Canada Life is offering annuity protection on both its standard and enhanced lifetime annuity policies.
The firm says the cover, which can be for anything between 0.1% and 100% of the original purchase price, will provide peace of mind for annuitants concerned about losing their pensions savings to their insurance company. Canada Life says the move complements the recent launch of its Enhanced Annuity product and says the maximum lump-sum payable is the initial purchase price less the sum of the income already paid. John Occleshaw, executive director, Life and Pensions, at Canada Life, says: “Canada Life is pleased to be the first provider able to offer annuity protection to both enhanced a...
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