Get rewarded for using our new digital segregated fund application!
Doing business with us should be easy. That's why we're bringing you a digital application. It’s simple and straightforward and will make processing Canada Life™ segregated fund applications easier.
For MGA advisors:
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You’ll earn an additional 0.5% bonus of gross sales for digital segregated fund applications submitted through Workspace until Sept. 30, 2024.
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Canada Life is an industry leader for segregated funds and product shelf diversity. We continue to modernize our shelf to be competitive, relevant and positioned to win. Choose Canada Life as your segregated fund carrier of choice.
- The bonus period runs until Sept. 30, 2024.
* - During the bonus period, you’ll earn a bonus of 0.5% of gross sales for digital applications. For bonus purposes, “gross sales” is defined as the total amount of new segregated fund money (excluding internal transfers).
- There’s a cap – bonuses will only apply to the first $2 million of a policy. For split commissions, the $2 million cap is applied before the split.
- There will be three bonus payouts:
- Any business submitted by March 31, 2024, was paid by June 30, 2024. Funds transferring from another financial institution must have been received by Canada Life by April 30, 2024 to qualify for the bonus. There will also be a reconciliation on Sept. 30, 2024, with a potential bonus chargeback if funds that qualified for the bonus withdrawn or moved.
- Any business submitted between April 1 and June 30, 2024, will be paid by Sept. 30, 2024. Funds transferring from another financial institution must have been received by Canada Life by July 31, 2024 to qualify for the bonus. There will also be a reconciliation on Dec. 31, 2024, with a potential bonus chargeback if funds that qualified for the bonus have been withdrawn or moved.
- For any business you submit between June 30 and Sept. 30, 2024, you’ll be paid by Dec. 31, 2024. Funds transferring from another financial institution must be received by Canada Life by Oct. 31, 2024, to qualify for the bonus. There will also be a reconciliation on March 31, 2025, with a potential bonus chargeback if funds that qualified for the bonus have been withdrawn or moved.
- Any business submitted by March 31, 2024, was paid by June 30, 2024. Funds transferring from another financial institution must have been received by Canada Life by April 30, 2024 to qualify for the bonus. There will also be a reconciliation on Sept. 30, 2024, with a potential bonus chargeback if funds that qualified for the bonus withdrawn or moved.
- You must use the DocuSign process integrated with the Canada Life digital application when submitting business.
The bonus applies to any application submitted through the digital platform. We’ve started with RRSP and TFSAs and we’ll continue to add more account types. All cases entered using the digital application during the bonus period will count.
Yes.
The bonus will be paid on gross sales during the bonus period. This includes PACs made during the incentive period.
If you are an MGA advisor, contact commissions@canadalife.com.
The bonus only applies to transfers from another financial institution. Transfers from a Canada Life segregated fund to a Canada Life segregated fund do not qualify for the bonus.
Yes, if we receive the money by by Oct. 31, 2024.
- Any business you submitted by March 31, 2024 was paid by June 30, 2024. Funds transferring from another financial institution must have been received by Canada Life by April 30, 2024 to qualify for the bonus. There will also be a reconciliation on Sept. 30, 2024, with a potential bonus chargeback if funds that qualified for the bonus have been withdrawn or moved.
- For any business you submitted between April 1 and June 30, 2024, will be paid by Sept. 30, 2024. Funds transferring from another financial institution must have been received by Canada Life by July 31, 2024 to qualify for the bonus. There will also be a reconciliation on Dec. 31, 2024, with a potential bonus chargeback if funds that qualified for the bonus have been withdrawn or moved.
- For any business you submit between June 30 and Sept. 30, 2024, you’ll be paid by Dec. 31. Funds transferring from another financial institution must be received by Canada Life by Oct. 31, 2024 to qualify for the bonus. There will also be a reconciliation on March. 31, 2025, with a potential bonus chargeback if funds that qualified for the bonus have been withdrawn or moved.
For advisors:
We remind you that your primary obligation is to advise clients in their best interest and to treat customers fairly at all times. You must not promote or sell a product that does not meet a client’s financial needs as a result of this incentive or otherwise. To be eligible for this incentive, your practice must meet compliance requirements.
For delegates:
We remind you of your obligation to ensure that advisors are advising clients in their best interest and treating customers fairly at all times. As a result of this incentive or otherwise, you must not encourage advisors to promote or sell a product that does not meet a client’s financial needs. Eligibility for this incentive is subject to compliance with these requirements.
When you’re compliant, you protect yourself and your clients and you strengthen the value of your practice. Compliance is mandated. It’s the right way to conduct business, and it’s how we conduct business.
There are consequences for infractions. If you have serious open or unresolved compliance issues, you may face:
- Monthly supervision costs
- Disqualification from recognition and rewards programs or conferences
If you have questions or concerns about compliance, contact your field leader or regional compliance consultant.