is launching new products to expand its life and disability insurance lineup. Among them are Optimax Wealth
and a new term-life product, Solution ART
is promoted as a complement to Empire’s EstateMax
permanent product. A participating whole-life policy with a focus on accumulating cash value in the first 20 years, the product lets clients access their money early for retirement planning, small business cash flow, or financing of their children’s post-secondary education.
According to Empire Life, Optimax Wealth
will provide guaranteed cash values starting at the end of the first policy year, competitive growth of total cash value in the first 20 policy years, and a lifetime guarantee with an enhanced coverage dividend option. The product comes with two premium payment options: 20 pay or life pay.
, on the other hand, is meant for individuals with immediate insurance needs who are looking for competitive term coverage, but who may also wish to purchase permanent life insurance down the line. The new product promises them assurance that they will not lose their insurability status.
With the new product, current needs are catered to while maintaining flexibility for the future. Adjustments can be made to accommodate major life decisions, such as quitting smoking. Competitive initial premium rates are offered by the product, along with guaranteed level premiums over the first three years. Gradual rate increases are applied from year four through to age 85 with no major premium hikes; level premium renewals are implemented at age 85 and are fully paid-up by age 100.
is also convertible into any eligible permanent insurance plan until age 75. However, Empire Life reserves the right to change or withdraw the exchange program without notice.
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