Lifetime income benefit

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1 London Life segregated policies Lifetime income benefit Guarantee your income for life GUARANTEES PROTECTION STRENGTH

2 Financial strength and stability London Life, together with Great-West Life and Canada Life, is a leading provider of individual segregated policies in Canada. London Life manages over $10.6 billion * in segregated policy assets for individual clients across Canada, and together with Great-West Life and Canada Life, manages over $18.6 billion * in segregated policy assets for individual clients across Canada. London Life has been helping Canadians meet their financial security needs for more than 135 years and has almost two million clients London Life, Great-West Life and Canada Life together serve the financial security needs of more than 12 million people across Canada and have $204 billion* in consolidated assets under administration. The companies are subsidiaries of Great-West Lifeco Inc., and members of the Power Financial Corporation group of companies. * assets as of Dec. 31, 2011

3 Table of contents 4 London Life lifetime income benefit Guarantee your income for life Longevity risk Market return risk 7 Take control of your income 7 Is it right for you? 8 Guaranteed income for life No matter how long you live 9 Annual deferral bonus Increase your lifetime income with deferral bonuses Bonuses can add up 10 Income resets Increase your lifetime income amount with resets Secure growth with automatic income resets 12 Weak market conditions don t affect your retirement income 16 Payments from registered policies 17 London Life segregated s plus lifetime income benefit A powerful combination Choose your guarantee 19 Select the right s for you portfolio s 25 Investment managers 26 Glossary of terms

4 London Life lifetime income benefit Guarantee your income for life For years your focus has been to save for retirement. Now you need innovative s 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. Market return risk You could experience poor market returns in the early retirement years, increasing the chances you ll use all your savings sooner than you planned. Inflation risk Your retirement savings might not earn enough to keep up with inflation. The London Life lifetime income benefit option 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 Guaranteed income for life for you and your spouse Your lifetime income amount will not decrease, regardless of how the segregated s perform. 4

5 Life expectancy in years at given age Longevity risk Retirement planning considers the risk that you or your spouse might outlive your assets. The lifetime income benefit can help provide predictable, guaranteed income, no matter how long you or your spouse lives. Joint-life income can help protect couples from the risk of reduced income when a spouse dies. Age Male Female Source: Statistics Canada, Life expectancy at various ages, by population group and sex,

6 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 risk zone 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 L-A The lifetime income benefit helps get you through the retirement risk zone by guaranteeing the starting value on which your lifetime income amount will be based. You can increase your income amount through bonuses earned in every year you defer making a withdrawal prior to taking an income. 6

7 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 s perform, which provides you with protection against the risks of longevity, inflation, and market returns and volatility. Guarantee income for life Guaranteed income for life Hypothetical policy market value $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $21,000 Even if the policy market value drops to $0, you are guaranteed to continue receiving payments for the rest of your life. Guaranteed income for life $0 Age L 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. Is it right for you? 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 and your spouse, if applicable, must be age 50 and under age 91 to add the lifetime income benefit to a segregated policy. By selecting joint-life income, you and your spouse can receive guaranteed income for life. 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 s easily accessible for emergencies and other needs that arise. The lifetime income benefit doesn t allow you to take out extra money without penalties. Work with your financial security advisor to develop a savings and income plan that s appropriate for you. He or she can show you how the lifetime income benefit may help you to meet your retirement goals. 7

8 Guaranteed income for life No matter how long you live The London Life lifetime income benefit provides predictable, guaranteed income for life, starting as early as age 50, unlike other policies that don t start distributing income until age 65. The lifetime income amount is based on your age or the age of the youngest spouse if you select joint-life income. 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 market value of your policy, multiplied by the income percentage that corresponds with your age (or your spouse, if applicable). The percentage used to calculate the lifetime income amount increases with age. Age used to calculate income Single-life income percentage Joint-life income percentage % 2.50% % 2.90% % 3.30% % 3.70% % 4.10% % 4.50% You may be able to increase your income through deferral bonuses and resets. 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 s perform. 8

9 Annual deferral bonus Increase your lifetime income with deferral bonuses With the lifetime income benefit, you are eligible to earn a three 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 may 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 bonuses earned in every year you defer making a withdrawal before you start taking an income. Bonuses increase the lifetime income withdrawal base, which helps determine the lifetime income amount available to you. 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. 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 $260,000 because of deferral bonuses. 9

