Lifetime Income Benefit
Retirement income comes from many sources including government sponsored benefits, company sponsored plans and your investment portfolio. To help ensure your retirement income covers your retirement lifestyle, you may want a portion of your income to be guaranteed.
Take control of your income
The Investors Group Lifetime Income Benefit is one option to consider within a well-diversified retirement income portfolio that helps put you in control of your retirement savings and income by guaranteeing your income for life. Your income won’t decrease regardless of how your policy performs, providing you with protection against the risks of market returns and volatility.
Features and Benefits
Our Lifetime Income Benefit offers the following benefits to help you feel secure in retirement:
| Guaranteed income for life | The Lifetime Income Benefit provides predictable, guaranteed income for life, starting as early as age 50. The lifetime income amount is based on your age making you eligible for higher payments as you get older. |
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| Deferral bonuses[1] | 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. |
| Income resets | As your policy market value increases, you have the potential to secure those gains to increase your lifetime income amount. Your lifetime income amount will not decrease regardless of how your guaranteed investment funds perform. |
| Access your savings at any time | Guaranteed investment 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. |
| Is it right for you? | The Lifetime Income Benefit is available to individuals who are at least age 50 and under age 91 and is most appropriate for people getting ready to retire and retirees looking for secure, predictable, guaranteed income. |
Realize your retirement vision
An Investors Group Guaranteed Investment Fund with the Lifetime Income Benefit can provide you with a guaranteed amount of income for your life, no matter how the markets perform.
A successful retirement needs to be planned. The Plan by Investors GroupTM can help your retirement vision become your reality. Talk to your Investors Group Consultant today about a plan that includes the right mix of investments to create a Retirement PaychequeTM that allows you to live your chosen retirement lifestyle.
[1] Deferral bonuses are not a guaranteed rate of return. They have no cash value and do not increase the market value of your investment, any applicable maturity benefit or death benefit guarantees. Deferral bonuses increase your eligible lifetime income amount.
The lifetime income benefit option is available at issue of the policy or later and is not available for all policy types. An additional monthly fee applies for the lifetime income benefit option. Features and guarantees vary by policy, age of annuitant and some limitations apply. Maturity and death benefit guarantees are reduced proportionally by withdrawals. Investors should review the Investors Group Guaranteed Investment Fund individual variable annuity contract and information folder for full details.
Insurance products and services offered through I.G. Insurance Services Inc. (in Québec, a financial services firm). Insurance license sponsored by The Great-West Life Assurance Company (outside of Québec). Investors Group Guaranteed Investment Funds are segregated fund policies issued by The Great-West Life Assurance Company.
Subject to any applicable death benefit guarantee or maturity guarantee, any part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the policy owner and may increase or decrease in value according to the fluctuations in the market value of the assets of the segregated fund.
Short-term trading fees may apply if a premium is withdrawn or switched from a guaranteed investment fund within 90 days of being applied.
