4WHY PARTNER WITH EMPIRE LIFE INVESTMENTS? Our parent’s* long history 1923The Empire Life Insurance Company Founded1956Controlling interest held by one family since 195650 YearsManaging segregated investments for Canadians*Empire Life Investments Inc. is a wholly owned subsidiary of The Empire Life Insurance Company4
5WHY PARTNER WITH EMPIRE LIFE INVESTMENTS WHY PARTNER WITH EMPIRE LIFE INVESTMENTS? A committed parent, with strength and stability265%MCCSR Ratio as of Sept 30, 2013Rated A(Excellent) A.M Best Company Rating as of June 2013Top 10Life Insurance Companies in Canada**Source: Office of the Superintendent of Financial Institutions (OFSI), and company annual reports – based on generaland segregated fund assets5
7INVESTMENT TEAM & APPROACH Our philosophy We believe that we can outperform by focusing on high-quality, attractively valued securities over the long termStyleValue orientedApproachBottom-up security selectionFundamental analysisTeam orientedManage downside risksLong term (3 to 5 years)Disciplined
8Investment Team & Approach Equity Investment Process IntrinsicValue ScreenFundamentalAnalysisPortfolioConstruction500 companiesSeek discounts to intrinsic value (long-term net worth)Focus on “margin of safety”Key factorsreturn on equityprice to earnings dividend yield80 to 100 companiesFundamental and industry analysisEvaluate relative attractiveness40 to 60 best ideasAnalyse portfolio attributesManage risk1. Value – what is the stock really worth?We look very closely at the long-term value of stocks. This tells us if certain stocks are trading at prices below what they’re actually worth. These stocks offer long-term growth potential but also offer downside protection because the market has already discounted them.2. Quality – how solid is the company’s business?If we think a company is undervalued, we then use fundamental analysis to understand how well the company is managed, how profitable it is and how competitive its business is. This tells us whether or not the company’s stock is a quality investment.If a quality company’s stock is undervalued by the market, then it’s a stock that we might be interested in.3. Building a portfolio – which stocks are right for our funds?We carefully select stocks that have passed the first two steps based on what they can contribute to one of our mutual funds. We also make sure that the portfolio in each of our mutual funds is properly diversified. Our equity funds will typically hold between stocks.
9INVESTMENT TEAM & APPROACH Value investing at work Growth of $10,000(Total Returns, Gross Indices)Key messageIn Canada the index tracking value stocks has outperformed, almost doubling, the index tracking growth stocksA similar situation holds true for global stocksNotes from MSCI site:Value attribute for index construction is defined using:Book value to price ratio12-months forward earnings to price ratioDividend yield.Growth attribute for index construction is defined using:Long-term forward earnings per share (EPS) growth rateShort-term forward EPS growth rateCurrent internal growth rateLong-term historical EPS growth trendLong-term historical sales per share growth trend.Data Source: Bloomberg, MSCI (November 1987 – November 2013)
10MSCI Canada Value Index INVESTMENT TEAM & APPROACHValue investing at workMSCI Canada Value IndexVs. MSCI Canada Index84%76%(Total Returns)Key Message:Value stocks captured almost all of the upside moves of the broad market, but lost significantly less than the broad market during down periods.Upside ParticipationDownside ProtectionData Source: Bloomberg (November 1988 – November 2013), 12 month trailing returns - during positive and negative markets
12Guaranteed Interest Options Guaranteed Withdrawal Benefit INVESTMENT SOLUTIONSGuaranteed Interest OptionsSegregated FundsMutual FundsAnnuitiesEmpire Life Investments has a full range of solutions to meet your clients’ goals and simplify your business.Our mutual funds and segregated funds are managed with a conservative, value-oriented style. We have a strong emphasis on downside protection.Our mutual funds are easy to understand. The fund line-up includes Emblem Portfolios, our managed program, which provides investment diversification and tactical asset management. Unlike many managed programs, Emblem Portfolios are not a fund of funds. The Emblem Portfolios invest directly in securities instead of funds so your clients can always see what they’re invested in.Empire Life segregated funds have many client-friendly features. They offer two resets per year on both the MBG and DBG and competitive MERs, which are among the lowest in the industry.There’s Class Plus 2, our GWB, which offers guaranteed retirement income for life. Class Plus 2 is the only GWB paying a 5% Income Base Bonus to help increase your clients’ income potential.And to round out our solutions, we offer Guaranteed Interest Options and Annuities. Empire Life Investments is the one-stop for all your investment solutions.Guaranteed Withdrawal BenefitSolutions offered by Empire Life and Empire Life Investments
