View in browser

Insurance & Investments
Simple. Fast. Easy.^®

Français

June 14, 2023

Empire Life launches three new funds and makes several changes to GIF contract

Empire Life makes enhancements to the GIF contract that will increase choice, provide greater value and help you grow your business, including three new Empire Life Canoe Portfolio GIFs that combine the investment expertise of Empire Life and Canoe Financial Investments, a new tier for GIF Preferred Pricing for accounts with a market value of at least $250,000, and F-class/Fee for service is now available in client name.

Dividend scale interest rate of 6.0% has been extended until June 30, 2024

Empire Life is pleased to announce that the dividend scale, including the interest rate of 6.0% for our PAR products, is being maintained from July 1, 2023 to June 30, 2024, as approved by our Board of Directors earlier this year.

In addition to maintaining our dividend scale interest rate of 6%, we are pleased to share the following:

• There are no changes to the other factors used to calculate the dividend scale.
• The interest rate for the Cash Accumulation dividend option (Dividends on Deposit) remains unchanged at 4.0% for all participating whole life policies.
• For policies with a variable policy loan interest rate, it remains unchanged at 6.75%. This applies to new and existing policy loans.¹

For more details related to this announcement, please review the Information Circular.

¹ The policy loan rates on some older blocks of policies have a fixed policy loan rate, therefore, refer to the policy contract to better understand the applicable policy loan rate available.

Please join us for our next TRIIPSS Webinar:

Corporate owned life insurance and personal estates 

There are many sound reasons for corporations to use life insurance to support their operations, objectives and the needs of key individuals and shareholders. Corporations may provide benefits or be perceived as providing benefits to shareholders, key employees and their families. This may trigger unanticipated legal and tax consequences.

This session takes a deep dive into the individual policies owned and/or paid for by the company at the time of purchase, and the legal and tax implications of transferring policies or flowing benefits to family members for personal estate planning needs.

Date: June 22, 2023
Time: 2:00 p.m. to 3:15 p.m. ET

This webinar is also available in French on June 22, 2023 at 10:00 a.m. ET

CE credits: Pending
To receive their CE credit, attendees of this event will be required to attend the entire session and pass the quiz after the webinar has been viewed.

Replay: Access to the replay will be provided after the webinar

Now available on demand:

Investment insights from Empire Life’s senior portfolio manager and investment strategist

In this limited series of webinars, Ashley Misquitta will provide his insights, based on in-depth research on current trends in the markets. Ashley will also share how the Empire Life Investments Inc. team uses these findings as input into investment decisions. During the presentation, you will hear about major global markets events that may serve to inform the investment decisions you make on behalf of your clients.

This webinar is also available in French 

NEW eSignature Form on My Advisor Dashboard

You can now find the eForm ‘F-Class Client Name Advisory Fee Agreement (INV-3622)’ on My Advisor Dashboard. This form is only to be used under F-Class (Client Name) options for GIF and CP3 contracts and can ease the process of client negotiations when revising advisory fee percentages. Both the advisor and the client need to sign this form. 

New Empire Life GIF Enhancements

We’re pleased to provide an update on several enhancements to the Empire Life Guaranteed Investment Fund contract. Effective May 29, 2023, three new Empire Life Canoe Portfolio GIFs will be added that combine the investment expertise of Canoe Financial and Empire Life Investments, and a new tier will be added to the Empire Life GIF Preferred Pricing program; GIF customers can now receive a 0.10% management fee rebate credit for any accounts with a market value of at least $250,000. 

In addition, a new Client Name F-class/Fee for service option will become available, offering new customers flexibility and greater transparency in the fees that they pay for financial services.

Friendly Reminder:

No Load (NL) Purchase Option for our GIF and Class Plus 3.0 products

How it works: You receive an upfront commission of 3.5% on all Empire Life funds. If your client withdraws more than the annual free withdrawal amount within 3 years of the deposit, a commission chargeback will apply to you. However, no sales charges will apply to your client. 

Calculating chargebacks: Empire Life does not provide estimates of chargeback fees that could be incurred on a client withdrawal. NL funds have either 10% or 20% chargeback free units annually. These free units are not calculated by Empire Life. Tracking the number of free units available to avoid a commission chargeback is the responsibility of the advisor. 

Chargeback Eligible Units – Units that are eligible for a commission chargeback will be switched or redeemed on a “First In, First Out” (FIFO) basis (e.g. oldest units first)

Please refer to the No Load Brochure INV-2250 for details of how commission chargeback and commission chargeback free units work.

For more on commissions, please refer to the current Empire Life Commission Schedule and Funders Compensation Schedule on our Practice Support page.

Quebec Bill 96 changes to Fast and Full for English language clients

Effective June 1, 2023, Empire Life is making some changes for Quebec residents and their advisors who wish to complete a Fast & Full Life and/or Investments application in English. Bill 96, an act respecting French, the official and common language of Québec, has been adopted in the province of Quebec to further protect the French Language. Bill 96 impacts how some English language contracts are executed in Quebec only.

For full details on these changes, including how to handle paper applications in Quebec, please see the Information Circular below.

Q1 Earnings Overview

We are pleased to announce our Q1 results. Please see below for more information.

 For Advisor Use Only

     The Empire Life Insurance Company
259 King Street East, Kingston Ontario K7L 3A8
1 877 548-1881
info@empire.ca
8:30 am to 5:00 pm, EST weekdays

You are receiving this email as a valued distribution partner with Empire Life. For advisor use only.

®/™ Registered Trademark and Trademark of The Empire Life Insurance Company