Canada Life Prestige Options

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Prestige Options Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Canada Life Prestige Options Review

Prestige Options Key Details

Type Rate APR
Canada Life Fixed 5.17% 5.3%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Minimum Loan £250,000
  • Inheritance Guarantee Option

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Canada Life Prestige Options, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Canada Life Prestige Options be the right equity release plan for you?
We’re here to help you:
Canada Life is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Canada Life?
Let’s find out!

What’s Equity Release?

An equity release mortgage (see What’s Equity Release?) is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

We’ve summed up the most important information about the topic in this quick video.

Who Are Canada Life?

Canada Life Financial Corporation is a Canadian firm that provides group and individual life, health, and disability insurance.1 After rejecting a hostile acquisition proposal by rival Manulife, it was bought by The Great-West Life Assurance Company in 2003.
Find out more Canada Life equity release plans here.
Canada Life Prestige Options

Scheme Background

New kids on the block make confident play within the equity release market.

With a ‘design-it-yourself’ approach to equity release, newly formed Canada Life offers a refreshing suite of products to qualifying homeowners and investors.

Enjoy lump sum, interest only lifetime mortgages, voluntary repayment schemes, Buy-to-Let (BTL) and Second Home equity release plans. Benefit more by adding on extra’s such as cashback, or drawdown facilities and couple this with an 8-year fixed early repayment charge.

Canada Life entered the equity release industry in 2018 following the acquisition of Retirement Advantage, a specialist in providing retirement products such as lifetime mortgages and retirement accounts with roots as far back as 1852. Prior to take-over Retirement Advantage was formed by a re-branding of MGM Advantage in 2015, following the purchase of former equity release lender – Stonehaven Equity Release.

This combination of experience, confidence and innovation makes Canada Life a serious lender in today’s equity release marketplace.

Eligibility & Requirements

The showcased Canada Life Prestige Plan does not allow for any repayments. As a result, this would fit an applicant with little retirement income and the understanding that the interest paid will roll over.

Minimum Property Valuation

The lowest eligible property valuation for the Canada Life Prestige program is £500,000, with a maximum aggregate property value of up to £6 million across the UK.

Property Location Requirements

The property given as security should be the homeowner’s primary residence and should be located in England, Scotland, or Wales.

Single vs Joint

The Canada Life Prestige Options plan is provided on both a single and joint life basis, with a minimum age of 60 for the youngest homeowner and a maximum age of 90 at application. The youngest applicant for a joint equity release must be 90 years old or younger.

Minimum Release

The minimum release amount at the application stage is £250,000, with a total maximum equity release amount of £2 million accessible nationally and subject to underwriting.

Scheme Features

The Canada Life Prestige Options plan is a one-time lump sum lifetime mortgage program that gives an immediate tax-free lump sum cash payout. This is perfect for people who just need a single quantity of money and will not require any extra funds in the future.

Should the cash reserve be depleted, more borrowing is accessible in the future, with a minimum extra borrowing amount of £4,000 and no completion fee paid by Canada Life.

Valuation Features

A generous free unlimited valuation is provided, as well as a set lifetime interest rate on the original lump amount.

Early Repayment Feature

The early repayment costs (ERCs) are one of the most appealing aspects of the Prestige Options Flexi Plan. Canada Life only charges an early repayment fee on this equity release loan for the first ten years from initiation or with additional borrowing.

Early repayment penalties begin at 10% for the first five years, then drop to 5% for the following five years, with no penalty thereafter.

Equity Release Council Status

Canada Life is an Equity Release Council member, and all of its plans include a no-negative equity guarantee. As a result, if the property is eventually sold, no beneficiaries will be left with a debt owed to the equity release business.

Scheme Options

This Canada Life Prestige Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make repayments.

Because this is a core lump sum product, the cash drawdown facility can be included, which adds 0.2 percent to the regular equity release interest rate. (This 0.2 percent bonus is already included in the interest rate displayed.)

For more information or to seek a quote on the Canada Life Prestige Options Lump Sum equity release plan, please call the team now.

Inheritance Protection

The Inheritance Protection feature, which allows the homeowner to obtain a predetermined proportion of the property’s ultimate selling value, is an option for inclusion. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Editor’s Rating: 4.94

Canada Life's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Canada Life.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare interest rates on equity release!

Before You Go!

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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