(TORONTO, ON – October 23, 2017) - The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) is pleased to announce the launch of Class Plus 3.0 offering guaranteed retirement income for life.
Shifting demographics and the economic realities of today mean more Canadians than ever before are looking for a secure source of retirement income. 6 of 10 pre-retirees want guaranteed income for life 1 , yet with GICs at historical low rates and volatile equity markets, many are worried that they will outlive their retirement savings. With Class Plus 3.0, consumers can receive a predictable income that is guaranteed for as long as they live. It is protected from market downturns and it will continue even if the value of their investment goes to zero. Consumers also benefit from lower fees and the more graduated increasing income payout schedule that reaches a 4% lifetime withdrawal amount at age 65. 2
“We’re very pleased to offer Class Plus 3.0 as a way to bring Canadians one step closer to a worry-free retirement,” says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. “Whenever you can lower fees, it’s a good news story for consumers as this helps increase their income and build their nest egg faster.”
1 LIMRA Secure Retirement Institute Ready.Set.Retire? Not so fast…Revisited 2014.
2 compared to Class Plus 2.1
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 June 30, 2017 Empire Life had total assets under management of $16.7 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
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Antonietta Stabile, MBA
Director, Investment Marketing and Communications