Industrial-Alliance and North West Life Launch Their New Generation of Universal Policy
Meridia: Life Insurance and Tax Shelter in One
Industrial-Alliance Life Insurance Company and its Vancouver subsidiary, North West Life of Canada, are now offering a new generation of universal policy to investors, called MERIDIA. This product combines life insurance coverage and a beneficial savings component - with investment income sheltered from tax - under the same contract.
"Given the uncertainty surrounding government plans, especially for retirement, we designed MERIDIA to meet the needs of people who are looking for greater financial freedom," explained Denis Ricard, Assistant Vice-President, Marketing with Industrial-Alliance. "This new product is not only a life insurance policy, ensuring protection and security for loved ones, it also meets the growing needs of individuals who are interested in financial and estate planning as well as planning for their retirement."
Distributed through qualified agents, the MERIDIA universal policy targets the Industrial-Alliance´s traditional clientele – those who need insurance coverage, such as families – as well as those who are looking for a tax sheltered investment vehicle, such as young professionals, business clients and those who are financially well-off.
Life insurance coverage
With regards to the insurance component, MERIDIA is a flexible product that follows individuals throughout their life. It has a great range of personalized coverage: individual or joint insurance, multi-insured coverage, disability and other benefits; flexible premium payments; possibility of a premium reduction depending on the general overall health of the insured; possibility of making partial withdrawals for unexpected occasions; and quick payment options (coverage for periods of 10, 15 or 20 years) to pay up the full amount of the insurance coverage – unique to the market.
Tax-sheltered savings component
With respect to the savings component, MERIDIA offers the Wealth Maximizer option, which allows you to get the most out of income tax exemptions. This option is mainly addressed to those who have reached their contribution limit for their RRSPs and are looking for a tax shelter to accumulate additional savings.
MERIDIA offers access to twelve types of investment vehicles, which take into account investors’ return objectives, risk tolerance level with respect to market fluctuations, and investment horizons. These investment vehicles include:
- Eight index accounts on recognized Canadian, U.S., European and International markets that are more for investors who are willing to take on a certain level of volatility in their investments.
- Four guaranteed interest accounts for three to ten-year terms, which ensure a higher protection of capital and a steady source of income, appealing to the more conservative investor.
With the strength of more than a century of experience, the Industrial-Alliance Group offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, investment funds, auto and home insurance, mortgage loans and other financial products. The Group distributes its products through three distribution networks, made up of over 14,000 representatives. With over $13 billion in assets, the Industrial-Alliance Group is ranked 7th among Canadian life and health insurance companies.
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Information and interview requests:
Tel. (418) 684-5000, extension 4563