Be forewarned. It's not the interest rate or the amount Canada Life will lend you that matters - although of course, that's all that should matter. You shouldn't have to worry about the lack of integrity of this company and unwillingness to engage with the customer or even believe the customer. My nightmare experience has made me understand why Equity Release has such a bad name. This lender makes it a condition of lending that you, the customer, obtain and pay for comprehensive independent legal advice before entering into what might be the most important financial decision of your life. But they don't really care if you have received the legal advice. They just need to have it on record that you received all this legal advice - and the solicitor is happy to supply a certificate saying they gave you that advice - - to fight off future legal challenges from disgruntled relatives etc. Ask your local law firm if they will provide this legal advice. Most firms told me they wouldn't touch it while one said they would but the cost would be prohibitive. That's why there are three ER 'supermarket' law firms scattered around the country who do touch it and the one I used took its fees out of my funds even though we had an agreement that they would not, and would invoice me. Along with these 3 law firms there are a band of financial advisers that Canada Life makes you pay for. The Equity Release Council has dozens of women on their phones giving out the numbers of these financial advisers - who in turn recommend these three law firms. The Equity Release Council, the Financial Advisers and the law firms and Canada Life support each other in a mutually beneficial circle. Everyone makes a great living out of this. That's fine. But not if it's at the customer's expense. In my case, no one cared that I had not received either sound and professional financial advice or any legal advice yet I paid for both. The only thing that mattered was that I paid them. The FCA - that they reassure you regulate them - do not really regulate them at all. They didn't want to know either. It's the lawless Wild West. Canada Life own my home and while I am paying compound interest daily since May, I don't have the money from the sale of my home.
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At Canada Life, we provide retirement, investment and protection solutions to individuals, families and businesses.
We work in partnership with financial advisers to help customers to make more of life. Because we understand that financial security gives our customers the financial freedom and wellbeing that comes with it.
We’re proud of our heritage, our values and our people. In 1903 we opened our first office in London, and in over a century we’ve built a strong and resilient business in the UK.
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