10 Income resets Increase your lifetime income amount with resets As policy 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 s perform. How income resets work This example 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. Income reset option Key features of income resets Income resets can occur every three years. Lifetime income amount will increase when a reset is applied. Resets are available for the life of the policy. Income resets do not increase the maturity or death benefit guarantees Hypothetical policy market value New guarantee amount L Years Reset Hypothetical policy market value Lifetime income withdrawal base For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance. Secure growth with automatic income resets Once your lifetime income withdrawal base increases, it is guaranteed for life regardless of any future down markets, assuming no excess withdrawals are made. 10

11 11

12 Weak market conditions don t affect your retirement income 1 $500,000 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 is guaranteed to receive an annual lifetime income amount of $21,000 (4.20 per cent of $500,000). Scenario Taking income income in in a a down down market market $65,000 $400,000 $300,000 Hypothetical policy market value $300,000 $52,000 $39,000 $240,000 $200,000 Annual income $21,000 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 L Even if the market value of his policy is reduced because of a market downturn, the lifetime income benefit still guarantees Jack 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 $21,000 a year. 1 These examples presume simplifying assumptions regarding the timing of policy anniversary, date of birth, etc. Other assumptions would likely produce different results. Consult the information folder for details specific to your individual situation. 12

13 Scenario Taking income in in an an up up market market $1,000,000 $60,000 $800,000 $600,000 $400,000 Hypothetical policy market value $21,000 $22,105 $23,305 $25,765 $29,855 $36,070 $42,100 $48,000 $42,100 minimum guaranteed income for life $24,000 $12, Lifetime income amount (years) For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance L When markets and segregated s in Jack s policy perform well, Jack can take advantage of income resets and higher income percentages. As mentioned above, Jack s annual lifetime income amount starts at $21,000. 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 more than $842,000. His income percentage is 5.00 per cent, which results in an income of $42,100. If the segregated s in his policy continue to perform well, his income could continue to increase. 13

14 Weak market conditions don t affect your retirement income 2 $350,000 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 three per cent deferral bonus. However, if Nancy decides to take 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. 2 These examples presume simplifying assumptions regarding the timing of policy anniversary, date of birth, etc. Other assumptions would likely produce different results. Consult the information folder for details specific to your individual situation. Scenario Deferring income in a down market Deferring income in a down market $300,000 $250,000 $200,000 $150,000 $100,000 $14,720 minimum guaranteed income for life 4.60% x $320,000 $50,000 $ Years Lifetime income withdrawal base Deferral bonus Hypothetical policy market value For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance L 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 $12,180 per year (4.20 per cent of $290,000). This annual amount is guaranteed for life and could increase. In this down market, however, Nancy is concerned about the poor segregated returns her policy has been experiencing. She decides to stay in business and let the annual deferral bonus continue, so she can increase her income when she retires. 14

15 Fortunately for Nancy, even in down markets her lifetime income amount is guaranteed, and it can grow through deferral bonuses. Through deferral bonuses of $6,000 accumulated over 20 years, Nancy s lifetime income withdrawal base grows to $320,000. The lifetime income amount available to Nancy when she retires at age 70 is $14,720 (4.60 per cent of $320,000). She is 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. Scenario Deferring income in an up market Deferring income in an up market $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $45,310 minimum guaranteed income for life 4.60% x $985,000 $200,000 $ Years Lifetime income withdrawal base Deferral bonus Hypothetical policy market value For illustration purposes only. Policy market value is hypothetical only and not indicative of future performance L 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 s lifetime income benfefit withdrawal base grows to more than $651,000 because of deferral bonuses and policy market value resets. Nancy can start receiving more than $27,000 per year at age 65. However, if she waits five more years and enjoys continued positive segregated performance, her starting income can be much higher. If Nancy waits to retire at age 70, her withdrawal base grows to over $985,000. Nancy is now guaranteed to receive $45,310 every year for the rest of her life. 15

16 Payments from registered policies Legislated minimum payments When you convert your registered retirement savings plan (RRSP) into a registered retirement income (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. Currently, only 75/75 and 75/100 guarantee policies offer the lifetime income benefit option. The policy must be one of the following: Non-registered RRSP or spousal RRSP RRIF or spousal RRIF Prescribed retirement income (PRIF) Saskatchewan and Manitoba only (Single-life income only) Locked-in retirement account (LIRA) Saskatchewan only (Single-life income only) 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. 16

17 London Life segregated s plus lifetime income benefit A powerful combination By combining a segregated policy with the lifetime income benefit, you get income for life as well as an investment portfolio tailored to suit your needs. With a minimum initial investment of $25,000, you can select from a variety of s containing fixed income and equity investments. You have the potential to build your investments while receiving secure income payments, regardless of what happens to portfolio values. You can add the lifetime income benefit to one of two London Life segregated policies at any time. Access your savings at any time Segregated 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. 75/75 guarantee policy 75/100 guarantee policy Choose your guarantee You have the flexibility to choose the maturity and death benefit guarantees to protect you. This helps you tailor your investment s to fit your needs and financial goals. Guarantees 75/75 guarantee policy 75/100 guarantee policy 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 75 per cent of premiums contributed, reduced proportionately by any withdrawals, are guaranteed. 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 the youngest annuitant is age 80 or older are subject to a graded death benefit guarantee schedule. 17

