Helping Canadians experience the Empire Life Difference for over 100 years
Proudly Canadian, January 2023 marks Empire Life’s 100th year of helping Canadians build wealth, protect their financial security, and achieve physical, mental and financial health. Advisors tell us that there's a difference when it comes to working with Empire Life. Defining that difference is simple: people, products, and digital processes. Learn more.
People: We’re real people and we’re here for you. Our 100% Canadian-based teams are focused on getting advisors the answers and information they need to serve their clients quickly and efficiently.
Products: Having a comprehensive product line that focuses on the needs of families and small businesses means being there for those who need us, when they need us most. In 2021, Empire Life moved into the top 5 carriers in Canada for new term life insurance sales.
Digital Process: Empire Life is recognized as an industry leader in digital innovation. More than ever before, clients want digital options. We have the tools you need to serve those clients – on their terms and yours.
Two Empire Life investment funds named best in class for 2022
We are pleased to announce that Empire Life Asset Allocation GIFand Empire Life Short Term High Income GIFhave been recognized for their exceptional risk-adjusted performance over the previous calendar year, each winning a Fundata FundGrade A+ Award. The award-winning funds exemplify the Investment team’s disciplined investment style, with a strong emphasis on finding attractively valued, high-quality businesses, with a focus on downside protection.
The Empire for Life Loyalty Program* annual management fee credit for 2022 has been calculated based on the market value of the underlying funds on December 31, 2022 for eligible Empire Life segregated fund contracts. The fee credit has now been applied to the eligible client accounts and can be viewed on the business centre and the client portal under the "Transaction" column as a "Deposit" or "Management Fee Credit".
* Empire Life reserves the right to change the terms, or cease offering, the Empire for Life Loyalty
Program at any time without prior notice.
FOR ADVISOR USE ONLY
Staying in the market, not trying to time it, can be the best option for clients
Long-term investment success is based on time in the markets, not timing the markets. For an in-depth explanation see our first email and linked blog post, on the long-term benefits of staying invested in the markets.
“Staying in the Market” is the first of a five-part email series covering key areas such as market timing, diversification, managing market emotions, managing risk, dollar cost averaging and the benefits of regular investing.
Dave Paterson, Portfolio Manager, shares the holdings allocations of the Empire Life Multi-Strategy GIFs at the end of Q4 2022. See the percentage of allocations by cash, equity and fixed income. Take a deeper dive into the passive, smart beta and active equity holdings at the end of the quarter.
Stay up-to-date on Empire Life’s Multi-Strategy portfolios with the Q4 Holdings Update for Advisors.
To say 2022 was a challenging year is putting it lightly. High inflation in developed countries, rising interest rates and ongoing geopolitical challenges drove up commodity prices. Bond yields skyrocketed as most asset classes took a hit. And Canadian bonds, usually a good hedge against stocks, had their worst year since 1980. But through it all, Empire Life’s investment strategy played a significant role in the success of many of our segregated fund mandates. Over 85% of Empire Life's segregated fund assets finished ahead of their peer group in 2022 with 18 of our funds in the top quartile.1
In a recent video, Paul Holba, CIO, reviews the key market events of 2022 and outlook for 2023. Watch now and share with clients.
1 Empire Life analysis based on AUM as at Nov.30, 2022 and Morningstar Research Inc. preliminary 2022 performance ranking report as at January 2, 2023.
The Empire Life GIF Growth Commission Bonus program has been extended for 2023!
Until December 29, 2023, earn a commission bonus for actively promoting the value of Empire Life Guaranteed Investment Funds (GIF) to new and existing clients.
Policyholder tax reporting for 2022 and RRSP season 2023
Deposits to a registered plan received within the first sixty (60) days of 2023 are eligible as a tax deduction for the 2022 or 2023 taxation year. A tax receipt will be issued stating that this deposit was made in the first 60 days of the year. This year, the deadline for a 2022 tax receipt is Wednesday, March 1, 2023.
Read information circular 2023-2 for important 2022 tax reporting and RRSP season 2023 cut off dates for all Empire Life investment plans.
Helpful hints for a smooth RSP season:
Please make sure to have the application or account number on the cheque
Please make sure the cheque is current dated with the correct year ( i.e. 2023)
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.
Leveraging our 2022 success for 2023 Empire Life Investments webinar
We all know that 2022 was an unprecedented year. But through it all, Empire Life’s investment strategy played a significant role in the success of many of our investment mandates.
