Equitable Life of Canada is offering clients the option to select simple interest payments on new Guaranteed Interest Account contracts issued on or after April 12, the insurer said Monday.

This new option provides clients the flexibility to request simple interest payouts monthly or annually, while preserving the principal, the Waterloo, Ont.-based company said.

By presenting the opportunity to select the preferred payment frequency, clients are able to align regular income payments on Guaranteed Deposit Accounts to meet their financial needs.

Whether simple interest payments are used to cover the cost of monthly expenses through retirement, or to plan for the annual family vacation, this new feature presents the optimal solution for clients looking for a secure investment, at industry-leading rates, Equitable said.

“Equitable Life understands that each client has their own unique investment objective — from those saving for retirement, to those living out their retirement dreams. Whatever the case may be, the new simple interest payout option offers the flexibility to assist all Canadians in achieving their financial goals,” stated Michael Dawe, senior vice president, individual.

Founded in 1920, Equitable Life of Canada is the largest federally regulated mutual life insurance company in Canada, More than 10,000 advisors represent the company, from British Columbia to Ontario and the Atlantic provinces.

IE