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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.