(November 23 – 10:50 ET) – Manulife Financial, Great-West Life and Freedom 55 Financial have signed an agreement on their product distribution alliance. The companies say alliance is designed to expand the product offerings of their respective sales organizations, which remain separate and competing.

Under the alliance, financial security advisors of Great-West and Freedom 55 Financial now have access to a number of Manulife’s high net worth universal life and term insurance products. Manulife reps now have access to Great-West’s individual disability insurance, critical illness and employee benefits product for small groups.

“Since we announced plans to form the alliance in July, we’ve had strong interest from our distribution organizations at Freedom 55 Financial and Great-West,” said Raymond McFeetors, president and CEO of Great-West and London Life. “Through this innovative alliance between three of Canada’s leading financial services companies, we can offer clients a broader choice of industry-leading products and services.”

“Consumers stand to gain a great deal from this initiative to strengthen and expand how we offer our respective products,” agrees Trevor Matthews, Manulife Financial’s executive vice president of Canadian Operations. “They will be able to consider a broader range of products and work at the same time through the advisor they know best.”

Manulife says today’s announcement follows it ongoing strategy to expand its individual sales and marketing capacity across Canada through distribution agreements with a number of new sales organizations and agencies.

For Great-West and Freedom 55 Financial, this alliance reflects a commitment to work with other industry producers to provide their financial security advisors with a broad range of outstanding products.
-IE Staff