Empire Life | Term Exchange Program
Empire Life is proud to announce our new Term Exchange Program. This program is another example of our commitment to providing great value and coverage to all our customers.
Effective January 2, 2014, we will allow customers to convert Solution 10 coverage and Trilogy ® or Trilogy Plus plans with 10-year renewable term cost of insurance (10YRT) to a similar 20-year coverage within five years of the effective date of the coverage.
As a bonus, we are also extending this conversion offer to include in-force Solution 10 and 10YRT COI coverages purchased after January 1, 2010. That’s four years worth of clients that you can also approach with this great offer.
- Buy now and upgrade later
- Full commission on new coverage
- In-force client opportunities
Highlights
- Partial conversions allowed
- Full commission on the 20-year coverage
- No one-year waiting period to request conversion
- New 20-year term coverage still maintains conversion rights
- Joint coverage and Solution 10 riders eligible
- In-force client opportunities going back four years
Program details
- Conversion request must be received in Head Office before the fifth anniversary of the 10-year term coverage.
- Our standard conversion form can be used.
- Rates will be based on attained age.
- Insurance age cannot exceed 65 on single or joint life coverage.
- Solution 10 plan conversion to Solution 20 plan only.
- 10YRT COI conversion to 20YRT COI only.
- Partial conversions must adhere to current plan limits for both old and new coverage.
- Standard chargeback rules will apply on the old coverage.
- Full commission will be paid on the new coverage, using current commission schedule at time of conversion.
- Program eligible with in-force Solution 10 or Trilogy and Trilogy Plus universal life plans with a 10YRT cost of insurance structures with an effective date of January 1, 2010 or later.
- Empire Life reserves the right to modify this program at any time at their discretion.
- With more flexibility than ever, term coverage from Empire Life provides more choices for your clients with coverage and competitive rates for life.