News Articles

Canada Life | Lifetime Income Benefit Illustrator and Income Allocator Updates

On March 9, updates to the lifetime income benefit illustrator and the income allocator will take effect. These changes will affect calculations and reports for both tools.

Reports generated for clients before that date will be different than reports generated after. You can re-run reports on and after March 9 for the most up-to-date information.

Lifetime income benefit illustrator updates:

– Lifetime income benefit option fees – The lifetime income benefit fee assumptions will change in advance of the April 1 price changes.
– Death benefit guarantee column – The death benefit column will read “Death benefit guarantee” to clarify the amount displayed is the guaranteed benefit, not necessarily what the client would receive.

Income allocator updates:

– Default payout annuity rates – The tool will reflect reduced payout annuity rate assumptions that better reflect the rates currently available.
– Default Canada Pension Plan/Quebec Pension Plan and old age security – These assumptions will be updated to 2012 values.
– Lifetime income benefit fees – The lifetime income benefit fee assumptions will change in advance of the April 1 price changes

Original article

Leave a Reply