Empire Life | Insight
We are pleased to introduce Investor Access, our new online service for investors.
Many of your Empire Life Segregated Fund clients are now able to view their account information in one easy location. They can see their current contract values, guarantees, and automatic deposit and withdrawal details, based on the most current unit values and balances available.
New Anti-Money Laundering Legislation
New Anti-Money Laundering (AML) legislation comes into effect on February 1, 2014, which requires insurance carriers to capture the purpose and intended use of an investment/insurance policy/contract.
As a result we have updated all of our Elite/Elite XL and Class/Class Pus 2 applications.The updated investment applications (version date 01/14) are available online and printed stock is available for ordering. Please order and start using the new stock before the February 1st and destroy any old stock.
Premium re-rate for Term to 100 Plans
We are now approaching a re-rate point for the Term to 100 plan sold from February 1989 to October 1993.
The results of our review are as follows:
- The deterioration of investment yields on fixed income securities will require an increase in premium at this time.
- Favourable mortality trends partially offset this increase.
Make sure your letter gets to the Million Dollar Round Table (MDRT). Follow these steps and ensure your letter is received at Empire Life by Monday, February 24, 2014.
Visit the MDRT website to download the qualifying letter and complete the appropriate sections.
- Mail the completed letter to
Empire Life, 259 King St East, Kingston ON K7L 3A8 Attention: Dealer Services or
- Email a scan of the completed letter to
Once received, we will complete the letter and send both the letter and supporting documentation to MDRT. A confirmation will also be sent to you.
Policyholder tax reporting for 2013 and RRSP season 2014
Deposits to a registered plan received within the first sixty (60) days of 2014 are eligible as a tax deduction for the 2013 or 2014 taxation year. A tax receipt will be issued stating that this deposit was made in the first 60 days of the year. This year, the deadline for a 2013 tax receipt is Monday, March 3, 2014.
Read Information Circular 2014-01 for important 2013 tax reporting and RRSP season 2014 cutoff dates for all Empire Life investment plans.
We’re proud to announce our new Term Exchange Program. Effective January 2, 2014, customers can convert Solution 10 coverage and Trilogy/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!