Empire Life Insurance Company has added two new enhancements to its guaranteed minimum withdrawal benefit product called Class Plus to help Canadians in retirement.

The company said that clients will receive the 5% annual Income Base Bonus each year if no withdrawals are made in that year. Previously, the bonus was available for the first 15 years and the clients have the option to increase their guaranteed lifetime withdrawal amount in the future. In addition, clients are eligible to receive their guaranteed lifetime withdrawal amount a year earlier at age 65.

According to Empire Life, the product provides guaranteed retirement income and offers a 100% death benefit guarantee, triennial resets on the income base, the bonus base, and the death benefit guarantee with the final death benefit guarantee reset at age 80, and a high net worth option with lower management fees.

Julie Yoshikuni, vice president of Retail Wealth Marketing of Empire Life Insurance, said: The enhancements offer clients greater potential to increase their guaranteed retirement income and the option to begin receiving their guaranteed lifetime withdrawal amount a year earlier. These enhancements, along with the recent appointment of Gaelen Morphet as chief investment officer, demonstrate our continuing commitment to Empire Life clients.