The weekly Lap of The Blogs is postponed this week as I have a special request. We’ve been burning the candle at both ends as we have an insurance company who we’ve been meeting with in order to bring to market a competitor product to the “income for life products” like Manulife’s Income Plus and SunLife’s Sunwise Elite Plus. Essentially, I can’t go into the nitty gritty details as we have the actuaries working overtime trying to finalize the numbers right now, but suffice it to say that the product will be 99% the same with the only difference being we will be using low-cost index products to bring costs down (a lot).
So now I would like to ask anyone and everyone for naming suggestions. Sky’s the limit, and we want to ideally find a name that is easy to remember, and highlights the guaranteed nature of the product as well as the lower cost structure (which has been a big hurdle for many people). So please make your suggestions in the comments if you want to help us out! :)
(I had thought about naming it: Income For Life For People Who Are Good At Math, but it rated too high on the cheeky factor… ) :)
You can read some well thought out critiques of these types of products here:
The argument basically boils down to the fact that these products are very long term in nature and you are paying extra fees for guarantees you statistically might not ever need. We have decided that since these products are going to be sold no matter what, we might as well address one main critique (very high cost) and take some market share and hopefully save investors some money. We are working overtime to bring this to market for the beginning of February.