The provider is also opening the lifestyle select gold plus to customers aged 55-59 and decreasing interest rates on its existing product range.
The lifestyle select product range allows customers to unlock tax-free cash from their home with the option to let the interest roll-up or to voluntarily repay up to 10 per cent of the initial loan amount each year.
Customers will also have the ability to hold funds in a cash reserve facility.
The interest rate on the lifestyle select ultra lite product is 2.68 per cent while the lifestyle select super lite is 2.72 per cent, respectively.
The lifestyle select lite is offered at 2.80 per cent with lifestyle select gold at 3.00 per cent. The lifestyle select gold plus is 3.55 per cent.
Loan to value (LTV) tiers have also been made available on lifestyle select gold plus to customers aged 55-59 ranging between 21 to 25 per cent.
Alice Watson (pictured) head of marketing, said: “Our award-winning range of home finance products have become more flexible with the launch of two new lifestyle select options.
“Expanding our LTVs to cover those aged 55-59 will also allow us to provide options to younger customers who are looking to access their equity to boost their retirement income or perhaps make necessary improvements to their home or garden.
“As with all our lifetime mortgages, this product range allows people to continue living in their homes, while releasing the money tied up in their property.”
WeCare virtual launch
Canada Life have also launched a virtual health and wellbeing service, WeCare, to existing and new customers at no additional cost.
WeCare provides home finance customers with a comprehensive range of virtual health and wellbeing services. The service provides 24/7 access to professionals who can provide virtual GP appointments, mental health support and legal or financial guidance.
WeCare is available to customer’s immediate family members, allowing them to personalise services. While services are free to use, there is a cost for private prescriptions ordered through the 24/7 GP consultation.
Watson said: “We are thrilled to be able to roll out WeCare to each of our home finance customers and their families. The service provides immeasurable support from qualified experts at some of the most difficult times in our lives.”