Over 85% of Empire Life's segregated fund assets finished ahead of their peer group in 2022 with 18 of our funds in the top quartile.1
Join us for a portfolio manager round table discussion with Q&A for insights on how the Empire Life investment team is looking at 2023. Hear how the team’s investment strategies reflect our cautious view of the environment, but with some positive outlooks and opportunities. Learn about the team’s defensive stance, diversifying investments, its approach to buying companies that can handle the slowing global economy or are “on sale” due to low valuation levels, and more.
1 Source: Empire Life analysis based on AUM as at Nov. 30, 2022 and Morningstar preliminary 2022 performance ranking report as at Jan. 2, 2023.
2023 Update: 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 2023 RRSP and TFSA season a success.
To ensure policies via our Fast and Full platform remain simple, fast and easy - to provide our clients and advisors with adequate service, we kindly ask that Advisors carefully input and review the information provided on the application.
The ‘Issue Instructions’ section of our Fast and Full application becomes available during the DocuSign signing process. This section is allocated to important, additional information to be provided to our Underwriting team (i.e Underwriting information). Please continue to provide these details within this section. However, if other additional information is documented in this section, this may potentially cause an additional delay in processing.
Please ensure this section is used with discretion and accuracy. Our Customer Service team will continue to assist you with any questions you may have.
NEW: Child Rider Conversion Application
We have created a new Child Rider Conversion Application. This new application will provide a more seamless application process for clients and advisors by eliminating fields not relevant to these conversions and including sections previously missing from our Conversion Application.
Effective immediately, the Child Rider Conversion Application (INS-3511) will be available for download on our website. Please use this new application when submitting a request to convert an existing Child Rider.
Our Customer Service team will continue to assist you with any questions you may have.
Now available on demand:
Advisor opportunities in this digitally, pandemically & economically changed world
Our trip will take us to the various developments and issues around:
Digital - the new normal
Remote interactions: are they the new normal? Are they expected? Or are they a matter of client choice depending on the situation?
Evolving and rising client expectations
How can advisors stand out from others?
And throughout the session, you will hear about what lies ahead.
Until March 31, 2023, you can keep earning 15% or 20% more FYCby submitting new life and health insurance applications using the Fast & Full Life App when clients select and complete the Electronic Health Questionnaire (eHQ) and choose and receive eContract Delivery as compared to submitting paper applications and receiving a paper contract.
Make sure your letter gets to the Million Dollar Round Table (MDRT). Follow these steps and ensure your letter is received at Empire Life by Monday, February 20th, 2023.
Visit the MDRT website to download the qualifying letter and complete the appropriate sections.
Mail the completed letter to: Empire Life, 259 King St East, Kingston ON K7L 3A8 Attention: Leanne Dowling
Once received, we will complete the letter and send it back to you.
Updated!
Guidelines for Immigrants
The Underwriting Department is pleased to announce that updates have been made to the Guidelines for Immigrants. These include:
Increased life insurance face amounts for Temporary Residents to $500,000 with consideration to $1,000,000 for residents who have been in Canada for more than 2 years
Increased life insurance face amounts for Post Graduate Work Program Visa holders to $500,000
Student Visa holders age 18 and up may qualify for life insurance face amounts to $250,000
New Brunswick's Financial and Consumer Services Commission (FCNB) received Ministerial Approval to adopt Rule INS-001 Insurance Intermediaries Licensing and Obligations and Rule INS-002 Insurance Fees. The Rules are expected to come into force on Wednesday, February 1, 2023. Please review the notice for more details and to familiarize yourself with FCNBs expectations of intermediaries.
If you have any questions on this notice or the implementation of the Rules, contact the Insurance Division of FCNB at 866-933-2222 or by email at info@fcnb.ca.
The AMF published a Bulletin informing the financial services industry that all entities under its supervision will now be required to report consumer complaints only once a year, by May 1 of each year for the period from January 1 to December 31 of the previous year. However, single-representative firms and independent representatives who do not have any complaints in the year are not required to file a report.
Due to these changes, we have amended the “Complaint Handling (Quebec) Template” and the “Advisor Complaint Handling Policy” Reference Document to reflect these changes. These documents can be found on the compliance section of our website.
On November 17, 2022, the AMF released its updated Sound Commercial Practices Guideline (the “Guideline”) which came into force that same day. A copy of the Guideline is now available on the compliance section of the Empire Life website.
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