Insurers retooling to meet new market realities

Insurers are revamping their retirement product lines to address income concerns and market insecurity

iA Financial Group launched an improved version of SecurOption – Lifetime Retirement Income, the guaranteed lifetime retirement income option of its group retirement plans.

“SecurOption addresses our clients’ dire need for income security,” says Renée Laflamme, executive vice‑president, group benefits and retirement solutions. “Many members of defined contribution retirement plans have less tolerance to risks related to financial markets, worry about outliving their savings, and look for new ways to ensure a guaranteed retirement income supplement for their retirement. With SecurOption, our innovative solution, we meet this new need.”

SecurOption is offered in the iA Financial Group's DPSPs and group RRSPs. It allows members to build guaranteed lifetime retirement income the amount of which is known in advance, through their accumulation plan.

Canadians are concerned that they won’t have enough for retirement, especially given the high level of household debt and longer average lifespans. With concerns over market volatility, many are looking to savings vehicles that have minimal risk exposures.

The first version of SecurOption made iA Financial Group a leader in group retirement plans offering income security. With its new solution, which provides an increase to the annuity based on the amount as well as the complete integration of data in all its tools, iA Financial Group meets a challenge in terms of innovation and makes the retirement planning process significantly easier for its clients while reducing the risk related to increased longevity.