This is the biggest update and innovation to the fund shelf in the company's history
WINNIPEG, Nov. 4, 2019 /CNW/ - On its journey to move to one brand in Canada, Canada Life today announced that it will be moving to a single shelf of segregated funds under the Canada Life name, making it the biggest update to the fund shelf in the company's history.
The new streamlined offering will include 75 best-of-class funds, taken from the Great-West Life, London Life and Canada Life shelves, including:
36 funds that appear across the three shelves today;
12 funds that are unique to Canada Life;
16 fund mandates that were unique to Great-West Life and London Life; and
11 Pathways funds.
"We're taking the best of the best segregated funds from Great-West Life, London Life and Canada Life to create a new, curated, stronger Canada Life shelf that provides solutions designed to perform across a full market cycle," said Paul Orlander, Executive Vice-President, Individual Customer, Canada Life. "This is the biggest update and innovation to our shelf in our history, and we're excited and proud of our ability to continually innovate in this space."
"We believe this fund shelf is stronger than any of the three shelves we've had before," said Hugh Moncrieff, Executive Vice-President, Advisory Network and Industry Affairs, Canada Life. "This shelf will give advisors a competitive suite, helping them to better serve their customers and Canadians."
Segregated funds on the current Canada Life shelf that are not included in the new segregated fund shelf will be soft capped for new business, effective immediately. Customers who are already invested in a fund that's being soft capped will still be able to make additional contributions.
No new Great-West Life or London Life policies will be issued as of January 1, 2020. Customers with existing Great-West Life or London Life policies will still be able to make contributions, switch between funds or set pre-authorized contributions.
About Great-West Life, London Life and Canada Life Great-West Life, together with London Life and Canada Life, are leading Canadian insurers focused on improving the financial, physical and mental well-being of Canadians. United under the new Canada Life brand, we help Canadians achieve their potential, every day. Our customers across Canada have trusted us to provide for their financial security needs and deliver on the promises we have made. Together, we serve the financial security needs of more than 13 million people across Canada and are leading providers of a wide range of insurance and wealth management products and services for individuals, families and business owners, from coast to coast to coast.
SOURCE Canada Life
For further information: Liz Kulyk, Director, Media Relations and Public Affairs, Canada Life, 204-926-5012, [email protected]
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound...