Lifetime income benefit

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1 Canada life segregated Funds Lifetime income benefit Guarantee your income for life Grow income don t allow it to decrease

2 Financial strength and stability Founded in 1847, Canada Life TM was Canada s first domestic life insurance company. In Canada, Canada Life offers a broad range of insurance and wealth management products and services for individuals, families and business owners from coast to coast. Canada Life s savings and s, retirement income, life, disability and critical illness insurance products are available through advisors, managing general agencies and national accounts associated with Canada Life. Group payout products issued by Canada Life are distributed by Great-West Life. Canada Life is a leading provider of creditor insurance in Canada for mortgages, loans, credit cards, lines of credit and leases through leading financial institutions, automobile dealerships and other lending institutions. Canada Life is a subsidiary of The Great-West Life Assurance Company, which has more than $162 billion * in assets under administration. The companies are members of the Power Financial Corporation group of companies. As of Dec. 31, 2008 For information about Canada Life and our products and services, visit

3 Notes about segregated fund policies The Canada Life segregated funds contract and information folder contain complete details about all the features of the lifetime income benefit. Read them carefully to ensure you understand the lifetime income benefit and its features. Features and guarantees vary by policy and age of annuitant and some limitations apply. Maturity and death benefit guarantees are reduced proportionately by withdrawals. Creditor protection depends on court decisions and applicable legislation, which can be subject to change and can vary from each province; it can never be guaranteed. Talk to your lawyer to find out more about the potential for creditor protection for your specific situation. Maturity guarantee and death benefit reset options must be chosen at time of initial premium to the segregated funds and cannot be removed once added. Additional fees apply. Notes about the lifetime income benefit option Deferral bonuses are not a guaranteed rate of return. They have no cash value and do not increase any applicable maturity or death guarantee benefits. Deferral bonuses increase your eligible lifetime income amount. Excess withdrawals will decrease the lifetime income amount and you will no longer be eligible for any future bonuses. An excess withdrawal is a withdrawal that exceeds the annual guaranteed income amount. Income resets do not increase the basic amount used in determining maturity or death benefit guarantees. Income resets are calculated every three years on the lifetime income benefit anniversary and come into effect on Jan. 1 of the next calendar year. For information about maturity or death benefit guarantees, turn to page 15. Once income begins, a deferral bonus can only apply when no withdrawals are made during two successive years and the market value is greater than or equal to the lifetime income withdrawal base on the most recent lifetime income benefit anniversary. Canada life segregated funds Table of contents Lifetime income benefit...4 Take control of your income...6 Guaranteed income for life...7 Five per cent annual deferral bonus...8 Income resets...9 Market conditions don t affect your retirement income...10 Market conditions don t affect your savings...12 Payments from registered policies...14 Canada Life segregated funds plus lifetime income benefit...15 Select the right funds for you...16 Investment...19 Glossary of terms...19

4 Lifetime income benefit Guarantee your income for life For years your focus has been to save for retirement. Now you need innovative solutions to help you transition your hard-earned savings into income that will last your lifetime. You also need to protect your savings against three retirement risks: Longevity risk: You might outlive your money. Inflation risk: Your retirement savings might not earn enough to keep up with inflation. Market return risk: You could experience poor market returns in your early retirement years, increasing the chances you ll use all your savings sooner than you planned. The Canada Life segregated funds lifetime income benefit helps you manage these risks in retirement and protect your savings. The lifetime income benefit can help provide: Predictable, guaranteed income for life beginning as early as age 50 The potential for increasing income A safe transition from savings to income Your lifetime income amount will not decrease regardless of how your segregated funds perform. Longevity risk Successful retirement planning considers you might live beyond your life expectancy. The lifetime income benefit can help because it provides predictable, guaranteed income, no matter how long you live unless excess withdrawals are taken. Life expectancy in years at given age * Age Male Female * Source: Life expectancy, by age group and sex. Statistics Canada, 2002 Inflation risk The value of a dollar is reduced by inflation. The risk of inflation becomes greater in retirement because expenses can keep increasing when your income may not. Over time, the increased cost of basic living expenses such as food, shelter and transportation, erodes your purchasing power. The lifetime income benefit helps you manage the risk of inflation because it can potentially increase your lifetime income amount with resets every three years. Purchasing power of a dollar in 25 years 1% inflation = $0.78 2% inflation = $0.61 4% inflation = $0.38

5 Canada life segregated funds Market return risk As you plan for retirement, you may question what happens if you experience poor market returns early in retirement. Industry experts consider the five years before and the five years after retirement an especially critical phase for your retirement savings. This 10-year period is often referred to as the retirement risk zone because short-term losses in the years leading up to retirement have a limited time to recover before you begin to rely on them for income. The shorter the recovery period before and after your retirement date, the greater the negative effect these losses have on your ability to sustain income for life. Retirement risk zone Saving years Retirement risk zone Retirement income years Hypothetical policy market value Age Retirement date For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. The lifetime income benefit helps get you through this retirement risk zone by guaranteeing the starting value on which your lifetime income amount will be based. You can increase your income amount by deferral bonuses earned in every year you defer making a withdrawal prior to taking an income.

6 Take control of your income The lifetime income benefit puts you in control of your retirement savings and income by guaranteeing your income for life. Your income won t decrease regardless of how the segregated funds perform, which provides you with protection against the risks of longevity, inflation, and market returns and volatility. $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Guaranteed income for life Hypothetical policy market value You contribute a $500,000 premium to your policy at age 65. Even if the policy market value drops to $0, you are guaranteed to continue receiving payments for the rest of your life. $50,000 $0 $25,000 Guaranteed income continues for life Age For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. The lifetime income benefit option offers a lifetime income amount, which will never decrease provided excess withdrawals are not taken. You contribute a $500,000 premium to your policy at age 65. Even in a down market, your lifetime income amount is guaranteed at $25,000 (5% x $500,000), and it can grow with deferral bonuses. You may be able to increase your income through deferral bonuses and income resets.

7 Is it right for you? Canada life segregated funds The lifetime income benefit is just one component of a well-diversified retirement income portfolio. It s most appropriate for people getting ready to retire and retirees looking for secure, predictable, guaranteed income. You must be at least age 50 and under age 91 to add the lifetime income benefit to a segregated fund policy. The lifetime income benefit works best for people who do not already have guaranteed retirement income. Guaranteed income comes from government benefits, company pension plans or life annuities. You should allocate only a portion of your retirement income portfolio to the lifetime income benefit. You will want to keep some funds easily accessible for emergencies and other needs that arise. The lifetime income benefit doesn t allow you to take out extra money without penalties. Information at your fingertips Visit lifetimeincome.canadalife.com for more information about the features and advantages of the lifetime income benefit. Guaranteed income for life With the lifetime income benefit, you re guaranteed income for life, whether you live to 85, 105 or beyond. Your income will not decrease, regardless of how the segregated funds perform. No matter how long you live The Canada Life lifetime income benefit provides predictable, guaranteed income for life, starting as early as age 50, unlike other policies that don t start distributing guaranteed lifetime income until age 65. The lifetime income amount is based on your age; this makes you eligible for higher income payments as you get older. When you add the lifetime income benefit, your eligible lifetime income amount is the initial market value of your policy multiplied by the income percentage corresponding to your current age. This chart provides the income percentages at each age and illustrates how much the annual lifetime income amount would be, based on a $100,000 initial premium. Age Income percentage Annual lifetime income amount 50 to % $4, to % $4, to % $4, to % $5, to % $5, and older 6.00% $6,000

8 Five per cent annual deferral bonus Increase your lifetime income amount with deferral bonuses With the lifetime income benefit, you are eligible to earn a five per cent deferral bonus every year until you make a withdrawal. If you don t need to take an income right away, the deferral bonus can help you grow your lifetime income amount even when markets are down. Once you begin taking an income, you are no longer eligible for deferral bonuses. If you stop taking income, you will only be eligible for deferral bonuses again when your policy value exceeds your lifetime income withdrawal base. Deferral bonuses can add up You can increase your income amount by deferral bonuses earned in every year you defer making a withdrawal before you start taking an income. Deferral bonuses increase the lifetime income withdrawal base, which help determine the lifetime income amount available to you. For example: If you contribute a premium of $200,000 to your policy and defer income for 10 years, your lifetime income withdrawal base will have a minimum value of $300,000 because of deferral bonuses. Important: Deferral bonuses are not a guaranteed rate of return. They have no cash value and do not increase any applicable maturity or death guarantee benefits. Deferral bonuses increase your eligible lifetime income amount.

9 Income resets Increase your lifetime income amount with income resets Canada life segregated funds As policy market values increase, you have the potential to secure those gains to increase your lifetime income amount. Your lifetime income amount will not decrease regardless of how the segregated funds perform. Secure growth with automatic income resets The example below shows how the lifetime income withdrawal base is increased every three years when the policy value is greater than the existing lifetime income withdrawal base. Once your lifetime income withdrawal base increases, it is guaranteed for life regardless of any future down markets, assuming no excess withdrawals are made. Key features of income resets Can occur every three years Lifetime income amount will increase when an income reset is applied income resets are available for the life of the policy income resets do not increase the basic amount used in determining maturity or death benefit guarantees How income resets work Lifetime income amount increases when income resets occur Hypothetical policy market value Hypothetical policy market value Lifetime income withdrawal base Reset Years For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance.

10 Market conditions don t affect your retirement income Jack, age 65, is planning his retirement income. He has a certain amount of guaranteed income from his company s pension plan and decides to allocate $500,000 from his savings to a policy with the lifetime income benefit. He starts taking income immediately. Based on Jack s age and initial premium, he s guaranteed to receive an annual lifetime income amount of $25,000 (5% x $500,000). Consider the following two scenarios. Taking income in a down market Even if the market value of his policy is reduced because of a market downturn, the lifetime income benefit still guarantees Jack an income for life. After 16 years, Jack s policy market value reduces to $0. However, thanks to the lifetime income benefit, he continues to receive $25,000 a year. $500,000 Taking income in a down market INCOME $65,000 $400,000 $55,000 $300,000 Hypothetical policy market value $300,000 $45,000 $240,000 $200,000 $35,000 Annual income $25,000 minimum guaranteed income for life Lifetime income amount (years) For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. Benefit: Your income is guaranteed for life.

11 Canada life segregated funds Taking income in an up market When markets and segregated funds in Jack s policy perform well, Jack can take advantage of income resets and higher income percentages. As previously mentioned, Jack s annual lifetime income amount starts at $25,000. However, every three years, Jack s policy can reset his income to a higher amount, if the market value on that date multiplied by his income percentage results in a higher lifetime income amount. Even when taking income, Jack benefits from income resets every three years. In this example, by year 18, Jack s policy value grows to $842,833. His income percentage is six per cent, which results in an income of $50,570. If the segregated funds in his policy continue to perform well, his income could continue to increase. $1,000,000 Taking income in an up market INCOME $75,000 $800,000 $600,000 $400,000 Hypothetical policy market value $25,000 $26,545 $26,797 $31,580 $34,681 $44,069 $50,570 $60,000 $50,570 minimum guaranteed income for life $30,000 $15, Lifetime income amount (years) For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. Benefit: Your lifetime income amount can increase with income resets.

12 Market conditions don t affect your savings Nancy, age 50, wants to retire within 15 years. As a small business owner without a pension plan, she allocates $200,000 of her savings to the lifetime income benefit. This allows her to take advantage of the guarantees, income resets and deferral bonuses that may increase her lifetime income amount. Nancy s initial premium establishes a lifetime income withdrawal base of $200,000. For every year she defers taking income, she benefits from a five per cent deferral bonus. However, if Nancy decides to take an income, she could still be eligible for a deferral bonus again when the lifetime income withdrawal base resets to a higher amount. The bonus is a notional amount that, when added to her lifetime income withdrawal base, increases the lifetime income amount she is guaranteed to receive. Deferral bonuses have no cash value. Consider the following two senarios. Deferring income in a down market As Nancy approaches her retirement date, she can decide to receive a lifetime income amount at any time. For example, at age 65, her lifetime income amount is $17,000 per year (5% x $340,000). This annual amount is guaranteed for life and could increase. In the down $450,000 Deferring income in a down market market, Nancy is concerned about poor segregated fund returns in her policy. She decides to remain employed and let the annual deferral bonus continue, so she can increase her income when she retires. $400,000 $350,000 $300,000 $250,000 Initial premium $200,000 $150,000 $21,000 minimum guaranteed income for life 5.25% x $400,000 $100,000 $50,000 $ Lifetime income withdrawal base (years) Deferral bonus Hypothetical policy market value Initial premium For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. Fortunately for Nancy, even in down markets, her lifetime income amount is guaranteed, and it can grow through deferral bonuses. Through deferral bonuses of $10,000 accumulated over 20 years, Nancy s lifetime income withdrawal base grows to $400,000. The lifetime income amount available to Nancy when she retires at age 70 is $21,000 (5.25 % x $400,000). She s guaranteed to receive this amount every year for the rest of her life. Nancy could have deferred even longer because there is no maximum deferral period. Benefit: Your lifetime income amount can grow through deferral bonuses.

