Taking advantage of volatile markets using tactical asset allocation in the Empire Life Asset Allocation GIF

INSURANCE NEWS

Great news! New, lower Solution Series term rates coming soon!

Empire Life is pleased to announce that effective March 15, 2022, we will be reducing initial term premium rates on our flexible Solution Series term life insurance products by an average of 5.3%. Decreases will occur for 90% of ages, terms and insurance amounts. Initial term premiums will remain the same for 2% of ages, terms and insurance amounts and increases will occur for 8%.

These new rates are expected to significantly improve Empire Life’s overall competitive positioning in the key target ages of 25-50, moving us to an overall average of #2 in the marketplace against over 20 comparable products and results in Empire Life achieving a top 5 rankings for 100% of age, premium bandings and gender scenarios.

For full details, including how to get early access to the new rates beginning March 1, 2022, please refer to the Information Circular.

An improved application process for juvenile life insureds

We are pleased to announce the launch of an improved application for juvenile life insureds (aged 0 to 17) to make the process shorter and increase the probability of auto approved applications when using the Fast & Full Life App^®. 
This enhancement is part of our commitment to increase the number of automated underwriting decisions and improve policy issue times for life and health insurance applications. For details and a complete list of changes and updates, please refer to the Information Circular. Check out the new demo video to see the changes in action in Fast & Full.

Updates to the Life and CI Underwriting Guide

To help you better advise your clients, we’ve updated our field underwriting guide to provide details of our processes and potential assessments for more of the most common medical conditions and non-medical risks. Specifically we have added or updated the analyses of the following:

• Atrial Fibrillation/Flutter
• Autism Spectrum Disorder
• Chronic Obstructive Lung Disease (including chronic bronchitis and emphysema)
• Concussion
• Epilepsy
• Gastric Bypass surgery (bariatric/weight loss surgery)
• Hepatitis C
• Family History and Critical Illness
• Updates to Hepatitis B
• Updates to Marijuana

Click on the button below to download the newly updated guide.

Policy backdating to save age on the Fast & Full Life App

We recently introduced a new question in the Client Information section of the Fast & Full Life App that enables backdating by simply answering "Yes" and specifying a new date.

New policies can now be backdated by up to 6 months for life coverages and up to 3 months for critical illness coverages to save age and potentially take advantage of a more favorable rate band as compared to the attained age at the time of issue.

Now available on-demand:
Estate planning for blended families

Family conflict can create significant barriers to effective estate planning. As the traditional family structure changes and we see the emergence of more blended families, careful planning and attention to family dynamics within the blended family is essential.

Through a series of scenarios dealing with the blended family, advisors will learn strategies using life insurance to assist clients in blended families navigate various tax and estate planning issues.

Up to 1.25 credits available until April 20, 2022. Please complete the quiz that appears at the end of the webinar with a passing score of at least 60% to earn the credits.

For Advisors selling and servicing business in Nova Scotia, the Insurance Act requires that clients who reside in Nova Scotia and appoint irrevocable beneficiaries must complete and sign/have signed a stand alone form in addition to their application or beneficiary change form. Please ensure that your clients complete the Empire Life form INS-3207 which can be found on our website.

INVESTMENTS NEWS

Now available!
Multi-Strategy investor Q4 Commentary and Advisor Holdings Update

Dave Paterson, Portfolio Manager, shares insights on market action over the last quarter of 2021, a year that provided most equity investors with double-digit returns. Bond investors did not fare as well for the year as rising bond yields pushed most fixed income indices into negative territory. However, in Q4, bonds performed well as lower yields provided some relief. Dave also discusses a few headwinds that emerged during recovery from the pandemic and the strong levels of economic growth, including Omicron, inflation, Central Bank tightening and increasing China regulations, in language that’s suitable for your investors.

Stay up-to-date on Empire Life’s Multi-Strategy portfolios with the Q4 Holdings Update for Advisors.

Keeping you informed!
Emblem Asset Allocation Update:
January 27, 2022

Find out more about the Investment Team’s views on the
impact of recent events in the market and how the funds are
positioned going forward. Download the latest asset
allocation update for Emblem Portfolios.

Now available on demand:
10 more key tax issues and opportunities
for investment clients and advisors

Join the Tax, Retirement and Estate Planning Services team as they cover 10 key tax issues and opportunities for investment clients and advisors. In this session advisors will learn strategies that will help them get started in the right direction for their practice and strengthen their clients’
financial well-being. This session is a companion to the TRIIPSS webinar:

A few year-end tax tips and strategies

CE credit offer available until May 24, 2022. A quiz will appear after the webinar has been
viewed.

New resource:
The Empire Life RRSP & TFSA toolbox

Now that it’s time to have retirement savings conversations with your clients and prospects, we’ve put together a handy online resource to help you navigate the season.

The toolbox gives you quick access to informative advisor and client resources that can help make your 2022 RRSP and TFSA season a success.

CORPORATE NEWS

FINTRAC’s Withdrawal of temporary COVID-related support to reporting entities

At the beginning of the COVID-19 pandemic, FINTRAC announced a series of temporary supports to assist reporting entities due to the impact of public health measures.

The temporary supports included flexibility to reporting requirements and verifying the identity of an individual, or confirming the existence of a corporation or entity other than a corporation. FINTRAC recently announced that effective March 31, 2022, those temporary flexibility measures will end.

Policyholder tax reporting for 2021 and RRSP season 2022

Deposits to a registered plan made within the first sixty (60) days of 2022 are eligible for a tax deduction for the tax years 2021 and 2022. This deposit will be recorded on a tax receipt as made during the first 60 days of the year. The deadline for a tax receipt for the year 2021 is Tuesday, March 1, 2022.

Helpful hints for a smooth RRSP season:

• Please ensure that the cheque includes the application or account number.
• Please double-check that the cheque is current and dated for the relevant year ( i.e. 2022)
• Please do not send in duplicates (only send paperwork one way: email, fax or mail).  If sending multiple copies, ensure to indicate that on the paperwork.

For all Empire Life investment plans, click on the button below for essential 2021 tax reporting and RRSP season 2022 cutoff dates.