13OUR PRODUCTS & SERVICES Class and Elite: Segregated Funds ChoiceFull range of asset classesIncludes Portfolio Funds, our managed programFunds with up to 100% equity exposureFlexibilityTwo levels of guarantees: 75%/100% or 100%/100%*Growth2 client-initiated resets per year take advantage of higher market values*Competitive and inclusive MERsEasy for clients to understandNo extra fees for resetsClass offers the most in choice, flexibility and growth to meet your clients’ needs.Let’s start by highlighting the features that Class brings to the table:21 funds to choose from including our Portfolio Funds, a broad range of asset classes, and funds with up to 100% equity exposure.Two levels of guarantees provide your clients with more flexibility.1 Class offers 75% MBG/100% DBG or 100% MBG2/100% DBGTwo client-initiated resets a year enables your clients to take advantage of higher market values3Empire Class MERs are very competitive. Furthermore, the MER is inclusive, what you see is what you pay, making the fees easy for you to explain and for your clients to understand. There are no hidden or extra fees for resets or 100% DBG.*There must be at least 10 years to the Maturity Date of the policy, 15 years if 100% MBG.No resets are permitted after December 31st of the year the Annuitant turns 80 years old.
14OUR PRODUCTS & SERVICES Elite and Elite XL Investment Programs Consolidated investment programHold segregated funds and interest investments in one policySegregated fundsGuaranteed Interest OptionsTreasury Interest OptionsThe Empire Life Elite and Elite XL Investment Programs are lifetime investment programs which incorporates both a Savings Plan (SP) and a Retirement Income Fund (RIF) in one packageThe Savings Plan allows for the accumulation of assets as well as provides for a smooth and automatic transition to the payout phase of those assets through a Retirement Income FundInvestment options within Elite and Elite XL include: segregated funds, Guaranteed Interest Options and Treasury Interest Options available in the same contract
15OUR PRODUCTS & SERVICES Our MERs save your clients money On average, our funds’ MERs were more than 7% lower than MERs of their peers*Empire Life has two great fee stories to discuss with your clients:Empire Life MERs are very competitive. In fact, 80% of Empire Life MERs are 7% lower than the MERs of their peers. Over time, that difference could mean thousands of dollars extra in your client’s nest egg. Get the Empire Life MER Advantage working for you and your clients.Other insurers take an ‘a la carte’ approach to pricing - for example, MER+ 100% Maturity Guarantee fee + Maturity Guarantee reset fee + 100% Death Benefit fee + Death Benefit reset fee. However, Class MERs are inclusive – what you see is what you pay. There are no extra fees, making it easy for your clients to understand and simplifying the sales process for you.Using a 4% rate of return over 20 years that could mean over $7,500 in savings!*Source: Empire Life and Morningstar Direct, June MERs are category median and Class A Empire Life segregated funds.For illustration purposes only. Illustration assumes a 4% rate of return.
16OUR PRODUCTS & SERVICES Class Plus 2: Guaranteed Retirement Income For LifeTM 5% annual Income Base BonusBuilds income potential.1Client-friendlyAutomatic Income Reset increases automatically to next LWA tier.Retirement Income Privileges allow stop and start income payments.Excess Withdrawal Alert safeguards clients’ guaranteed income.Competitive fees.Potential for higher growth3 of the 12 investment options offering 80% equity exposure.1 Income Base Bonus is a notional amount added to the Income Base at the end of each calendar year if no withdrawals are made for that year.
17OUR PRODUCTS & SERVICES Mutual Funds* Simplicity10 mutual fundsIncludes Emblem Portfolios, our managed programFunds with up to 100% equity exposureFlexibilityAvailable in series T, 6% and 8% tax-efficient cash flow optionsCompetitive MERsCompetitive management fees and advisor compensation*Mutual funds are offered by Empire Life Investments Inc.
