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Empire Life Level COI Change

Posted in Empire Life, Software  ·  February 6, 2012  ·  (permalink)

Empire Life will be making changes to the following permanent plans.  These changes will take effect February 21, 2012.

Solution 100 and 20 Pay Solution

• New rate increase

Trilogy and Trilogy Plus

• Rate increase will be introduced for level COI only
• Withdrawal of the Level Plus Return of Premium sum insured option
• No change to the 10 and 20 year minimum rate guarantee

Increase to Joint Last to Die Single Equivalent Age (SEA) calculations

• Age calculation will increase the SEA on JLTD plans be either 1 or 2 years.

Impact of Rate Increase

• Solution 100                  7.9%
• 20 Pay Solution          14.0%
• Trilogy Level COI          8.3%

Transition Rules

• Applications received in Head office after February 21, 2012 will be set up using the new plan rates and structures.
• All Pending “in the mill” business that is in Head Office on February 21,2012 will be eligible for the existing plan/rate structures.  These cases MUST be settled by April 30, 2012