Canada Life announced it will move to a single, streamlined shelf of segregated funds on Monday.
The new shelf will include 75 funds from Great-West Life, London Life and Canada Life. Earlier this year, Great-West Lifeco Inc., Canada Life’s parent company, consolidated its three life insurance companies under the Canada Life brand.
The unified offering will consist of 36 funds that already exist across all three shelves, 12 funds that were previously unique to Canada Life and 16 funds from Great-West Life and London Life. Pathway funds will take up the final 11 spots on the shelf.
Segregated funds on the current Canada Life shelf that are not continuing on the consolidated shelf will be soft-capped for new business, effective immediately. No new Great-West Life or London Life policies will be issued as of Jan. 1, 2020.
Customers who have already invested in a fund that is being soft-capped, or those with existing Great-West Life or London Life policies, will still be able to make additional contributions.