18OUR PRODUCTS & SERVICES Empire for Life™ Loyalty Program EligibilityEmpire Life Mutual Funds, Empire Life Class or Class Plus 2 Segregated FundsLoyalty paysA management fee distribution equal to 5% on December 31st of the year in which the investor reaches the 10-year anniversary and every year thereafter.**Class/Class Plus 2 segregated funds and Elite/Elite XL contracts are issued by The Empire Life Insurance Company. TheEmpire for LifeTM Loyalty Program management fee re-imbursement is distributed in the form of additional units.Investors must own the units on the distribution date in order to receive the management fee re-imbursement.
20WHY CLASS PLUS 2 THIS RRSP SEASON? Build their income potential Class Plus 2 offers 5% annual Income Base Bonus1 every year for life, which builds client’s income potential.Income Base Bonus potentially increases the Income Base by 75% in 15 years.Class Plus 2 is both an investment and income product1. It can help your clients build their retirement nest egg with an annual 5% Income Base Bonus.2. During retirement, they will receive guaranteed income for life plus income growth potential.This chart illustrates how the Income Base Bonus increases an Income Base by 75% in 15 years.In this example, we see that Income Base of $200,000 grows to $350,000 (provided no withdrawals are made). That means the guaranteed annual income (LWA) increased by $7,500 based on the 5% Income Base Bonus alone. ($200,000 X 5% = $10,000 annual income , $350,000 X 5% = $17,500 annual income: $17,500 - $10,000 = $7,500 more annual income.1 Income Base Bonus is a notional amount added to the Income Base at the end of each calendar year if no withdrawals are made for that year.
21Investor Needs and Challenges 438002 people X 3 meals X 365 days X 20 years$438,000
22Why your clients need income The peak of the baby boom is age 50With the annual 5% Income Base Bonus, a one-time investment would increase by 75% in 15 years.$250,286 deposit is increased to $438,000 for the purpose of guaranteeing income for life.Use Empire Class Plus 2 for all your income needsAs you age, income is generally preferred relative to growth.
24PUT EMBLEM PORTFOLIOS* TO WORK Simplify and diversify in one decision *Empire Life Emblem Portfolio are offered by Empire Life Investments Inc.
25PUT EMBLEM PORTFOLIOS TO WORK Program highlights Instant DiversificationOne decision diversifies your client’s investment across asset classesbased on risk tolerance, time horizon and investment goals.Tactical Asset AllocationAsset mix is monitored and adjusted in response to market conditions.Transparency Portfolios invest directly in underlying securities rather than funds so your clients can see what they are invested inAccessible initial investment requirement of $2500 $50 subsequent depositsEnhanced statements Quarterly client statements with personalized rates of return
26EMBLEM PORTFOLIOS MARKETING SUPPORT Online questionnaire and Investment Policy Statement In addition to the Investment Policy Statement and marketing support, the Emblem Program also offers enhanced statements with:Book value vs. Market ValuePersonal Rate of Return (Total)Personal Rate of Return (By Fund)Current Asset AllocationEquity Sector AllocationAccount SummaryTransaction SummaryInvestment CommentaryGlossary of terms
27Empire Life Asset Allocation Fund Who should Invest?You are seeking growth and income by investing in a mix of primarily Canadian equity and fixed income securitiesBenchmark Asset Mix65% equities, 35% fixed incomeRebalancingTacticalCIFSC CategoryTactical Balanced (5% - 90% equities)FOR ADVISOR USE ONLY27
28Empire Life Asset Allocation Fund Annualized Performance and Positioning (Class A) Note: a significant portion of the cash holdings represent a component of the fixed income team’s strategy to manage durationThe Fund’s asset mix shifted slightly over the quarter, as healthy cash inflows were primarily directed towards equities and cash (at the expense of bonds). Given low bond yields and attractive opportunities in stocks globally, the Fund continues to be overweight in stocks and underweight in bonds. At the end of the quarter, the Fund’s asset mix was 14% cash, 11 bonds, 38% Canadian equities, 23% U.S. equities and 14% international equities.Benchmark: 35% DEX Universe, 65% S&P/TSX Composite* Inception Date: May 1994FOR ADVISOR USE ONLY28
