Canada Life and Primerica Life Insurance Company of Canada have announced a significant distribution agreement that will grant Primerica Canada’s advisors access to a curated selection of Canada Life’s segregated fund (seg fund) offerings. This partnership aims to broaden access to these investment solutions for Canadians, particularly in the previously underserved mass market.
Blaine Shewchuk, Executive Vice-President of Individual Wealth at Canada Life, stated, “Canada Life’s goal is to expand access to advice for even more Canadians because we know that when families work with an advisor, they’re better off.” Through this collaboration, Primerica Canada’s advisors will be equipped to offer investment options that not only provide growth potential but also come with guarantees and creditor protection.
Segregated funds combine the growth opportunities of mutual funds with insurance guarantees, making them an attractive investment vehicle for Canadians of various income levels and ages. Key features include:
– Growth Potential: Diversified portfolios with maturity and death benefit guarantees.
– Creditor Protection: Particularly advantageous for small business owners and professionals facing liability risks.
– Streamlined Estate Planning: Allowing proceeds to go directly to beneficiaries.
John Adams, CEO of Primerica Canada, highlighted the partnership’s significance: “Our company, driven by our dedicated field force, continues to be committed to opening up opportunities for Canadian families to invest in their future. This new offering, coupled with our strong and growing advisor base, will improve access to this important option for investors.”
The rollout of this agreement will take a phased approach, with onboarding and training for Primerica Canada’s advisors set to begin in early 2025. Canada Life has assured that this new partnership will not affect its existing distribution channels or advisors.
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