18 Benefits of segregated policies Segregated policies are life insurance contracts. This means segregated policies have benefits and standard protection features, including: Creditor protection potential Because segregated s are part of an insurance policy, your policy may be protected from creditors. No trustee fees If you choose a registered segregated policy, there are no trustee fees. Estate bypass Upon notification of the last annuitant s death, proceeds go directly to named beneficiaries, if other than the estate, bypassing the delays and expense of the probate process. Notes about segregated policies The London Life segregated s 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 by 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. 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. Reset options must be chosen at time of initial premium to the segregated s and cannot be removed once added. Additional fees apply. Income resets do not increase the maturity or death benefit guarantees. 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 and death benefit guarantees, turn to page 17. 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. This information applies only to the London Life segregated policies launched in

19 Select the right s for you With London Life segregated policies, you can add the lifetime income benefit option to 27 eligible segregated s. portfolio s London Life s managed portfolio s combine several s to create one investment vehicle, or of s. With several options available, you can select a portfolio that best suits your risk tolerance. As well, you can choose a managed by multiple investment managers or one manager. Fund Investment manager Fund category Management style Fund objective Profile Funds Conservative Profile Fund managers Asset allocation Invests mainly in fixed income investment s and includes a small investment in Canadian and foreign equity investment s and a portion of real estate. Aims to invest 25 per cent in equity and 75 per cent in fixed income investments. Moderate Profile Fund managers Asset allocation Invests mainly in fixed income investment s and includes a significant investment in Canadian and foreign equity investment s and a portion of real estate. Aims to invest 40 per cent in equity and 60 per cent in fixed-income investments. Balanced Profile Fund managers Asset allocation Focuses on achieving a balance between growth and income Underlying investment s invest in a broad range of fixed income investments and equities issued by Canadian and foreign corporations, real estate and in cash and shortterm securities. Aims to invest 60 per cent in equity and 40 per cent in fixed income investments. 19

20 Fund Investment manager Fund category Management style Fund objective Core portfolio s Core Conservative Growth managers Focuses on providing interest income with the potential for capital appreciation by investing primarily in units of Canadian fixed income s while investing a smaller portion in Canadian and foreign equity s. Allocates 30 per cent to equity investments and 70 per cent to fixed income investments. Core Moderate managers between current income and long-term capital growth by investing primarily in units of Canadian fixed income s, while investing a smaller portion in Canadian and foreign equity s. Allocates 40 per cent to equity investments and 60 per cent to fixed income investments. Core Moderate Growth Plus managers between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s. Allocates 50 per cent to equity investments and 50 per cent to fixed income investments. Core Balanced managers between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s. Allocates 60 per cent to equity investments and 40 per cent to fixed income investments. Core Balanced Growth Plus managers Focuses on providing long-term capital growth by investing primarily in units of Canadian and foreign equity s while investing a smaller portion in Canadian fixed income s. Allocates 70 per cent to equity and 30 per cent to fixed income investments. 20

21 Fund Investment manager Fund category Management style Fund objective Partner s Pyramis Moderate Income Pyramis Focuses on providing interest income with the potential for capital appreciation by investing in units of s managed by Pyramis Global Advisors. Invests primarily in fixed income s, while investing a smaller portion in units of Canadian and foreign equity s. Allocates 35 per cent to equity and 65 per cent to fixed income investments. Franklin Templeton Moderate Income Templeton Focuses on providing interest income with the potential for capital appreciation by investing in units of s managed by Franklin Templeton Investments. Invests primarily in fixed income s, while investing a smaller portion in units of Canadian and foreign equity s. Allocates 35 per cent to equity and 65 per cent to fixed income investments. Mackenzie Moderate Income Mackenzie Focuses on providing interest income with the potential for capital appreciation by investing in units of s managed by Mackenzie Financial Corporation. Primarily invests in fixed income s, while investing a smaller portion in units of Canadian and foreign equity s. Allocates 35 per cent to equity and 65 per cent to fixed income investments. Pyramis Moderate Growth Pyramis between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Pyramis Global Advisors. Allocates 45 per cent to equity and 55 per cent to fixed income investments. 21