29Empire Life Asset Allocation Fund Positioning Fixed IncomeIncreased shorter-term corporate bonds; remaining overweightReduced provincial bondsUnderweight Canada (federal) bondsEquityAdded/Increased: Potash Corp, Computer Modelling Group, Rolls RoyceSold/Reduced: Enbridge, SafranFixed Income: Corporate bond weights modestly increased over the quarter, particularly towards shorter terms issues. The Fed’s surprise decision to not taper QE in September essentially provided the market a green light to add risk to their portfolios. As a result, corporate yield spreads narrowed over most of the quarter to the benefit of corporate bond investors. Provincial bonds were trimmed over the quarter as their yield spreads narrowed to the point where their relative valuation made them less attractive, in our view.Equities: The portfolio manager initiated a position in Potash Corp during the quarter. Potash is the world’s largest producer of potash fertilizer by capacity and offers attractive characteristics for a commodity producer. Being a low cost producer, it can better survive challenging revenue conditions, such as as decreased demand or lower commodity prices. A strong balance sheet also helps them navigate these conditions. An attractive dividend yield of over 4% is supported by its strong free cash flow results. Most importantly for a value manager, the stock’s price now offers an attractive valuation, trading below our estimate of its intrinsic value; something it could not boast until recently.Another position initiated over the quarter is Computer Modelling Group. The company develops and licenses reservoir modelling software to the energy industry. The software provides critical information about a reservoir and optimal production strategies to oil and gas producers, which is increasingly necessary as production costs rise due to increasingly complex geologic structures. As a result, their products have lasting power with adopters, and they continue to gain traction with customers in the U.S. and internationally. Their business model generates high returns on capital and significant amounts of excess cash, which management returns to shareholders annually.Enbridge was sold due to full valuationsSafran (aerospace) was sold in favour of Rolls Royce due to better relative valuationsFOR ADVISOR USE ONLY29
31RRSP SEASON OPPORTUNITIES RRSP loan programs An RRSP loan is a great way to help clients to contribute the maximumUsing a loan can mean the difference between retiring and retiring comfortablyIf your client is expecting a tax refund, they can defer their first loan payment up to six months1The above example is for illustrative purposes only.¹ Although payments may be deferred, interest is calculated from the date of funding.
32RRSP SEASON OPPORTUNITIES Add TFSA to the discussion 2014 Annual Maximum$5,50018% of Previous Years Earned Income(up to $23,820)*ContributionsNot taxdeductibleTax deductibleWithdrawalsTax–freeTaxableGovernment Income BenefitsEligibility unaffectedAffects eligibilityUnused Contribution RoomCarried forwardTaxes on Earnings / GrowthTax-freeDeferredShould a TFSA complement or replace an RRSP?If the client’s marginal tax rate at deposit date and withdrawal date are the same, the TFSA and the RRSP are equally effectiveIf the client’s marginal tax rate at withdrawal date is lower than at deposit date: the RRSP winsIf the client’s marginal tax rate at withdrawal date is higher than at deposit date: the advantage goes to a TFSA*RRSP withdrawals used for the HBP (Home Buyers Program) must be re-contributed within 15 years; the LLP (Lifelong Learning Program) must be re-contributed within 10 years.
33RRSP SEASON OPPORTUNITIES Add TFSA to the discussion Maximize your meeting time. Discuss the benefits of additional tax sheltering through TFSAs when you discuss RRSPs.Example: A client opens a TFSA, contributing $31,000 (maximum unused 2014 contribution limit) today and $5,500 annually for 10 years. Assuming a growth rate of 6% and 50 clients, you could increase the value of your book by over $5.7 million in 10 years.**For illustrative purposes only. Assuming all 50 clients never previously contributed to a TFSA
34RRSP SEASON OPPORTUNITIES Add TFSA to the discussion Many TFSAs are currently invested in savings or fixed-term deposits. We evaluate how a 10-year return in those investments compares to an investment in the market:Example: $31,000 initial contribution, $5,500 annual contribution, 10 year period*$155,998.$140,449.$102,252.$99,859.*Morningstar Research Inc.,: 10-year rate of returns average ending November 30, 2013; S&P/TSX Composite Total Return (8.27%), 50% S&P/TSXComposite Total Return / 50% DEX Universe Bond (5.37%), 5-Year GIC (2.42%); Canadian Treasury Bill (2.09%).
35RRSP SEASON OPPORTUNITIES TFSA Marketing Support Segregated FundsMutual Funds
36RRSP SEASON OPPORTUNITIES DCA never goes out of style Dollar cost averaging is a disciplined approach to investingBuy more units when prices are low and fewer when prices are highAvoids market timing and risk of lump sum investmentDiscuss a PAD plan for 2014Assuming a starting price of $10 per unit, the table below shows how dollar cost averaging can help smooth the effects of market fluctuation.
