Canada Life and Primerica Canada sign new, independent distribution agreement
Primerica Canada advisors to bring Canada Life segregated funds to new markets
WINNIPEG, MB, Oct. 4, 2024 /CNW/ - Canada Life and Primerica Life Insurance Company of Canada today announced that they have signed a distribution agreement, which will give Primerica Canada's advisors access to a curated selection of Canada Life's segregated fund (seg fund) shelf. This strategic agreement will expand access to seg funds to Canadians in the previously underserved mass market.
"Canada Life's goal is to expand access to advice to even more Canadians, because we know that when families work with an advisor, they're better off," said Blaine Shewchuk, Executive Vice-President, Individual Wealth, Canada Life.
"With access to Canada Life's leading shelf of seg funds, Primerica Canada's advisors will be able to help their customers achieve their growth ambitions, as part of an investment that provides both guarantees and creditor protection. At the same time, this agreement builds on our plans to be the home for more advisors across Canada, by offering support that helps them succeed and grow."
Seg funds are a unique investment vehicle, combining the growth potential of mutual funds with the security of insurance. In the right situation, seg funds can serve Canadians from across different income and age brackets better than other investment options. Benefits of segregated funds include:
- Investing in diverse portfolios with excellent growth potential (like mutual funds), while offering certainty through maturity and death benefit guarantees.
- Supporting small business owners and professionals seeking to manage liability risk, through creditor protection.
- Providing a simplified process for estate planning, having proceeds paid directly to beneficiaries.
"Our company, driven by our dedicated field force, continues to be committed to opening up opportunities for Canadian families to invest in their future," said John A. Adams, CEO, Primerica Canada. "This new offering, coupled with our strong and growing advisor base, will improve access to this important option for investors."
The agreement follows a phased approach to allow for onboarding and training with Primerica Canada advisors, beginning in early 2025. At Canada Life, there is no impact to existing distribution or advisors.
About The Canada Life Assurance Company
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical, and mental well-being of Canadians. For over 175 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we've made. We proudly serve more than 14 million customer relationships from coast to coast to coast. Canada Life is a subsidiary of Great-West Lifeco Inc. and a member of the Power Corporation of Canada group of companies. To learn more, visit canadalife.com.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI".
SOURCE Canada Life
For more information contact: Leezann Freed-Lobchuk, Director, Media Relations, Canada Life, 204-946-4576, [email protected]; Gana Ahn, Public Relations, Primerica, 678-431-9266 , [email protected]
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