Boomers drawn to protection and potential market growth
TORONTO, Aug. 23 2007 – In just under 10 months, sales have surpassed the $2 billion milestone for GIF Select, featuring IncomePlus, Canada’s first Guaranteed Minimum Withdrawal Benefit (GMWB) product designed to help Canadians save, protect and grow their retirement savings.
Launched in October 2006 by Manulife Investments, IncomePlus appeals to Canadian boomers entering the “Retirement Risk Zone” — the five-to-ten years before they retire and after they reach retirement — when their portfolios are most vulnerable to market downturns and volatility, as witnessed in recent weeks. IncomePlus provides guaranteed monthly payments independent of when an investor retires in the market cycle, as well as growth potential, flexibility and control.
“Success of these products in the U.S. in the last five years signaled the potential for a strong and swift uptake in Canada,” said J. Roy Firth, Executive Vice President, Manulife Financial. “Still, we couldn’t have predicted this much early success. The popularity of these products with Canadians speaks to the current mindset of today’s boomer – they want protection when markets are volatile and growth when markets are good. This product gives them that, and more.”
IncomePlus provides investors with guaranteed monthly income with downside protection; upside potential that can increase the payments; flexibility and control over investments with complete access to the market value of their funds at anytime if needed.
In addition, investors can lock in an income bonus of up to 50 per cent of their deposits by purchasing the product up to 10 years before they begin withdrawals, regardless of how the market performs.
IncomePlus includes a wide range of funds managed by some of the top fund managers in Canada including: AIM Trimark Investments, CI Investments, Fidelity Investments, MFC Global Investment Management, and Mackenzie Investments.
For more details, please visit Manulife Investments’ website at: www.manulife.ca/investments
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada’s leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$410 billion (US $386 billion) as at June 30, 2007.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report