Canada Life and Primerica Life Insurance Company of Canada have announced a new distribution agreement aimed at increasing access to Canada Life’s segregated funds (seg funds) for Canadians in the mass market.
Through the partnership, Primerica’s advisors will be able to offer their clients a carefully selected range of Canada Life’s seg funds, expanding financial solutions to previously underserved consumers.
Blaine Shewchuk, executive vice president of individual wealth at Canada Life, noted: “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.”
Primerica’s advisors will now be able to incorporate Canada Life’s seg funds into their clients’ financial plans. The products offer a combination of growth opportunities and security, providing guarantees on maturity and death benefits along with creditor protection.
Seg funds are designed to support diverse financial goals, making them an attractive option for Canadians across different income levels and life stages.
Primerica Canada chief executive John A. Adams highlighted the importance of the tie-up, stating: “Our company, driven by our dedicated field force, continues to be committed to opening up opportunities for Canadian families to invest in their future.
“This new offering, coupled with our strong and growing advisor base, will improve access to this important option for investors.”
A phased rollout will start in early 2025, ensuring that Primerica advisors are fully trained and ready to provide the products to their clients. Importantly, the new arrangement will not affect existing Canada Life distribution channels or advisors.
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