In July, Empire Life announced plans to add new products to its life and disability insurance lineup. Among the new products being launched later this week are Optimax Wealth, a permanent participating life insurance plan, and the new term life product Solution ART.
Positioned as a complement to Empire’s EstateMax permanent product, Optimax Wealth is a participating whole life policy focused on accumulating cash value in the first 20 years. The product allows clients early access to money for retirement planning, small business cash flow, or to help finance children's post-secondary education.
Empire Life says Optimax Wealth will provide guaranteed cash values beginning at the end of the first policy year, competitive total cash value growth in the first 20 policy years of the policy, two premium payment options (20 pay or life pay), as well as a lifetime guarantee with the enhanced coverage dividend option.
As for the Solution ART, it is meant for clients who want competitive term coverage to meet their immediate insurance needs, but who may wish to purchase permanent life insurance later on. With this new product, they will not have to worry about losing their insurability status
The insurer says this new product fits current customer needs and offers flexible options in the future; Solution ART can be adjusted when a client plans to quit smoking, and it is also possible to reduce or remove a rating, or avoid the increases in term premiums at renewal,
The new term product offers competitive initial premium rates, and guaranteed level premiums for the first three years. There are gradual rate increases from years 4 to age 85 with no large premium hikes, and level premium renewals begin at age 85 and are fully paid-up by age 100.
It is also noteworthy that Solution ART may be converted into any eligible permanent insurance plan until the age of 75, although Empire reserves the right to change or withdraw this exchange program without notice. The exchange must occur at the lesser of the client attaining age 65 during the 5 years following the date of issue.