13 Canada life segregated funds Deferring income in an up market Deferring income in an up market $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $51,773 minimum guaranteed income for life 5.25% x $986,159 $200,000 $ Lifetime income withdrawal base (years) Income reset Deferral bonus Hypothetical policy market value For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. Benefit: Income resets can increase your lifetime income amount. If Nancy retires at 65 after several years of policy growth, she can benefit from both deferral bonuses and income resets. Income resets can occur as often as every three years. They can lock-in market growth and increase the lifetime income amount. They can also increase the amount of deferral bonus Nancy receives. In this example, Nancy can start receiving more than $32,000 per year at age 65. However, if she waits five more years and enjoys continued positive segregated fund performance, her starting income can be much higher. In this example, if Nancy retires at age 70, her lifetime income withdrawal base is $986,159 because of deferral bonuses and policy market value resets. Nancy is now guaranteed to receive $51,773 every year for the rest of her life.

14 Payments from registered policies Legislated minimum payments When you convert your registered retirement savings plan (RRSP) into a registered retirement income fund (RRIF) you are required to take minimum annual payments. The lifetime income benefit was designed to provide income for life, regardless of RRIF payments. You can meet the legal requirements of the minimum annual payment schedule, and still be guaranteed an annual income even if the market value of your policy is reduced to zero. In each calendar year, you may withdraw the greater of the RRIF minimum or the lifetime income amount. If your legislated minimum exceeds the lifetime income amount, the legislated minimum will be paid to you. These payments are not treated as excess withdrawals. For example: If the lifetime income amount is $10,000, but the RRIF minimum is $12,000, you would receive $12,000 to meet the legislative minimum. However, it s not considered an excess withdrawal, so your guaranteed lifetime income amount remains intact. If you withdrew any amount above $12,000, it would be an excess withdrawal, which negatively affects your lifetime income amount. Currently, only 75/75 or 75/100 guarantee policies offer the lifetime income benefit option. The policy can be a: Non-registered policy RRSP and spousal RRSP RRIF and spousal RRIF Prescribed retirement income fund (PRIF)

15 Canada Life segregated funds + lifetime income benefit A powerful combination Canada life segregated funds By combining a segregated fund policy with the lifetime income benefit, you get income for life as well as an portfolio tailored to suit your needs. You can select from a variety of funds containing fixed income and equity s. You have the potential to build your s while receiving secure income payments regardless of what happens to portfolio values. You can add the lifetime income benefit to one of two Canada Life segregated funds policies at any time. 75/75 guarantee policy 75/100 guarantee policy 1. Choose your guarantee You have the flexibility to choose the maturity and death benefit guarantees to protect you. This helps you tailor your solutions to fit your needs and financial goals. 2. add the lifetime income benefit option Benefits of segregated fund policies Segregated fund policies are life insurance contracts. This means segregated fund policies have benefits and standard protection features, including: Creditor protection potential because segregated funds are part of an insurance policy, your policy may be protected from creditors. No trustee fees if you choose a registered segregated fund policy, there are no trustee fees. Estate bypass upon the annuitant s death, proceeds go directly to named beneficiaries, if other than the estate, bypassing the delays and expense of the probate process. 75/75 guarantee 75/100 guarantee Guarantees 75 per cent maturity guarantee and 75 per cent death benefit guarantee You re guaranteed to receive 75 per cent of all premiums contributed reduced proportionately by any withdrawals: At the maturity guarantee date On notification of death of the last annuitant 75 per cent maturity and 100 per cent death benefit guarantee At maturity guarantee date: You re guaranteed to receive 75 per cent of premiums contributed reduced proportionately by any redemption. On notification of death of the last annuitant: Up to 100 per cent of premiums contributed reduced proportionately by any withdrawals are guaranteed. Premiums contributed when youngest annuitant is age 80 or older are subject to a graded death benefit guarantee schedule. Lifetime income benefit option Available Available

