The new rates significantly improve Empire Life’s Solution 20 competitive positioning with an average overall rank of #2 in the marketplace against 21 comparable products for all ages and face amounts.
Empire Life Solution 20 achieves top 3 rankings4 for 97.2% of all ages and face amounts up to $2 million coverage.
1 Based on Male, Age 0, Juvenile, 10-Pay EstateMax, Paid-up Additions dividend option, annual premium of $6,845
2 Based on Male, Age 65, Non-Smoker, Life Pay Optimax Wealth, Paid-up Additions dividend option, annual premium of $17,095
3 Effective July 1, 2024.
4 Rankings for Solution 20 based on LifeGuide quotes dated May 14, 2024, comparing old and new Solution 20 initial premium rates with the initial premium rates of 21 other comparable term 20 life insurance products for life insureds and amounts as indicated.
New Video: Get the latest scoop on new investment solutions from Empire Life
Rob Popazzi, Vice President, Retail Distribution, interviews Geoff Gibson, Vice President, Investment Product and Marketing, as they discuss the latest developments at Empire Life. This includes the introduction of the First Home Savings Account and the launch of two Empire Life Fidelity Global GIFs and four Empire Life Index GIFs.
Dave Paterson, Portfolio Manager, Empire Life Investments Inc., looks back at the first quarter of 2024 when a resilient U.S. economy, slowing inflation, and investor enthusiasm over artificial intelligence drove stocks higher. The Empire Life Canoe Portfolio GIFs had a solid quarter with each delivering positive returns for investors.
We are currently reviewing our pay-out annuity policies and confirmation letters will be mailed this week to our annuity policyholders.
Clients can return the confirmation letter by mail or, alternatively, they can scan or provide a picture of the signed bottom portion of the letter via email to investment@empire.ca.
If your clients are currently receiving payments in the mail by cheque, we encourage them to consider the safe and convenient direct deposit option. Direct deposits can be made into your client's Canadian bank account and they won't have to worry about issues such as cheque holds or postal interruptions. To switch to direct deposit, they simply need to include a void cheque when they return the bottom portion of the letter.
Please encourage your customers to return the confirmation by October 31, 2024 in order to continue receiving their annuity payments.
Empire Life helps Canadians realize their dreams with the launch of its new First Home Savings Account
Help clients make the dream of homeownership a reality.
Now available within the Empire Life GIF 75/75 contract, the FHSA is a great tool to help clients get started saving for their first home. This newly available account offers tax-free growth and tax-deductible contributions, just like an RRSP. Get up to speed on FHSAs with new material and case studies by visiting our advisor webpage, and be sure to share the consumer site with any prospective clients – empire.ca/FHSA
Empire Life is pleased to announce that the dividend scale interest rate for our PAR products is increasing from 6.0% to 6.25% beginning July 1, 2024. This increase was approved by our Board of Directors earlier this year.
The dividend scale can vary based on investment returns, mortality and lapse rates, expenses, taxes and other factors related to the participating policy block of business. The current change to the dividend scale reflects recent investment and mortality experience.
The Empire Life participating fund continues to hold a strong track record for success, highlighting the performance and stability our participating plans can offer. As of March 31, 2024, we've been able to achieve:
4.95% annualized year-to-date return
6.22% average annualized rate of return over the last 10 years
7.07% average annualized return over the last 30 years
In addition to our participating fund performance, our participating plans have guaranteed premiums, cash surrender values, and life insurance coverage – providing an excellent opportunity for many Canadians.
Correction Notice: Incorrect 1 800 number on English DSIR Advisor letter
We recently started mailing out the exciting news around our DSIR increase this week to PAR policy holders. Unfortunately, an incorrect customer service 1 800 number was included in the English Advisor DSIR notification letter. Please note that the letters to policy holders were not impacted. Should you have any questions on the DSIR increase, please call us at our usual number at 1 800 561 1268. We apologize for any inconvenience this error may have caused.
New Enhanced Policy Search on My Advisor Dashboard
This new feature gives you instant access to all the client information you need and more:
No more redirects to the Business Centre: Find policy details for your inforce clients without leaving the Dashboard.
Easy to use: Enter a policy number and hit "Search" – all the details appear immediately.
Expanded policy access: Locate inforce policies previously unavailable through the Business Centre.*
Enhanced details: The modern design provides more policy information, including premium amounts per coverage, conversion expiry dates, beneficiary information, and more.
This tool will help you save time and support you in delivering exceptional client service with all the necessary information at your fingertips.
*Excluding the Concordia® block of business. The customer service team is at your service to give you policy and coverage information about your clients' Concordia policies.
Individual insurance and investment advisors: Ensure your team members register for their own portal account
Streamline your team’s efficiency and protect your clients’ information by having your team members register individually for our digital tools. Your team can now support multiple advisors based on their servicing relationships.
As Multi-Factor Authentication is coming soon, individual accounts will be required for Insurance and Investment advisors and assistants.
® Empire Life and the Empire Life logo are registered Trademarks of The Empire Life Insurance Company.
Policies are issued by The Empire Life Insurance Company.
A description of the key features of the individual variable insurance contract is contained in the Information Folder for the product being considered. Any amount that is allocated to a segregated fund is invested at the risk of the contract owner and may increase or decrease in value. Please read the information folder, contract and fund facts before investing. Performance histories are not indicative of future performance.
The Empire Life Insurance Company 259 King Street East, Kingston Ontario K7L 3A8 1 877 548-1881 info@empire.ca 8:30 am to 5:00 pm, EST weekdays
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