The Empire Life Insurance Company (Empire Life) has launched its next generation guaranteed withdrawal benefit (GWB) solution for customers.
Dubbed Class Plus 2, the newly launched solution is specifically designed to address the changing requirements of the customers in retirement.
Empire Life Investment Products and Marketing vice-president Julie Yoshikuni said the solution offers new features that will provide customers with greater flexibility and less worry during retirement.
"We believe Class Plus 2 can play an important role adding predictability and flexibility to an income-oriented portfolio,'' Yoshikuni added.
Class Plus 2 will offer the customers a choice of single or joint tiered income beginning the year when they reach 55, along with a 5% income base bonus, new worry-free automatic income base resets, as well as flexible retirement income privileges that are designed to adapt to changing retirement plans.
Empire Life is a subsidiary of E-L Financial which provides individual and group life and health insurance, investment and retirement products.