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Canada Life Article - Partial Withdrawals

Canada Life expands estate planning range

Canada Life has today launched the Select Account Discounted Gift Trust, an onshore discounted gift trust (DGT) to supplement its existing award winning estate planning proposition.

 

The popular onshore bond from Canada Life, the Select Account has been enhanced to offer a DGT. Bare and discretionary discounted gift trusts are popular solutions for clients with an inheritance tax liability, who are happy to gift capital but wish to retain a fixed lifetime income.

 

The onshore DGT from Canada Life offers a streamlined quotation and underwriting process allowing advisers to discuss individual cases and scenarios with their Underwriting Team to see if a discount would apply. Canada Life has also reduced the number of health and medical questions necessary to generate a quote and if additional medical information is required then they plan to operate a targeted approach to requesting GP reports.

 

Canada Life already has a successful track record with similar offshore arrangements with international DGTs offered by Canada Life International on the Isle of Man and through Canada Life Assurance (Ireland) DAC in Dublin.

 

Richard Priestley, Executive Director, Individual Onshore Canada Life commented:

 

“This addition to our onshore range strengthens our position as a leading provider of estate planning solutions for advisers and their clients. Many advisers like using discounted gift trusts but dislike the lengthy underwriting process. We aim to be easy to do business with and are pleased to be able to respond to adviser feedback by offering a streamlined underwriting process and access to underwriters at the quote stage, if required. We have adopted a pragmatic approach to underwriting and will only ask for additional medical information if it is really necessary.

 

“We have been able to offer this enhancement to our popular onshore bond the Select Account at no additional cost to our customers as the charges remain the same.”

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.