On Wednesday, Canada Life announced that it had begun transitioning 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 Canada Life Assurance Co. under the Canada Life banner.
On Wednesday, Canada Life announced that all of its property and life insurance products will now be available to Wealth and Insurance Solutions Enterprise (WISE) and Freedom 55 financial advisors, as well as managing general agency (MGA) and management partners. national accounts (NA).
Canada Life has introduced two new term life insurance products – 30-year terms and up to 65-year terms – which are available through SimpleProtect Platform for advisors. SimpleProtect has also been enhanced to allow customers to view and sign applications on their own devices.
In addition, Canada Life has lowered premiums on certain critical illness products, lowered rates on policies of $1 million or more and introduced new payment options.
Canada Life has also introduced a new line of segregated Pathways funds, available to WISE and Freedom 55 advisors and MGA and NA partners. A no-sales-fee option has also been introduced, allowing customers to access their investments at any time without incurring a redemption fee.
“One shelf of products will help us focus more on growth and better serve advisors to help Canadians,” Hugh Moncrieff, Canada Life executive vice president of advisory network and industry affairs, said in the release.
