(Kingston, ON – January 14, 2010) – The Empire Life Insurance Company (Empire Life) today announced two enhancements to its Guaranteed Minimum Withdrawal Benefit product, Class Plus, to help Canadians live more comfortably in retirement.
Now, clients will receive the 5% annual Income Base Bonus each year if no withdrawals are made in that year. Previously, the bonus was only available for the first 15 years. This means that clients have the potential to increase their guaranteed lifetime withdrawal amount in the future. In addition, clients are now eligible to receive their guaranteed lifetime withdrawal amount a year earlier, at age 65.
“We�re very pleased to be able to offer these enhancements as a way to bring Canadians one step closer to a worry-free financial retirement,” said Julie Yoshikuni, Vice-President, Retail Wealth Marketing. “Specifically, the enhancements offer clients greater potential to increase their guaranteed retirement income and the option to begin receiving their guaranteed lifetime withdrawal amount a year earlier. These enhancements, along with the recent appointment of Gaelen Morphet as Chief Investment Officer, demonstrate our continuing commitment to Empire Life clients.”
Empire Life launched Class Plus in October 2008 to meet the growing demand for a solution that provides growth potential and guaranteed retirement income. Class Plus offers a 100% Death Benefit Guarantee, triennial resets on the Income Base, the Bonus Base, and the Death Benefit Guarantee (with the final Death Benefit Guarantee reset at age 80) and a high net worth option with lower management fees.
About Empire Life
A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The Company�s vision is to be the leading independently-owned Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch. www.empire.ca.