Canada Life Announces Redemption of 5.80% Debentures, Series A due December 11, 2013

    WINNIPEG, Oct. 31, 2008 /CNW/ - The Canada Life Assurance Company today
announced that it intends to redeem all $200 million aggregate principal
amount of its 5.80% Debentures, Series A due December 11, 2013 (the
"Debentures") on December 11, 2008 (the "Redemption Date").
    A formal notice and instructions for the redemption of the Debentures
will be forwarded to Debentureholders in accordance with the provisions of the
trust indenture relating to the Debentures.
    The redemption price will equal the principal amount of the Debentures,
together with unpaid interest accrued thereon to the Redemption Date. Interest
on the Debentures will cease to be payable from and after the Redemption Date.

    Founded in 1847, The Canada Life Assurance Company was Canada's first
domestic life insurance company. Today, Canada Life provides insurance and
wealth management products and services in Canada and internationally,
primarily in the United Kingdom, Isle of Man, Ireland and Germany. Canada Life
is a subsidiary of The Great-West Life Assurance Company, and together with
Great-West Life and London Life Insurance Company had, as at September 30,
2008, more than $168 billion in assets under administration. The companies are
members of the Power Financial Corporation group of companies.

For further information:

For further information: Marlene Klassen, APR, Assistant Vice-President,
Communication Services, (204) 946-7705

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Canada Life

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