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The Empire Life RRSP & TFSA toolbox

INSURANCE NEWS

Policy backdating to save age on the
Fast & Full Life App

We recently introduced a new question in the Client Information section of the Fast & Full Life App that enables backdating by simply answering "Yes" and specifying a new date.

New policies can now be backdated by up to 6 months for life coverages and up to 3 months for critical illness coverages to save age and potentially take advantage of a more favourable rate band as compared to the attained age at the time of issue.

Now available on-demand:
Estate planning for blended families

Family conflict can create significant barriers to effective estate planning. As the traditional family structure changes and we see the emergence of more blended families, careful planning and attention to family dynamics within the blended family is essential.

Through a series of scenarios dealing with the blended family, advisors will learn strategies using life insurance to assist clients in blended families navigate various tax and estate planning issues.

Up to 1.25 credits available until April 20, 2022. Please complete the quiz that appears at the end of the webinar with a passing score of at least 60% to earn the credits.

Program Update:
Automatic policy lapse notifications

To help you retain more business, since late 2020 we have been sending email notifications to advisors whose clients' policies were in danger of lapsing due to non-payment.

The feedback on this program from advisors has been very positive and we have experienced an 84% retention rate on notified policies since launching the program. You can see a sample lapse notification below.

Spurred by the success of this program, we will be introducing additional notifications in 2022 aimed at helping you build and retain more of your Empire Life business. More to come.

Extended until March 31, 2022:
The BIGGER eBundle Bonus for the Fast & Full Life App

Keep earning 15% or 20% more FYC until March 31, 2022, as compared to paper applications, by submitting new Life and Health insurance applications using the Fast & Full Life App when clients select the Electronic Health Questionnaire and the eContract Delivery options.

Contracts are issued 5X FASTER on average, it’s more convenient and it can earn you even more bonus commission!

Extending temporary underwriting guidelines for life and health insurance

Empire Life is pleased to announce the extension of the temporary underwriting limits established during the COVID-19 pandemic. We will continue to apply our temporary underwriting limits for both life and critical illness insurance products until March 31, 2022, as outlined in the Information Circular.

Note that the permanent no fluid requirements instituted earlier this year remain in effect for life coverages up to $2,000,000 for insured’s ages 18 to 50.

For Advisors selling and servicing business in Nova Scotia, the Insurance Act requires that clients who reside in Nova Scotia and appoint irrevocable beneficiaries must complete and sign/have signed a stand alone form in addition to their application or beneficiary change form. Please ensure that your clients complete the Empire Life form INS-3207 which can be found on our website.

INVESTMENTS NEWS

Award winner!
Empire Life wins 2021 FundGrade A⁺ Award

We’re pleased to announce that Empire Life has received a Fundata FundGrade A⁺ Award for the Empire Life Global Smaller Companies GIF. The award-winning fund exemplifies the Investment team’s disciplined investment style, with a strong emphasis on finding attractively valued, high quality businesses to help build wealth.

New realities, global challenges and growing opportunities

In the latest From the desk of, Ashley Misquitta reviews the key market events impacting 2021 and beyond. Including:

• How manufacturing struggled to keep up with escalating demand as consumers came out of COVID-19 lockdowns.
• Value-oriented stocks rebounded and outperformed growth; however, growth recovered sharply in the second half of the year.
• Why we should be expecting the unexpected in 2022.

Read more to find out the Investment Team’s outlook and how the funds are positioned going forward.

Join our Investments Webinar
Asset Allocation ꟷ A year in review and the way forward

Join Doug Cooper, Ashley Misquitta, David Mann and Ian Fung as they discuss the Empire Life Asset Allocation GIF in 2021 and beyond.

This session covers the various asset classes within the segregated fund, how it tackles diversification, and where the strategic and tactical calls come from. Hear from the portfolio managers in a round table discussion of how they work together to make allocation decisions, and how some of the changes made during the year helped take advantage of opportunities and challenges of 2021 and beyond.

• Date: January 31, 2022
• Time: 1:00 - 2:00 pm ET
• CE credits: Pending

Maximize your client's corporate account return potential with segregated funds

Learn the steps to set up a segregated fund strategy in a client’s corporate account. Your client will benefit from the higher investment potential and guarantees of a segregated fund while providing efficient tax and estate planning.

A segregated fund provides opportunity for participation in market growth, protection of capital, and a tax-efficient distribution to the surviving spouse.

After the greatest fixed-income bull market in history, what’s next?

The greatest fixed-income bull market in history has seen a four-decade trend of falling inflation, interest rates and tightening credit spreads. Most fixed-income investments performed very well, particularly those with longer durations and meaningful credit components.

The year 2021 and 2022 will be characterized by a transition to a new post-COVID reality, with structural shifts that will have important consequences for fixed-income markets, creating both risks and opportunities. Read more to find out the investment team’s fixed-income asset allocation strategy for the post-COVID era.

CORPORATE NEWS

Do you need a Million Dollar Round Table (MDRT) certifying letter?

Need us to complete an MRDT certifying letter? To make sure your letter is received at Empire Life by February 21, 2022, please take the following steps:

• Step 1:
  Visit the MDRT website to download the qualifying letter and complete the appropriate sections.
• Step 2:
  Email a scan of the completed letter to: leanne.dowling@empire.ca

Once received, we will complete the letter and send it back to you.

Senior leadership appointments

We announced some senior leadership appointments in December. Edward Gibson, FCIA, FSA is appointed Senior Vice-President, Capital Management and Chief Actuary and Rebecca Rycroft, FCIA, FSA as Senior Vice-President and Chief Financial Officer. Chris Volk is appointed as Senior Vice-President and Chief Technology Officer; Grace Kennedy as Vice-President, IT Enterprise Services and Chief Information Security Officer; Christine Jewell, CPA, CGA, CIA as Vice-President and Chief Compliance Officer, and Gillian Purvis, LLB, as Associate General Counsel.