37RRSP SEASON OPPORTUNITIES Have the reset discussion Two client-initiated resets a yearNo extra feeAfter Reset:Death Benefit increased by $4,693Maturity Benefit increased by $3,520This RRSP season, be sure to discuss resets with your Class and Elite clients. If markets have been strong, as they were in 2013, there is a good chance there is some market growth for them to lock in, enhancing their guarantees.Empire Life’s seg fund resets are advantageous for two reasons 1) they are client-initiated with 2 opportunities to reset every calendar year. Plus there is no extra fee for resets.Resets take advantage of higher market values, for the purpose of Maturity and Death Benefit Guarantees. Let’s look at an example:Say you deposited $10,000 today in an Empire Class Segregated Fund Class B with 75%/100% guarantees. Your Death Benefit is $10,000 on day one. Your Maturity Guarantee will be $7,500 (or $10,000 x 75%), available in 10 years.Let’s assume that 4 years into your contract your fund has grown to $14,700. You decide to reset your guarantees to take advantage of the growth in your investment. Immediately, your Death Benefit is increased to $14,700, a $4,700 increase over your original investment.Your Maturity Guarantee is increased to $11,000 (or $14,700 x 75%), a $3,500 increase over your original investment. Note that the Maturity Guarantee must be at least 10 years from the reset date. So by resetting your Maturity Guarantee, you will have also extended the maturity date of your contract by an additional 4 years.And for resets in the 100%/100% series, there has to be at least 15 years from the reset date.Resets add real value: By resetting your guarantees, you guarantee a positive return on your investment upon death or maturity4.Death Benefit Guarantee Maturity Benefit GuaranteeDeath Benefit Guarantee Maturity Benefit GuaranteeFor illustration purposes only. Note that resetting the 75/100 series Maturity Guarantee extends the maturity date by 10 years from the date of reset, and by 15 years for the 100/100 series.
38RRSP SEASON OPPORTUNITIES New: Lifetime Withdrawal Amounts & Life Income Funds Option to access to full LWA & Life Income FundsApplicable if LWA exceeds legislated LIF maximum, which disallows withdrawal of full LWA.Strict requirements must be met to qualify for this electionIt is irrevocableClass Plus/Class Plus 2 features remain intact.Class Plus or Class Plus 2 can be held in LIFs, but on very rare occasions some clients may not be able to withdraw their full LWA because it exceeds their legislated LIF Maximum (Also applies to RIF and LRIF). Empire Life has a new solution—a Locked-In LWA election. Here are points to remember if they make this election:Five strict requirements must be met to qualify for this election: Client’s LWA must exceed the LIF Maximum in the current year; the contract only holds units of Class Plus or Class Plus 2 Funds; pension legislation does not require the purchase of an annuity at age 80; no deposits made during the current calendar year; and, LIF must be registered with Empire life.Important election conditions are in place: It is irrevocable; no additional deposits can be made; only the LWA can be withdrawn; the LWA must be paid out each year; and, contract cannot be surrendered and no funds can be transferred to another institution.If this election will be made, Empire Life Customer Service will get the process started be reviewing requirements, providing the election form and instructions.Contractually, what doesn’t change is Class Plus/Class Plus 2 features, for example Triennial and Automatic Income Resets and Maturity and Death Benefit Guarantees.Documentation called “Details of Lifetime Withdrawal Amounts (LWA) & Life Income Funds, which outlines this election is available from me.