16 3. Select the right funds for you With Canada Life segregated funds policies, you can add the lifetime income benefit option to 27 eligible segregated funds. Managed fund solutions Canada Life s managed fund solutions combine several funds to create one vehicle, or fund of funds. With several options available, you can select a portfolio that best suits your risk tolerance. As well, you can choose a solution managed by either multiple or one manager. Fund name Investment manager class Investment style Fund objective Managed fund solutions Core managed solutions Core Conservative Growth This fund s objective is to provide interest income with the potential for capital appreciation by investing primarily in units of Canadian fixed income funds while investing a smaller portion in Canadian and foreign equity funds. This fund typically allocates 30 per cent to equity s and 70 per cent to fixed Core Moderate This fund s objective is to provide a balance between current income and long-term capital growth by investing primarily in units of Canadian fixed income funds while investing a smaller portion in Canadian and foreign equity funds. This fund typically allocates 40 per cent to equity s and 60 per cent to fixed Core Moderate Growth Plus This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds. This fund typically allocates 50 per cent to equity s and 50 per cent to fixed Core Balanced This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds. This fund typically allocates 60 per cent to equity s and 40 per cent to fixed Core Balanced Growth Plus This fund s objective is to provide long-term capital growth by investing primarily in units of Canadian and foreign equity funds while investing a smaller portion in Canadian fixed income funds. This fund typically allocates 70 per cent to equity s and 30 per cent to fixed Partner managed solutions Fidelity Moderate Income Fidelity This fund s objective is to provide interest income with the potential for capital appreciation by investing in units of funds managed by Fidelity Investments Canada ULC. The fund primarily invests in fixed income funds while investing a smaller portion in units of Canadian and foreign equity funds. This fund typically allocates 35 per cent to equity s and 65 per cent to fixed Fidelity Moderate Growth Plus Fidelity This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Fidelity Investments Canada ULC. This fund typically allocates 50 per cent to equity s and 50 per cent to fixed Fidelity Balanced Fidelity This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Fidelity Investments Canada ULC. This fund typically allocates 60 per cent to equity s and 40 per cent to fixed Franklin Templeton Moderate Income Franklin Templeton This fund s objective is to provide interest income with the potential for capital appreciation by investing in units of funds managed by Franklin Templeton Investments. The fund primarily invests in fixed income funds while investing a smaller portion in units of Canadian and foreign equity funds. This fund typically allocates 35 per cent to equity s and 65 per cent to fixed

17 Canada life segregated funds Fund Name Investment manager Class Investment Style Fund objective Partner managed solutions (cont d) Franklin Templeton Moderate Growth Franklin Templeton This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Franklin Templeton Investments. This fund typically allocates 45 per cent to equity s and 55 per cent to fixed Franklin Templeton Balanced Income Franklin Templeton This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Franklin Templeton Investments. This fund typically allocates 55 per cent to equity s and 45 per cent to fixed CI Balanced Income CI Investments This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by CI Investments. This fund typically allocates 55 per cent to equity s and 45 per cent to fixed Mackenzie Moderate Income Mackenzie This fund s objective is to provide interest income with the potential for capital appreciation by investing in units of funds managed by Mackenzie Financial Corporation. The fund primarily invests in fixed income funds while investing a smaller portion in units of Canadian and foreign equity funds. This fund typically allocates 35 per cent to equity s and 65 per cent to fixed Mackenzie Moderate Growth Mackenzie This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Mackenzie Financial Corporation. This fund typically allocates 45 per cent to equity s and 55 per cent to fixed Mackenzie Balanced Income Mackenzie This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Mackenzie Financial Corporation. This fund typically allocates 55 per cent to equity s and 45 per cent to fixed Mackenzie Balanced Also available: Fund Name Mackenzie Investment manager Class Investment Style This fund s objective is to provide a balance between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity funds managed by Mackenzie Financial Corporation. This fund typically allocates 60 per cent to equity s and 40 per cent to fixed Fund objective Stand-alone funds Money Market Laketon Cash and cash equivalents Not applicable The fund s objective is to provide short-term capital preservation and interest income through s in commercial papers such as federal and provincial treasury bills and bankers acceptances. Income Opportunity London Capital Fixed income Not applicable The fund s objective is to provide a balance between long-term capital growth and current income by investing primarily in Canadian fixed income securities and equities. The fund will focus on securities that are expected to provide income like government and corporate bonds and dividend-yielding Canadian stocks. Balanced Bissett Balanced Managed Laketon Balanced Balanced Greystone Balanced Bottom-up, growth at a reasonable price (GARP) Top-down, blend Bottom-up, growth This segregated fund invests in the Bissett Canadian Balanced Fund. The underlying fund seeks balance of current income and long-term capital appreciation by investing primarily in a portfolio of Bissett Funds to achieve a balance of fixed income and equity s. This fund s objective is to provide a balance between long-term capital growth and current income by investing primarily in Canadian fixed-income securities and Canadian and foreign equities. The fund targets a long-term asset mix of 30 per cent Canadian equities, 25 per cent global equities and 45 per cent fixed income securities. The objective of this fund is the preservation of the value of original s, capital appreciation and income. Greystone uses a growth-oriented style to manage the equity portion of this fund. This fund typically allocates 60 per cent to equity s and 40 per cent to fixed

