Empire Life announced Feb. 8 that it is introducing a new payment option for participating whole life insurance policies. EstateMax® 8 Pay and Optimax Wealth™ 8 Pay allow clients to pay for their participating policy in as little as eight years.
The company say it is offering this option in response to new CRA guidelines on the taxation of life insurance products which took effect on January 1, 2017.
Retirement and estate planning
"EstateMax 8 Pay and Optimax Wealth 8 Pay offer consumers lifetime participating life insurance protection without a lifetime of paying premiums," says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. "With Baby Boomers entering retirement and Gen X planning for retirement, many Canadians are seeking simple solutions for their retirement and estate planning needs."
The insurer says the EstateMax product offers “affordable lifetime insurance protection combined with long-term cash values to meet a variety of estate planning needs. Optimax Wealth provides early cash values and tax deferred savings accumulation.”