Canada Life adds to estate planning range

Canada Life has added to its existing estate-planning bond range with what it calls the Select Account Discounted Gift Trust, the life company, which specialises in catering for the UK market, has announced.

The Select Account Discounted Gift Trust is an onshore discounted gift trust (DGT),  which is being offered as an enhancement for Canada Life’s popular onshore bond, the Select Account, it said in a statement.

Bare and discretionary discounted gift trusts are popular among clients who have an inheritance tax liability, and who, therefore, “are happy to gift capital” while at the same time retaining a fixed lifetime income, Canada Life said.

What makes this particular DGT attractive to advisers, according to Canada Life, is that it makes possible a “streamlined quotation and underwriting process” which allows them to discuss individual cases and scenarios with the company’s underwriting team to see if a discount might apply, Canada Life said.

The company said it had also reduced the number of health and medical questions necessary to obtain a quote. If any additional medical information is required, the company said it would “operate a targeted approach” in the requesting of GP reports.

Canada Life executive Richard Priestley said the new discounted gift trust would be welcomed by the numerous advisers who “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, [as well as] access to underwriters at the quote stage, if required,” he added.

“We have adopted a pragmatic approach to underwriting, and will only ask for additional medical information if it is really necessary.”

He noted that the enhancement is being offered to clients “at no additional cost” as the charges remain the same.

Canada Life is part of Winnipeg, Canada-based Great-West Lifeco Inc., a diversified financial services holding company.

 

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

preloader
Close Window
View the Magazine





You need to fill all required fields!