QUICK GUIDE:

July 23, 2001

If you have received a mailing package from Canada Life, you qualify for the Class Action Settlement Benefits.

If you have not received a mailing package from Canada Life, call Canada Life for an explanation -- toll free at 1-866-285-5502.

YOU HAVE 3 OPTIONS:

1. Receive the general settlement benefits:

2. Make a claim under the Independent Review Process (IRP):

3. Opt-out of the Settlement Agreement:

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1. Receive the general settlement benefits:

• If your policy was in effect on February 1, 2001, you do not have to do anything at all to receive general settlement benefits.
  
  
• General benefits automatically apply. You do not have to call, register or apply. You need not return any form, call us or call Canada Life.
  
  
• If you have a lapsed or surrendered policy which ended between January 1, 1992 and February 1, 2001, you should check Option 1B on the Policyholder Option Form which you received as part of the mailing package and return it to Canada Life for more information about a new policy.

2. Make a claim under the Independent Review Process (IRP):

• You must apply for individual benefits.
  
  
• To do so, complete the Policyholder Option Form which you received as part of the mailing package. Check Option 2 on the form, sign the form and send it to Canada Life Premium Offset Settlement Team, P.O. Box 4525, Station A, Toronto, Ontario, M5W 4M9.
  
  
• Canada Life must receive the completed Policyholder Option Form by September 6, 2001.
  
  
• We strongly recommend that you send the Policyholder Option Form to Canada Life by no later than August 20, 2001 to ensure that it will be received in time.
  
  
• Once Canada Life receives your form, it will send you a Claims Package to be completed and returned. We can assist you further at that point in identifying the evidence and documents you need to file to obtain individual benefits.
  
  
• You will want to pursue an individual claim if you believe that a misrepresentation was made to you by a Canada Life Sales Representative in respect of your policy. Specifically, the Sales Representative told you that premiums would stop on a certain date.
  
  
• Claims under this process will be reviewed by an Independent Mediation/Adjudication Service.
  
  
• The level of benefits available depends upon the strength of the proof of the misrepresentation and the specific circumstances involved.
  
  
• You will receive relief consistent with what would be granted in a civil Court. The greater proof available in support of your position, the greater relief/benefits available to you.
  
  
• The best case scenario under this process is that you achieve a full measure of relief -- you are granted exactly what was promised when you purchased your policy. For example, if you were promised a premium off-set date of 12 years and you have sufficient qualifying evidence/proof, you will be granted the premium off-set date of 12 years promised when you purchased your policy.
  
  
• If you select Option 2, receive the Claims Package and then decide not to proceed with the claim, you will not be penalized. You still receive general settlement benefits automatically.
  
  
• There is no downside to following-up on a claim under the IRP. If you are not satisfied with the general benefits and believe that you are a victim of misrepresentation, check Option 2 on the Policyholder Option Form and send it to Canada Life as described above.

3. Opt-out of the Settlement Agreement:

• If you do not wish to participate in the Settlement Agreement at all, complete Option 3 on the Policyholder Option Form which you received as part of the mailing package. You must sign the form and send it to Canada Life Premium Offset Settlement Team, P.O. Box 4525, Station A, Toronto, Ontario, M5W 4M9.
  
  
• Canada Life must received the completed Policyholder Option Form by September 6, 2001.
  
  
• We strongly recommend that you send the Policyholder Option Form to Canada Life by no later than August 20, 2001 to ensure that it will be received in time.