What is a Canada Life annuity?
A life annuity provides you with a guaranteed lifetime income. For example, if you buy a life annuity for $100,000 at age 65 with an income of $500 per month, you get your $100,000 back by age 82. If you live past 82, you will still receive $500 a month as long as you live.
What company took over Canada Life?
Parent companies In 2003, Great-West Lifeco acquired Canada Life Financial, which later emerged, along with Great-West Life Assurance Company, for US$4.7 billion.
Is Canada Life the same as Great-West life?
Canada Life, Great‑West Life and London Life are now together as one company – The Canada Life Assurance Company™.
Can I cash out my Canada Life insurance?
Over time your policy can build value you can access for cash during your life, with certain tax implications. You can access money in your policy through a loan or a withdrawal.