As of Jan. 1, 2020, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company became one company – The Canada Life Assurance Company. It will take some time to update our websites, materials and forms, so until we’re done, all references to Great-West Life or London Life are to be understood as referring to The Canada Life Assurance Company.
How Canada Life is supporting you during COVID-19.
How do I get ready for retirement in Canada?
Entering retirement is cause for excitement. But without a regular stream of income, it can also be a little nerve-wracking.
If you’re about to enter retirement, chances are you have one big question regarding your finances: “How will I maintain an income during my retirement years?” With Canadians living longer and longer, securing income in retirement is, arguably, a bigger concern today than ever before.1Footnote 1
Segregated funds are professionally managed pools of money spread across a range of investments. A segregated funds policy can represent an ideal investment option for retirees because it offers guarantees to protect part or all of your initial investment – either 75% or up to 100%. When you reach your maturity guarantee date or pass away, if your investment is worth less than its original value, the insurance protection will top you up to your chosen percentage.2Footnote 2
That’s not the only reason segregated funds can help. Should you pass away, the death benefit from your segregated fund policy will go directly to your beneficiaries and won’t flow through your estate. This could save both time and money, alleviating stress on your loved ones.3Footnote 3
If you’re looking for a way to create an income for the rest of your life, an income annuity can help. In effect, it transforms part of your retirement nest egg into a predictable stream of income.
HelloLife retirement income program
London Life’s HelloLife retirement income program combines segregated funds and income annuities to provide Canadians with regular income with the potential for future growth. In essence, it’s retirement income that’s customized to your unique financial situation.