IncomePlus shatters sales targets as boomers respond to new retirement solution
Toronto - Manulife Investments has broken through the one billion dollar sales milestone just 19 weeks after introducing Canada’s first Guaranteed Minimum Withdrawal Benefit (GMWB) product.
IncomePlus, launched in Canada, October 23, 2006 by Manulife Investments as a new retirement solution, provides guaranteed monthly payments independent of when an investor retires in the market cycle, as well as growth potential, flexibility and control.
“Our research told us that a Guaranteed Minimum Withdrawal Benefit would fill a need among pre-retirement or retired investors, especially after we observed the success of this category in the U.S,” said J. Roy Firth, Executive Vice President, Manulife Financial. “But frankly, the results have far exceeded even our most optimistic expectations. We’re thrilled that Canadian investors and advisors see this as a useful tool and innovative solution to help them plan for retirement.”
The product is designed to help investors navigate the Retirement Risk Zone -- the five to ten year period before and after retirement income begins and when a portfolio is most vulnerable to market downturns.
Manulife’s IncomePlus – currently the only product of its type available in Canada -- provides downside protection; upside potential that can be locked in to extend the guaranteed payment period and potentially increase the payments; flexibility and control over investments and access to funds; and security from creditors, probate process and fees.
In addition to resets, investors can lock in an income bonus of up to 50 per cent by purchasing the product up to 10 years before they begin withdrawals, regardless of how the market performs.
IncomePlus includes a wide range of funds managed by some of the top fund managers in Canada including: AIM Trimark Investments, CI Investments, Fidelity Investments, MFC Global Investment Management, and Mackenzie Investments.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$414 billion (US$355 billion) as at December 31, 2006.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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|Lindsay Williams/ Maureen Juniper