The lender is also offering rate reductions of up to 0.04 per cent, across the range, effective immediately.
The lifestyle select product range allows tax-free draw down, with interest-roll up or overpayments and a cash reserve facility.
The lifestyle select lite is offered at 2.66 per cent, down from 2.7 per cent, the select gold at 2.82 per cent and the lifestyle select gold plus is now at 3.2 per cent.
The lender said: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of lifestyle select options.”
All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.