KINGSTON, Ontario, June 14, 2017 The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) introduced a new employee benefit option today that gives Group customers more choice in their life insurance benefits. Now, customers with 20 or more employees that add the minimum amount of life insurance can choose between traditional life insurance and a blend of life and critical illness insurance.
Life insurance pays a tax free death benefit; Critical Illness pays a tax free disability benefit if an individual is diagnosed with one of a list of life threatening illnesses. The ability to add both types of insurance to minimum coverage plans helps leaders provide the type of protection that most closely aligns with their benefits philosophy and employee needs. Empire Life is the only insurance carrier to offer this option.
“With up to five generations at work today, our customers are challenged like never before to provide benefits that meet the needs—and values—of a highly diverse workforce, said Steve Pong, Senior Vice-President, Group Solutions. “We’re delighted to be providing customers with an added level of flexibility and choice in their employee benefits.”
“This option recognizes that employees have different needs at different life stages, and that our customers also vary widely in what they want from a benefits plan,” said Michael Perry, Vice President, Group Product and Marketing. “This is an excellent solution for business leaders who want to protect their employees against the financial strain that can come with a serious diagnosis, without adding a lot of cost to the plan.”
Empire Life group critical illness insurance covers 31 health conditions and comes with complimentary access to the Health Concierge Service, provided by MedExtra Inc. The Health Concierge Service can accelerate diagnosis, help establish the best treatment plan, answer questions, and act as the liaison between hospital medical staff and the employee and family. It also provides emotional support throughout the journey.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The Company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of March 31, 2017 Empire Life had total assets under management of $16.1 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information
Contact: Shelly Potter
613 548-1890, ext. 4348