Kingston, Ont.-based Empire Life Insurance Company is expanding its lineup of segregated funds.

On April 20th, the company will launch Empire Life Monthly Income Guaranteed Investment Fund. The objective of the new fund is to generate a consistent level of income by investing primarily in a balance of income-oriented Canadian equity and fixed income securities.

The fund will be available in all of Empire Life’s seg fund series and guaranteed withdrawal benefit products. The company now has 20 seg funds across various asset classes.

Empire Life is also introducing a new option for clients to purchase seg funds with a 75% maturity guarantee and 75% death benefit guarantee (75/75), in addition to the 75/100 and 100/100 guarantee levels that the company has offered since launching its guaranteed investment funds in November 2014.

Under the new 75/75 option, clients are guaranteed to receive 75% of net deposits upon policy maturity, or upon notification of death of the last annuitant.

The new option caters to clients who want some protection on their investments, with lower fees compared with the higher levels of guarantees.

All guarantee levels include automatic annual death benefit resets until age 80, with the final reset occurring on the annuitant’s 80th birthday.