Empire Launches 75/75 Series and New Income FundBy Andrew Rickard | April 20 2015 08:53AM
Empire Life has launched a new segregated fund series that offers a 75% maturity benefit and 75% death benefit. Empire says the lower guarantees allow it to offer clients a basic level of protection with lower, more competitive fees. It has also launched a new income fund.
The insurer's new GIF 75/75 series includes automatic annual death benefit guarantee resets until age 80, a feature which Empire says is unique in the industry. It offers a full range of investment options, including the ability to put 100% of the assets in equities.
The maximum issue age is 80, while the maximum deposit age is 90. For non-registered, TFSA, and RRSP accounts, the minimum initial deposit is $1,000. For RRIFs, the minimum initial deposit is $10,000. The new series will available for sale on April 20, 2015.
In addition, Empire has launched a new Monthly Income GIF. It holds a variety of income-generating investments such as government bonds, investment grade bonds, high yield bonds, preferred shares, investment trusts and dividend-paying common stocks. It has a balanced mandate with an asset mix of 45% fixed income and 55% equity. It seeks to provide investors with diversification and reduced volatility.