Issue age expanded to 90 for Empire Life GIF 75/75

Effective April 4, 2022, Empire Life will be extending the maximum contract issue age for our GIF 75/75 contract to age 90 to provide older customers with a more cost-effective estate planning solution. The Empire Life GIF 75/75 product provides the estate planning benefits of a life insurance contract with the opportunity for growth through a wide range of available investment options (up to 100% equity).

To align with segregated fund industry best practices, we will also be reducing the maximum contract issue age for our GIF 75/100 and GIF 100/100 contracts to age 80. Previously these contracts were available for issue until age 90; however, the contract was only issued with a 75% death benefit guarantee if the contract was opened after the annuitant’s 80th birthday.

Restrictions on Deferred Sales Charge purchases for over age 80

Empire Life will also be restricting deposits into the Deferred Sales Charge (DSC) purchase option for all GIF contracts after December 31^st of the year the annuitant turns 80. This change will apply to both existing GIF customers as well as new GIF contracts sold after this date.

For more information on these changes, please download the documents below: