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In order to align with industry common practices, Empire Life is changing the way that the Guaranteed Investment Fund Insurance Fee is calculated and collected for all new and existing Guaranteed Investment Fund  contracts (GIF 75/75, 75/100, and 100/100 guarantee levels). Effective November 1, 2019, the Insurance Fee will be calculated and collected through each fund’s net asset value. Going forward, the fund’s net asset value will include all fund costs in the Management Expense Ratio (management fee, operational expenses, and insurance fee) to give you a complete assessment of the performance of your Empire Life Guaranteed Investment Funds.

On your December 31, 2019 semi-annual statement:

  • For July through October 2019, you will see the monthly Guaranteed Investment Fund Insurance Fee collected
  • For November and December 2019, you will no longer see the Guaranteed Investment Fund Insurance Fee as the Insurance Fee will have been included in the fund’s net asset value  as of November 1 

Please talk to your advisor for more information.