(Kingston, Ontario – November 19, 2020) The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) announces the launch of Empire Life Disability Credit Protect™, a new disability rider available on most term and whole life insurance plans. Empire Life Disability Credit Protect is designed to provide a monthly benefit to the policyowner to help them to continue to meet their monthly loan obligations like mortgages, rent or car payments in the event a disability prevents them from working.
“Now more than ever, Canadians are looking for ways to protect their finances and preserve their family’s lifestyle when the unexpected happens,” says Mike Stocks, Vice-President and Chief Marketing Officer, Retail. “We believe Canadians deserve simple, affordable solutions that will help protect their loved ones financially and give them peace of mind. Combined with our Solution 25 term life insurance coverage, Empire Life Disability Credit Protect provides an attractive, competitively-priced alternative to mortgage insurance offered by the banks.”
Unlike mortgage life and disability insurance bought from a bank or financial institution where benefits are paid to the lender and must be used to pay off the mortgage, individual life insurance benefits are paid directly to the beneficiary. The funds can be used for any purpose, such as paying off a mortgage, helping to replace a person’s income or covering short-term expenses. The policy remains the property of the policyowner, even if they change lenders.
Empire Life Disability Credit Protect can also be combined with a critical illness insurance rider for more complete protection. “Our goal is to help ensure Canadian families can protect their loved ones financially in the event of serious illness, disability or premature death. Adding this new disability insurance rider and a critical illness insurance rider to our life coverage provides customers with a protection package that is simple, fast and easy, helping us deliver on that promise.”
About Empire Life
Established in 1923, Empire Life is a subsidiary of E-L Financial Corporation Limited. 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 September 30, 2020, Empire Life had total assets under management of $18.2 billion. Follow on Twitter @EmpireLife or visit www.empire.ca for more information.
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