Industry more focused on VPLAs than ALDAs
Glenn O'Farrell to serve as chief executive and ombudsman
Industry association also wants improved access to variable payment life annuities, among other recommendations
ALDAs could guard against the risk of retirees outliving their savings
Although a few insurance companies are leaving the annuities business, the income-producing vehicles may be a good fit for clients who want to avoid investment risk
The association also is urging the federal government to reduce or eliminate the capital tax on financial services institutions
Manulife’s exit leaves a big gap
Segregated funds and annuities are two products that can help Canadians reach their goals
The proposed Living Income For the Elderly program would enable retirees to turn any portion of their savings into a reliable income stream
When safety over the long term is the priority, a mix of annuities and fixed-income can help hedge against longevity risk