In a bid to provide greater flexibility for customers, the company has made a raft of changes to its Premiere Account, available via CLI in the Isle of Man, and its Premiere Europe Account, available from Canada Life Assurance in Dublin.
- Maximum age of the youngest life assured increased from 79 to 89.
- Minimum single investment amount decreased from £100,000 to £50,000 ($67,510, €56,802).
- Minimum additional investment amount reduced from £5,000 to £2,500 (this applies to new and existing policies excluding Discounted Gift Trusts).
- Maximum number of segments increased from 998 to 99,999 with the default set at 12,000.
- Minimum value per segment reduced from £2,000 to £0 for new policies.
- Recurring single premiums supported via a new, simplified application process.
Broader asset range
Additionally, CLI has added the segregated portfolio service (SPS) to the Premiere Europe Account.
The SPS allows an approved discretionary investment manager (DIM) to use a wider range of assets, including direct equities, while still meeting HM Revenue & Customs’ regulations for international bonds.
A DIM who uses the SPS can offer a bespoke investment solution for each of their clients and potentially lower investment manager fees.
“The customer is at the heart of these improvement,” said Sean Christian, managing director & executive director, international businesses, at CLI.
“The central tenet of the Canada Life International proposition is freedom – we don’t try and tie advisers down to one platform, or one jurisdiction, a single back office system or discretionary investment manager. Ultimately advisers are freely able to pick and choose the best options from the marketplace to suit each and every client.
“Lowering our minimum premium opens up our products to a wider target market and the increase in policy segments provides advisers and their clients with an unrivalled level of flexibility in the UK market. These enhancements follow our launch of capital redemption options which were introduced to the Premiere products last year.”
Market share growth
Latest figures from the Association of British Insurers (ABI) show that Canada Life International’s market share increased to 28% in 1Q17, up from 25% in 4Q16.
In August, CLI reported that sales of offshore bonds rose 60% in 1H17, with new business through the Isle of Man and Dublin hitting £566m.