18 Fund Name Investment manager Class Investment Style Fund objective funds Conservative Allocation This fund s objective is to provide interest income with the potential for capital appreciation by investing in units of Canadian fixed income segregated funds with a smaller portion in its equity segregated funds. This fund usually divides its s as follows: n 20 to 40% equities n 60 to 80% fixed income Moderate Allocation This fund s objective is to provide a balance between current income and longterm capital growth by investing primarily in units of Canadian fixed income segregated funds and includes a significant in its equity segregated funds. This fund usually divides its s as follows: n 30 to 60% equities n 40 to 70% fixed income Balanced Allocation This fund s objective is to provide a balance between long-term capital growth and current income by investing primarily in units of equity segregated funds and includes a significant in its fixed income segregated funds. This fund usually divides its s as follows: n 50 to 75% equities n 25 to 50% fixed income Income funds Income Focus Income This fund s objective is to provide interest income with the potential for capital appreciation by investing in units of Canadian fixed income segregated funds with a smaller portion in units of equity segregated funds. This fund usually divides its s as follows: n 10 to 30% equities n 70 to 90% fixed income Income Growth Income This fund s objective is to provide a balance between current income and longterm capital growth by investing primarily in units of fixed income segregated funds and includes a significant in units of equity segregated funds. This fund usually divides its s as follows: n 25 to 45% equities n 55 to 75% fixed income Income Growth Plus Income This fund s objective is to provide a balance between current income and long-term capital growth by investing primarily in units of equity and fixed income segregated funds. This fund usually divides its s as follows: n 40 to 60% equities n 40 to 60% fixed income Access your savings at any time Segregated fund policies offer access to assets whenever needed. Certain fees or RRIF minimums, if applicable, may apply at the time of withdrawal. Withdrawals in excess of the annual guaranteed income amount will affect your lifetime income amount and make you ineligible for deferral bonuses.

19 Investment with the lifetime income benefit option A successful fund selection along with the income reset feature and deferred bonuses can increase your guaranteed income. Canada Life offers a multimanager, multi-style lineup of segregated funds that gives you the flexibility to tailor a portfolio to meet your individual needs. Canada life segregated funds By investing with Canada Life, you have some of the leading in the world managing your money. Glossary of terms This section provides a brief definition of the terms associated with the Canada Life lifetime income benefit. For a detailed explanation and other details, please talk to your advisor* or refer to the Canada Life information folder. Annual guaranteed income amount is the maximum income you can take in a year without incurring an excess withdrawal. The annual guaranteed income amount is the greater of the lifetime income amount or RRIF minimum, if applicable. Base for income bonus is a notional balance used to determine the deferral bonus amount applied to the lifetime income withdrawal base. This is not a cash value. Deferral bonus five per cent of the base for income bonus is added to lifetime income withdrawal base when no withdrawals have been taken in any year. This is not a cash value. Excess withdrawals are cumulative annual withdrawals in excess of the lifetime income amount, or RRIF minimum (if applicable). Excess withdrawals will decrease the lifetime income amount and you will no longer be eligible for any future bonuses. Income resets an increase in the market value of the policy resets the lifetime income withdrawal base used to determine the lifetime income amount. Income resets may occur every three years and your lifetime income amount will only be re-calculated upwards. Lifetime income amount represents the annual guaranteed lifetime income and is the maximum amount that can be withdrawn each calendar year. Lifetime income withdrawal base is a notional balance used to calculate the lifetime income amount and lifetime income benefit monthly fee. This is not a cash value. *In Quebec, advisor refers to a financial security advisor for individual insurance and segregated fund policies; and to an advisor in group insurance/annuity plans for group products.

20 For more information about Canada Life and its products visit or talk to your advisor. A description of the key features of the segregated fund policy is contained in the information folder. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value. The display of trademarks on this brochure does not imply that a licence of any kind has been granted. All service and product names are trademarks of their respective owners. Helping people achieve more THE Canada CANADA Life and design, LIFE and Helping ASSURANCE people achieve COMPANY more are trademarks of The Canada Life Assurance Company /09

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