It said bare and discretionary discounted gift trusts are popular solutions for clients with an inheritance tax liability, who wish to gift capital but retain a fixed lifetime income.
The new onshore DGT from Canada Life will offer a streamlined quotation and underwriting process to allow financial advisers to discuss individual cases and scenarios with its underwriting team to see if a discount would apply.
Canada Life said it had also reduced the number of health and medical questions necessary to generate a quote and, if additional medical information is required, it plans to operate a targeted approach to requesting GP reports.
Canada Life already has a similar feature in its offshore products with international DGTs available from Canada Life International on the Isle of Man and through Canada Life Assurance (Ireland) DAC in Dublin.
“This addition to our onshore range strengthens our position as a leading provider of estate planning solutions for advisers and their clients,” said Richard Priestley, executive director of Individual Onshore Canada Life.
“Many advisers like using discounted gift trusts but dislike the lengthy underwriting process. We aim to be easy to do business with,” he said.
