TORONTO, Feb. 14, 2003 – The Canada Life Assurance Company (Canada Life™) today announced new interest rates for its Private Collections Protected Growth Investment (PGI). PGI rates for the upcoming product year will be better than current one-year GICs and most current medium-term GICs. This move, combined with the recently announced increases to guaranteed term interest rates, represents Canada Life’s continued commitment to providing retail investors with products and services that cater to their evolving needs.
Canada Life’s Private Collections product line is composed of a family of four specialty segregated funds and Canada’s first PGI, an innovative investment product similar to traditional equity-linked GICs, but enhanced by added insurance features like potential creditor protection and estate planning benefits such as bypassing probate fees. Available in terms of 5-10 years, PGIs offer competitive interest rates, set annually, plus a potential bonus at the term maturity date based on the performance of underlying investments. PGIs never provide negative returns when held to maturity, plus they create an opportunity to profit from market gains via the maturity bonus.
“Even in these times of market uncertainty, Canada Life continues to offer highly competitive interest rates on our guaranteed terms and on our unique PGI product,” said Mark Cummings, Vice President of Individual Wealth Management at Canada Life. “PGIs combine the security of a guaranteed rate of return, which is valuable in today’s market volatility, with the chance to participate in market gains so investors’ earnings may exceed the guaranteed rate. We’re dedicated to offering clients innovative and high performance products that can be key contributors to achieving financial goals.”
The PGI interest rates are effective from June 2003 to June 2004, for existing and new clients:
----------------------------------------------------------- Term Interest Rate ----------------------------------------------------------- 5 year 4.0%(*) ----------------------------------------------------------- 6 year 4.1%(*) ----------------------------------------------------------- 7 year 4.2%(*) ----------------------------------------------------------- 8 year 4.3%(*) ----------------------------------------------------------- 9 year 4.4%(*) ----------------------------------------------------------- 10 year 4.5%(*) -----------------------------------------------------------
(*)Variable rates are set annually each June, and will be competitively positioned in the marketplace to provide investors with enhanced returns. The rates indicated above are the guaranteed minimum. Canada Life may increase interest rates at its discretion prior to the annual June setting.
For more information about Private Collections, Protected Growth Investments, or other interest-bearing investments, visit the Canada Life Web site at www.canadalife.ca, or phone 1-888-252-1847.
About Canada Life
The Canada Life Assurance Company, Canada’s first domestic life insurance company founded in 1847, has total assets under administration in excess of $68 billion. Headquartered in Toronto, the Company operates in Canada, the United States, the Republic of Ireland, the United Kingdom, Germany, Brazil, Hong Kong and the Caribbean.
