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November 1, 2017

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.

Launch of Empire Life Class Plus 3.0

Class Plus 3.0, the new Guaranteed Withdrawal Benefit product from Empire Life, is now for sale. And it’s supported by our new Illustrator. Discover how your clients can have Guaranteed Retirement Income for Life! Learn more.

Try our new online Class Plus 3.0 Illustrator

Our new Class Plus 3.0 Illustrator is simple and easy to use! It’s now online and can be run on your desktop, tablet or phone. Because it is web-based, you always have the most recent and secure version at your fingertips.

Features:

  • Improved graphics and layouts
  • Progress bar helps you track where you are in the process
  • Handy ‘go back' button to review or change data
  • Illustration summary to track your illustration inputs

Don’t forget to bookmark the page and to uninstall any previous Illustrator versions you may have.

Try now.

Revised Commission Schedule

We have updated our commission schedule.

Please see our website for the most recent schedules, and see Information circular 2017-25 for more details.

Empire Life is pleased to announce another enhancement to the Fast & Full Investment Application!

Now available: Clients can now transfer funds from multiple relinquishing institutions to their new Fast & Full Investment application. A transfer form for each relinquishing institution will be created and submitted on your client's behalf by Empire Life. Learn more

Introducing the Fast & Full Investment Application Test Site

The Fast & Full Investment Application was developed to help advisors experience an easy-to-use, web-based tool that fast-tracks the segregated fund application and approval process.

 

Test drive the Fast & Full Investment Application:

  • Try our test site before using it with clients
  • Your opportunity to review real-life test cases
  • Experience the most up to date functionality

Hear what Fans of Fast & Full are saying about our Fast & Full Investment App.

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

Our blogs have merged!

Empire Life and Empire Life Investments have merged their blogs! Need additional resources to help your clients? Sign up today to receive the latest insights on insurance, investments and financial planning.

ADVISOR COMPLIANCE REVIEWS

In December 2016, we advised you we would be reaching out to advisors to verify their compliance (Information circular 2016-28). With the introduction of an industry standard questionnaire which was released last month by the Canadian Life and Health Insurance Association (CLHIA), we are now ready to begin this new monitoring program.

We will be randomly selecting advisors to verify compliance through the completion of the questionnaire and the submission of supporting documentation. Participation is mandatory for contracted advisors. For advisors through an MGA, we will copy the MGA compliance officer on our communications with the advisor.

Where there are gaps in an advisor’s compliance regime, the advisor will be given 90 days to become compliant. If an advisor remains non-compliant after 90 days, their contract may be vested.

Should you have any questions about advisor compliance or this monitoring program, please contact the Distribution Practices team at distribution.practices@empire.ca

Empire Life announces Q3 2017 results

We issued a press release on our second quarter 2017 earnings. You can read the full release here.