The Empire Life Insurance Company (Empire Life) launched an Annuity Settlement Option allowing customers to determine how their inheritance will be paid out.
According to the 2013 Household Balance Sheet by Investor Economics, more than $670 billion will be transferred between generations over the next ten years.
To meet the needs of those transferring their wealth, the Empire Life Annuity Settlement Option offers a no-cost way to tailor how the proceeds of insurance policies are paid out to beneficiaries.
A large payout may not always be in the best interest of a customer’s beneficiary, depending on their circumstances. The Annuity Settlement Option allows customers to choose either a series of guaranteed regular payments or an upfront initial payment with the balance in guaranteed regular payments.
"Our Annuity Settlement Option recognizes that many customers want more control over how the proceeds are paid out to ensure their loved ones are taken care of," said Julie Yoshikuni, Vice-President, Retail Investments Products & Marketing. "With choice and flexibility, our customers can now have greater peace of mind."
Customers who are interested in the Empire Life Annuity Settlement Option should contact their financial advisor for more information.