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Empire Life introduces excess withdrawal alert service

Canada-based The Empire Life Insurance, a subsidiary of E-L Financial, has introduced Excess Withdrawal Alert (EWA) service, a new service for Class Plus customers, to protect their guaranteed income.

According to the Empire Life, the EWA service will protect Class Plus customer income from excess withdrawals which could cause their future guaranteed income to decrease.

Empire Life said that the no-cost, automatic EWA service lets Class Plus customers know, through their advisor, if a withdrawal they have requested exceeds their annual limit.

Advisors will then have the opportunity to explain the consequences of the excess withdrawal so customers can decide whether they want to proceed with the withdrawal or consider other options that wouldn’t affect their guaranteed income.

Retail Wealth Marketing vice-president Julie Yoshikuni said the service allows both customers and advisors to keep financial plans on track in order to meet long-term financial goals.

"We’ve made several positive enhancements to Class Plus over the past year. Introducing the Excess Withdrawal Alert service reinforces our commitment to our customers, distribution partners and to Class Plus which we launched in 2008," Yoshikuni said.

Empire Life helps Canadians build wealth and protect their financial security with individual and group life and health insurance, investment and retirement products.