39RRSP SEASON OPPORTUNITIES New: Annuity Settlement Option SituationInsurance products give peace-of-mind associated with the proceedsSudden transfer of wealth may not be desirable for some beneficiariesSolutionGradual wealth transfer through innovative combination of payment and annuityClients have flexibility and control over how death benefit proceeds paid outHow it worksAll Empire Life insurance and investment contracts-inforce and new applicationsChoice of either a) 100% annuity option ORb) Partial upfront payment with the balance paid via Life or Term Certain annuityBenefitsMaintain influence with family and retain assetsEstate planning opportunity - include in sales process and annual reviewsClient peace of mindYour clients choose insurance products because of the peace-of-mind associated with the proceeds paid at death. Your client may be concerned that a sudden transfer of wealth is not appropriate if the beneficiary is young, dependent or financially unsavvy.Empire Life’s Annuity Settlement Option gives your clients the flexibility and control to have their death benefit proceeds paid gradually through an innovative combination of payment and annuity.The Empire Life Annuity Settlement Option is industry-leading. It provides the 100% annuity option that you are familiar with. But we give clients the flexibility to designate an upfront partial payment to the beneficiary – the client choses this amount - with the balance paid out via Life or Term Certain annuity.There are several important benefits to you and your clients.Research shows that the surviving spouse and family rarely remain with the advisor, after the primary client has passed away. With the Annuity Settlement Option, you can maintain influence with the family and retain the assets.The Annuity Settlement Option is an estate planning opportunity. This is a conversation you are qualified to have, unlike banks or mutual fund advisors. It’s a natural subject for you to include in your sales process, as well as introduce to your current clients during annual reviews.Your clients will have peace of mind from knowing that their beneficiaries will be taken care, on an ongoing basis, from a gradual transfer of wealth.
40RRSP SEASON OPPORTUNITIES Discussion Points 1.Tax Planning Take advantage of various tax-efficient savings vehicles.VehicleDetailsRRSP2013 contribution limit is $23,820Deadline: March 3, 2014.TFSA2014 contribution limit is $5,500;cumulative contribution limit is $31,000Here are some discussion point with your clients:Are they taking advantage of various tax-efficient vehicles and if they are, are they contributing the maximum?
41RRSP SEASON OPPORTUNITIES Discussion Points 2. Guaranteed IncomeDo your clients have a reliable retirement income source?Possible solutions may be GWBs (Class Plus 2) or annuities (Empire Life Immediate Annuities), which provide guaranteed retirement income.Check out Class Plus 2-Guaranteed Retirement Income for LifeTM and Empire Life Immediate Annuities
42RRSP SEASON OPPORTUNITIES Discussion Points 3. Asset Allocation/Portfolio RebalancingAsset classes perform differently over time so a portfolio can drift from its target asset mix.Does the current asset allocation reflect your client’s time horizon, risk tolerance, and investment goals?A potential solution is a Portfolio program, which rebalances the asset mix to ensure it reflects the investor profile.
43Social Media is here!Get the latest perspective from our Portfolio Managers!Join in the conversation!Social Media is here! It’s the future of selling, and I want you to be aware of our Blog. It features Investment Team market insights, product information, and a window into our corporate culture.Soon after its launch it became the most popular section of the corporate website.It is divided into four sections:1.“Investment Views,” in which Portfolio Managers and Analysts share their opinions; (Feel free to leave a comment and join in the conversation!)2. “ For New Investors”, which offers financial and product advice for beginners;3. “Empire in Your Life” provides financial commentary and illustrates how Empire Life solutions can help through different life stages;4. “Our Culture” allows employees to share their hobbies, interests, and anecdotes.Again, join the conversation. Leave a comment, or even better, subscribe.Please visit the blog at:Located at
44We Appreciate Your Business Thank You!We Appreciate Your Business
45DisclaimerEmpire Life Investments Inc. is the Manager of the Empire Life Mutual Funds (the “Funds”) and is the Portfolio Manager of the Empire Life segregated funds. Empire Life Investments is a wholly-owned subsidiary of The Empire Life Insurance Company. The units of the Funds are available only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such units. Nothing contained herein shall constitute, or shall be deemed to constitute, investment advice or a recommendation to buy or sell a specific security, by the Portfolios, Funds or their manager, Empire Life InvestmentsCommissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.The information in this presentation is for general information purposes only and is not to be construed as providing legal, tax, financial or professional advice. Empire Life Investments assumes no responsibility for any reliance made on or misuse or omissions of the information contained in this presentation. Please seek professional advice before making any decisionPast performance is not a guarantee of future performance. Empire Class Segregated Funds, Class Plus 2 and Elite/Elite XL Investment Program contracts are issued by The Empire Life Insurance Company. A description of the key features of the individual variable insurance contract is contained in the Information Folder for the product being considered. Any amount that is allocated to a Segregated Fund is invested at the risk of the contract owner and may increase or decrease in value.®/™ Trademarks of The Empire Life Insurance Company – used under license