The product enhancement also sees rate reductions of up to 0.04%, effective immediately.
The Lifestyle Select product range allows customers to unlock tax-free cash from their home, with the option to let interest roll-up or to make overpayments.
Customers also have the flexibility to hold funds in a cash reserve facility.
The Lifestyle Select Lite and Lifestyle Select Gold products have seen reductions of 0.04 bps.
All Canada Life lifetime mortgage products come with optional inheritance guarantee protection and have a no negative equity guarantee.
Alice Watson, head of marketing, insurance at Canada Life, said: “Our award-winning range of home finance products has today become more flexible and attractive with the launch of Lifestyle Select Options.
“By giving customers the choice of whether or not to make repayments we can ensure our products meet their needs while providing valuable peace of mind.
“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.
“The potential unlocked capital can help retirement plans, pay for home improvements or even help fund lifestyles.”