22 Fund Investment manager Fund category Management style Fund objective Franklin Templeton Moderate Growth Templeton between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Franklin Templeton Investments. Allocates 45 per cent to equity and 55 per cent to fixed income investments. Mackenzie Moderate Growth Mackenzie between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Mackenzie Financial Corporation. Allocates 45 per cent to equity and 55 per cent to fixed income investments. Pyramis Balanced Income Pyramis between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Pyramis Global Advisors. Allocates 55 per cent to equity and 45 per cent to fixed income investments. Franklin Templeton Balanced Income Templeton between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Franklin Templeton Investments. This typically allocates 55 per cent to equity and 45 per cent to fixed income investments. Mackenzie Balanced Income Mackenzie between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Mackenzie Financial Corporation. Allocates 55 per cent to equity and 45 per cent to fixed income investments. 22

23 Fund Investment manager Fund category Management style Fund objective CI Balanced Income CI between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by CI Investments. Allocates 55 per cent to equity and 45 per cent to fixed income investments. Mackenzie Balanced Mackenzie between long-term capital growth and current income by investing in units of Canadian fixed income and Canadian and foreign equity s managed by Mackenzie Financial Corporation. Allocates 60 per cent to equity and 40 per cent to fixed income investments. Individual s Cash and cash equivalents Money market London Capital Cash and cash equivalents Not applicable Focuses on providing interest income by investing primarily in Canadian fixed income securities, including Canadian government securities and corporate income producing securities maturing within one year. fixed income Income London Capital Fixed income Not applicable This 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. Balanced Balanced Growth London Capital Balanced Growth at a reasonable price This s objective is to provide a balance between long-term capital growth and current income by investing in Canadian fixed income securities and equities. The investment strategy of the s manager focuses on highquality Canadian stocks, bonds and short-term securities. The may invest up to 30 per cent in foreign stocks. 23

24 Fund Investment manager Fund category Management style Fund objective North American Balanced London Capital Balanced Growth at a reasonable price This s objective is to provide a balance between long-term capital growth and current income by investing primarily in high quality Canadian companies, Canadian bonds and short-term securities, and may invest up to 35 per cent in foreign stock. Equity/Bond GWLIM Balanced Top-down Growth Laketon Balanced Top-down blend between long-term capital growth and current income by investing primarily in Canadian fixed income securities and equities. Aims for a long-term asset mix of 55 per cent shares of Canadian and foreign companies and 45 per cent fixed income securities. between long-term capital growth and current income by investing primarily in Canadian fixed income securities and Canadian and foreign equities. Targets a long-term asset mix of 30 per cent Canadian equities, 25 per cent global equities and 45 per cent fixed income securities. Canadian Balanced Mackenzie Balanced Bottom-up, growth between long-term capital growth and current income by investing primarily in Canadian fixed income securities and Canadian and foreign equities. Targets a long-term asset mix of 30 per cent Canadian equities, 25 per cent global equities and 45 per cent fixed income securities. Balanced Beutel, Goodman Balanced Bottom-up, value between long-term capital growth and current income by investing primarily in shares issued by Canadian and U.S. companies, Canadian bonds and short-term securities. 24

25 Investment managers A successful selection, along with the income reset feature and bonuses, can increase your guaranteed income. London Life offers a multi-manager, multi-style lineup of segregated s that gives you the flexibility to tailor a portfolio to meet your individual needs. By investing with London Life, you have some of the leading investment managers in the world managing your money. 25

26 Glossary of terms This section provides brief definitions of the terms associated with the London Life lifetime income benefit. For a detailed explanation and other details, please talk to your financial security advisor or refer to the London Life information folder. Annual guaranteed income amount 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 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 A percentage of the base for income bonus is added to the lifetime income withdrawal base, when no withdrawals have been taken in any year. This has no cash value. Excess withdrawals Cumulative annual withdrawals in excess of the lifetime income amount or RRIF minimum (as applicable). Excess withdrawals will decrease the lifetime income amount and clients 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. Resets may occur every three years and your lifetime income amount will only be recalculated 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 A notional balance used to calculate the lifetime income amount and lifetime income benefit monthly fee. This is not a cash value. Single-life income refers to guaranteed lifetime income, for you. Joint-life income refers to guaranteed lifetime income for you and your spouse, until the last spouse dies. 26

27 27

28 GUARANTEES PROTECTION STRENGTH A description of the key features of the segregated policy is contained in the information folder. Any amount that is allocated to a segregated is invested at the risk of the policyowner and may increase or decrease in value. The display of trademarks in this brochure does not imply that a license of any kind has been granted. All service and product names are trademarks of their respective owners. London Life and design are trademarks of The London Life Insurance Company /12

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