Insurance company Canada Life launched added to its onshore investment portfolio on Monday with its flexible investment bond.

The insurance company said the unit-linked life insurance policy product could be used to protect between one and four individuals.

Investors can choose between a deferred option which places no annual management charge (AMC) for five years and a level option which charges 0.35 per cent AMC for the length of the bond.

The product offers a choice of 60 funds for the bond, of which investors can choose up to ten. A minimum investment of £5,000 is required, whilst regular withdrawals of ten per cent can also be made for free.

Canada Life claimed that an independent consultancy, Defaqto, had backed the bond by calling it one of the most flexible contracts available in the market.

It has been great to see just how competitive both versions of the new bond would be prior to their launch, said Canada Life marketing director John Pyburn.

He added that the initial feedback from Defaqto highlighted a couple of areas where Canada Life could improve its offering for independent financial advisers and investors.

Mr Pyburn said these changes were made immediately and that the insurance company was delighted when Defaqto rated both versions so highly.