Empire Life is launching a new suite of investment products which it says are “built on the principles of simplicity and choice”.
There are two versions of Empire Life’s Guaranteed Investment Fund (GIF), the GIF 75/100 and the GIF 100/100. The former offers a 75% maturity benefit and a 100% death benefit, while the second guarantees 100% at both maturity and death. In both funds, the insurer says it is offering 100% equity investment options, enhanced trailing commissions, and access to the over age 80 market, allowing for policies to be opened and deposits made until age 90. However, the 100% death benefit is only available if the policy was opened before age 80. Both GIFs offer annual death benefit guarantee resets until age 80, while the GIF 100/100 also provides two client-initiated maturity benefit guarantee resets per calendar year.
Empire's new Class Plus 2.1 product offers a 5% annual income base bonus, and a 4% lifetime withdrawal amount at age 65 for single tiered contracts. Its automatic income-based resets also mean that income may be increased. The product guarantees 75% of capital at both death and maturity, and allows 80% of funds to be invested in equities.
Finally, Empire’s Guaranteed Interest Contract (GIC) is being offered online via its new iGIC platform which allows advisors to place GIC business at any time, seven days a week. The product is available in the client or nominee name, and the insurer is giving enhanced rates based on total policy value.
Empire says the new products will be available on November 3, pending regulatory approval.