Great-West Life, London Life, and Canada Life have launched HelloLife, a retirement income program to help advisors provide clients with a clear picture of both their existing savings and an outlook for spending throughout retirement. It includes a needs analysis tool, a live annuity quoting engine, a portfolio allocator, and a program illustrator.
In July 2015, the insurers hired Vision Critical to conduct market research and the company found that 46% of Canadians do not have a spending plan for retirement, and that many also want to “actively engage” with their advisors and develop detailed retirement income plans. The HelloLife program is meant to help advisors meet this need; it includes an online planner which allows advisors and clients to work collaboratively to develop a plan that makes the most of their money in retirement.
The program outlines combinations of investments that will provide clients with both regular, guaranteed income for life (through income annuities) and growth and flexibility (from segregated funds). The guaranteed and growth portions of the program can be scaled up or down, depending on the client’s needs and appetite for risk. HelloLife also introduces four new income annuity options that have not previously been available in Canada: they offer an extended death benefit, an income transition period, short-term rate protection, and a flexible income start date.
“We found Canadians are looking for guidance in making the transition into retirement,” says Rob Ritchie, Executive Vice-President of Wealth Management for Great-West Life, London Life and Canada Life. “Specifically, they’re looking for help on how to turn their retirement savings into a steady income stream that lasts throughout their lifetime. HelloLife will enable advisors to even better assist their clients in gaining confidence in their retirement income plans.”