Common Questions
What is ECOFLEXTRA?
What Investment Funds are available through
ECOFLEXTRA Series?
What types of plans are available in
ECOFLEXTRA?
What are the primary benefits of ECOFLEXTRA
Series?
How do the bonuses work in ECOFLEXTRA
Series?
Is the bonus added to the market value?
Can the bonuses increase over time?
How old do I have to be to take the income for life
option?
What is the minimum deposit required to qualify for
the Guaranteed Surrender Series (GSS)
What is the maximum age that I can make deposits to
ECOFLEXTRA to qualify for Guaranteed Income?
How does ECOFLEXTRA Series work in RRIF
accounts?
Who is Industrial Alliance?
What is ECOFLEXTRA?
ECOFLEXTRA Series is an investment that provides a
maturity and death benefit guarantee, estate planning benefits and
potential creditor protection, plus a reliable and predictable
retirement income with the potential to benefit from market
increases.
What Investment Funds are available through
ECOFLEXTRA Series?
Ecoflextra offers you the choice of 5 low-risk investments
including Dan Bastastic's Strategic Corporate Bond Fund, allowing
you to convert some of your retirement savings into a source of
dependable income that you can't outlive.
What types of plans are available in
ECOFLEXTRA?
You can hold ECOFLEXTRA investments in your RRSP, TFSA,
LIRA, LRSP, RRIF, LIF and Non-Registered Savings Plans.
What are the primary benefits of
ECOFLEXTRA Series?
- Guaranteed income for LIFE. From as early as age 55.
- 5% bonus for LIFE*.
- Flexible income options.
- Guaranteed protection of your investment if markets go
down.
- Income can increase over time.
- Estate planning.
- Creditor protection (certain conditions apply)
*Provided no withdrawals are made
How do the bonuses work in ECOFLEXTRA
Series?
Bonuses are available for LIFE. If no withdrawals are made in a
year, we will automatically add 5% on December 31st to your
Guaranteed Surrender Balance (GSB), which is the amount your future
retirement income will be based on.
Is
the bonus added to the market value?
The bonus is added to the Guaranteed Surrender Balance (GSB) -
not to the market value. The bonuses should not be viewed as cash,
but rather as an increase in the amount of future guaranteed income
payments.
Can the bonuses increase over
time?
Yes, the bonuses can increase if the guaranteed value of your
Portfolio has been reset at the higher level through
ECOFLEXTRA Series' automatic tri-annual resets. Future
bonuses will be based on this higher level.
How old do I have to be to take the income for
life option?
With ECOFLEXTRA Series, you can begin taking income for
life from as early as age 55. If a reset occurs when you are in a
different income band then you will receive a higher income for
life amount.
| Age |
Annual Income as a percentage of the Guaranteed Surrender
Balance (GSB) |
| 55-59 |
4% |
| 60-64 |
4.5% |
| 65-69 |
5% |
| 70-74 |
5.5% |
| 75+ |
6% |
What is the minimum deposit required to qualify
for the Guaranteed Surrender Series (GSS)
The minimum deposit is $25,000. The reason the minimum exists is
to make sure investor's future income is meaningful.
What is the maximum age that I can make deposits
to ECOFLEXTRA to qualify for Guaranteed
Income?
Up to the day before the annuitant turns 80 years old.
How does ECOFLEXTRA Series work in RRIF
accounts?
ECOFLEXTRA Series can provide advantages for registered
retirement income fund (RRIF) investors:
- Flexibility to withdraw more than the annual guaranteed amount
to meet the required RRIF minimum
- An income floor that is guaranteed to continue through
retirement, even if the market value of the investment reduces to
zero
- In years where the RRIF minimum is higher than the guaranteed
income amount, you can exceed the guaranteed payout without
affecting your future guaranteed stream of income payments
- ECOFLEXTRA Series resets and bonuses also present
opportunities to increase your lifetime income, giving your
retirement income a boost
Who is Industrial Alliance?
www.inalco.com