KINGSTON, ONTARIO--(Marketwired - Feb. 8, 2017) - The Empire Life Insurance Company (Empire Life) (TSX:EML.PR.A) announced today it is introducing EstateMax® 8 Pay and Optimax Wealth™ 8 Pay-a new payment option for participating whole life insurance policies. Customers can now pay for their participating policy in as little as eight years. The company introduced the option in response to new CRA guidelines on the taxation of life insurance products which took effect on January 1, 2017.
"EstateMax 8 Pay and Optimax Wealth 8 Pay offer consumers lifetime participating life insurance protection without a lifetime of paying premiums," says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. "With Baby Boomers entering retirement and Gen X planning for retirement, many Canadians are seeking simple solutions for their retirement and estate planning needs."
The eight year premium payment period is guaranteed in the contract. EstateMax provides affordable lifetime insurance protection combined with long-term cash values to meet a variety of estate planning needs. Optimax Wealth provides early cash values and tax deferred savings accumulation, making it well-suited for retirement planning needs.
"We are trying to make it simple, fast and easy for Canadians to get the life insurance they need, including allowing them to pay their premiums for lifetime participating life insurance protection more quickly," says Stocks. "Whether their need is covering final expenses, preserving wealth or leaving a legacy, these products can provide consumers with the peace of mind that comes with a guaranteed base level of permanent life insurance and the opportunity for future growth in their coverage and policy values through participating in the dividends within the Empire Life participating account," says Stocks.
To learn more, visit www.empire.ca.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company's mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security. As of September 30, 2016 Empire Life had total assets under management of $15.9 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.