Canada Life begins product transition

Canada Life announced on Wednesday that it has begun the transition to a single shelf of products.

In April, Winnipeg-based Great-West Lifeco said it was consolidating its three life insurance companies — Great-West Life Assurance Co., London Life Insurance Co. and the Canada Life Assurance Co. — under the Canada Life banner.

On Wednesday, Canada Life announced that all of its wealth and life insurance products will now be available to Wealth and Insurance Solutions Enterprise (WISE) and Freedom 55 Financial advisors, in addition managing general agency (MGA) and national account (NA) partners.

Canada Life has introduced two new term life insurance products — term 30 and term to age 65 — that are available through the SimpleProtect platform for advisors. SimpleProtect also has been enhanced to allow clients to review and sign applications on their own devices.

Additionally, Canada Life has lowered premiums for certain critical illness products, lowered rates on policies for $1 million or more and introduced new payment options.

Canada Life has also introduced a new line of Pathways segregated funds, available to WISE and Freedom 55 advisors, and MGA and NA partners. A no-sales-charge option has been introduced as well, allowing clients to access their investments at any time without incurring a surrender fee.

“One product shelf will help enhance our focus on growth, and how we can better deliver for advisors to help Canadians,” Hugh Moncrieff, Canada Life’s executive vice president, advisory network and industry affairs, said in a release.

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