It has also increased LTVs by up to 1% for a number of its Capital Select products.
LTVs now reach 46% at age 70 for its Capital Select Platinum Plus product.
Across each updated product the LTV changes range from 0.5% to 1%.
The Capital Select product range allows customers to borrow up to £1m against their property and make payments from £50 to a maximum of 10% of the initial loan amount each year without incurring an early repayment charge (ERC).
Alice Watson, head of marketing, insurance at Canada Life, said: “We’re pleased to announce a series of changes to our Capital Select Options, one of our lifetime mortgage product ranges.
“The flexibility and certainty offered by the Capital Select Options range gives customers real peace of mind, while the cashback option is a means of support that can be put towards legal and adviser fees.
“As with all our lifetime mortgage products, this product range allows people to continue living in their homes, while releasing the money tied up in their property.
“The potential unlocked capital can help retirement plans, pay for home improvements or even help fund lifestyles.”
