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No Changes to Empire Life GMWB

Posted in Empire Life, GMWB  ·  April 13, 2012  ·  (permalink)

 

As you are aware, there have been a number of changes recently announced in the GMWB market place.  At this time Empire life is not planning on making any changes, only enhancements in 2012.  Empire is comfortable with the current Class Plus product offering because of the following key points:

• The conservative nature of our internally managed product differentiates us from others in the market place.
• Our timing into the GMWB marketplace was favourable.
• Our business mix of traditional segregated funds and GMWB is more heavily weighted towards traditional segregated fund assets then many of our competitors.

 

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

 

Empire Life Level COI Rate Increase

Posted in Empire Life  ·  October 12, 2011  ·  (permalink)

 Empire Life has  introduced new level cost of insurance rates for Trilogy and  Trilogy Plus. These changes have been in effect since after September 30, 2011.

This change will only impact the level cost of insurance option. The overall rate increase target was 3.5%, but our goal included reducing the variance of our competitive rank based on sex, age and smoker status.

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