New agreement will allow Primerica advisors to offer Canada Life's seg funds starting in early 2025
Canada Life and Primerica Life Insurance Company of Canada have signed a distribution agreement, providing Primerica Canada's advisors with access to a curated selection of Canada Life's segregated fund (seg fund) offerings.
This agreement aims to expand access to seg funds for Canadians 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 to even more Canadians, because we know that when families work with an advisor, they're better off.”
Through this agreement, Primerica Canada's advisors will have access to Canada Life's seg fund shelf, enabling them to offer investment solutions that provide both growth potential and guarantees, as well as creditor protection.
Shewchuk also noted that this agreement supports Canada Life's plans to attract more advisors across the country.
Segregated funds are an investment vehicle that combines the growth opportunities of mutual funds with the security provided by insurance guarantees. Seg funds can benefit Canadians across various income levels and age groups.
Their key features include:
- Growth potential through diversified portfolios, alongside maturity and death benefit guarantees.
- Creditor protection, particularly valuable for small business owners and professionals managing liability risks.
- A streamlined estate planning process, allowing proceeds to go directly to beneficiaries.
John Adams, CEO of Primerica Canada, emphasized the importance of this partnership, saying, “Our company, driven by our dedicated field force, continues to be committed to opening up opportunities for Canadian families to invest in their future.”
He continued, “This new offering, coupled with our strong and growing advisor base, will improve access to this important option for investors."
The agreement will follow a phased approach, with onboarding and training for Primerica Canada's advisors starting in early 2025. Canada Life confirmed that this new partnership will not impact its existing distribution channels or advisors.
