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October 17, 2017

Launch of Empire Life Class Plus 3.0 and closure of Class Plus 2.1

Empire Life is pleased to introduce Class Plus 3.0. Our new GWB is built on the principles of simplicity and choice and is available on October 23, 2017. Class Plus 2.1 is being closed to new policies effective Friday, October 20, 2017 (4 pm ET). Learn more.

Empire Life introduces Immediate Financing Arrangement

Empire Life has a new sales concept in AddCalc; Immediate Financing Arrangement. An Immediate Financing Arrangement is a financial strategy that uses the cash surrender value of a permanent participating life insurance policy and in some cases additional assets as required by the lender, as collateral for a loan or line of credit from a third party lending institution. As the cash surrender value of the policy increases, loans are taken from the third party lending institution. The loan proceeds are used to invest in a business or other income-producing investment and the interest expense may be tax deductible. The outstanding loan balance is paid from the death benefit payable under the insurance policy when the life insured dies. Learn more.

Fast & Full Investment Application Enhancements and Limited Time Offer Extended

We are pleased to announce several exciting enhancements to the Fast & Full Investment Application. Based on feedback from advisors these improvements to the application are designed to make purchasing an Empire Life segregated fund simple, fast, and easy! 

Now available:

  • Non-Face-to-Face for Non-Reg Accounts. Use the Non-Face-to-Face Sales option for Non-Registered contracts via the TransUnion Verification of Client Identity process
  • Go Back Button. Edit previously entered client and deposit information before the application is submitted to Docusign

What’s more, we are recognizing advisors with a $50 bonus on their first Fast & Full Investment App submitted. This offer has been extended to December 29, 2017 (from August 1 to October 31).

Please refer to Information Circular 2017-24 for more details.

To learn more about the Fast & Full Investment App visit fastandfull.ca/register.

Reminder to Advisors who are selling in Newfoundland and Labrador

The Government of Newfoundland and Labrador requires advisors who are selling insurance in Newfoundland and/or Labrador to provide a copy of the Principles for the Sale of Insurance document to a purchaser of insurance on delivery of the policy contract and with any renewal or cancellation notice. Learn more.

Replay of Seven Sins of Succession Triipss Webinar

If you missed the TRIIPSS Seven Sins of Succession Planning webinar on September 25, 2017, the replay is now available.

Many advisors are comfortable running their day-to-day business with the expectation that the sale of their practice will be smooth and seamless. This Webinar shares the seven sins of succession planning and what can be done to avoid them.

To obtain your CE credits, watch the full recorded webinar and complete the quiz.

Replay.

Bonus Extended! Advisors can save time and earn $50 with eContract Delivery

Advisors can now meet settle requirements and clients can receive their life insurance contracts faster than ever before! To help encourage advisors to educate themselves and clients about eContract Delivery, a Bonus of $50 per Fast & Full application delivered via eContract Delivery will be paid to the advisor. This offer has been extended until December 29, 2017. 

Learn more.

Compliance Requirements for Advisors Contracting with Empire Life

Empire Life is a member of the Canadian Life and Health Insurance Association (CLHIA) and as such must comply with member requirements.

A CLHIA reference document released last year entitled “Insurer Systems for Monitoring Statutory Compliance of Advisors” now requires insurance carriers to obtain a copy of the advisor's disclosure template and a description of the needs-based selling process followed at time of contract.

Beginning in September 2017, a copy of the advisor's disclosure template and a description of the needs-based selling process the advisor follows must be submitted to Empire Life as part of the advisor contracting package. This supports answers to the compliance questions that are asked in Advisor Screening Questionnaire. Contracting cannot be approved until these requirements are received or meet the compliance requirements, 

It is important that customers are provided with quality information about products they are considering and how these products are appropriate for their needs. Customers also must be provided information about the company offering these products, the advisor and the advisor’s business relationships.

Please refer to Information Circular 2017-21 for more details.