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Manulife Annuities suite offers single life, joint and survivor, and term-certain options to address Canadians' growing need for retirement income solutions
TORONTO, Nov. 20, 2023 /CNW/ - Manulife today announced it is reintroducing Manulife Annuities through independent advisors to provide them with a fulsome suite of products that meet the evolving needs of Canadians seeking retirement income solutions.
For a single lump-sum investment, Manulife Annuities will provide a guaranteed income stream with payments continuing for either the life of one or two individuals, or for a specified period of time. Annuity payments are guaranteed and determined at the time of purchase. They are not affected by changing financial markets.
"There is a growing need for solutions that bring stability into financial planning, especially with more Canadians entering retirement amid an environment of continuing market volatility and increasing cost of living," said Paul Savage, head of Manulife Individual Insurance, Canada. "With annuities growing in popularity among Canadians and retirement savers worldwide, we're pleased to announce our strengthened offering to help advisors connect to their clients' needs with a relevant guaranteed income product suite."
With flexible guarantee periods and income payment options, Manulife Annuities are customizable to meet clients' individual needs.
Additionally, Manulife Annuities offer a cash refund or principal protection guarantee so that, in the event of the annuitant's premature death, a beneficiary will receive a lump sum payment equal to the difference between total payments received and the principal investment amount.
The annuity suite provides an attractive income-generating investment offering, potentially at a higher income rate than other guaranteed products. Income can be tax-efficient, with options like pension income splitting and access to the pension income tax credit.
"While there are significant tangible benefits of annuities, it's the intangible ones such as providing peace of mind, taking away the fear of outliving your money or having to manage a portfolio, that can also deliver value to retirement savers," said Mathieu Charest, head of product and pricing, Manulife Individual Insurance, Canada.
The Manufacturers Life Insurance Company (Manulife) is the issuer of all Manulife Annuity Contracts. Manulife, Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com
SOURCE Manulife
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