staff | November 20 2020 09:30AM

According to InsuranceINTEL, the information centre for the life and health Insurance industry in Canada, the Guaranteed Withdrawal Benefit (GWB) market in Canada has shrunk to three insurers. Canada Life recently announced that it has left the market.

This market peaked in the early 2010s, and since then several insurers have withdrawn their products and even bowed out of the market. The three lifecos that still offer this product through lifeinsurance advisors are: Empire Life, Sun Life Financial and iA Financial Group.

All of these insurers offer a 75% maturity guarantee. Where they differ is the death, minimum deposit and lifetime income guarantees that their product includes, as this table shows:

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