(Kingston, ON – October 16, 2008) – The Empire Life Insurance Company (Empire Life) today announced the launch of “Class Plus,” the newest enhancement to its Empire Class Segregated Funds product, now with a Guaranteed Minimum Withdrawal Benefit. Class Plus will be available for sale starting October 20, 2008.
Class Plus offers investors the opportunity to benefit from the upside potential of the markets by investing in selected Empire Life segregated funds, while protecting them from downside risks by providing guaranteed income for life.
“Canadians are embracing these types of products because they allow investors who are approaching retirement or who are retired to benefit from the upside potential of the markets, and at the same time provide guaranteed income for life” says Jim Gibson, Director, Retail Wealth Marketing. “With the turmoil in the markets we’ve seen in the past months, it’s no wonder investors are turning to investments with built-in guarantees like Class Plus”, he adds.
With a 5% annual Income Base Bonus for each of the first 15 years of the policy in any year the client doesn’t make a withdrawal, triennial resets, and guaranteed income for life after age 65, Class Plus was designed to be competitive with similar products in the Canadian marketplace so advisors and clients will be familiar with its features, but with some enhancements. Some of these include a lower Deferred Sales Charge schedule, a high net worth class with lower management fees for deposits starting at $250,000, and the ability to reset the Income Base, Bonus Base and Death Benefit Guarantee independently, which could mean more income for the client for life.
“Having a solid product is important, but it’s even more important to know you’re investing your money – especially your retirement savings-with a Company that’s a prudent fund manager,” says Mr. Gibson. “Our conservative, value-oriented investment style and philosophy has served our segregated fund clients well over the past 40 years, protecting our clients in down markets, so this product is a natural fit for us.”
About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008. http://www.empire.ca/.
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