Kingston, Ont.-based Empire Life Insurance Co. Wednesday introduced Class Plus 2, the next generation of its guaranteed withdrawal benefit (GWB) product.
“Class Plus 2 offers Canadians new features that provide greater flexibility and less worry during retirement,” says Julie Yoshikuni, vice president, investment products and marketing.
The product gives customers a choice of single or joint tiered income starting the year they turn age 55, a 5% income base bonus, new worry-free automatic income base resets, and flexible retirement income privileges designed to adapt to changing retirement plans.
“We believe Class Plus 2 can play an important role adding predictability and flexibility to an income-oriented portfolio. In a rapidly changing world, our customers place high value on automatic features and having the flexibility to discontinue and resume taking income when they’d like to,” says Yoshikuni.