The Empire Life Insurance Company introduced a permanent life insurance product, Hybrid Solution 100, which combines guaranteed and adjustable features. It allows customers to benefit from lower insurance premiums should long-term interest rates rise.

Read: The price is high…for now

“Canadian consumers and their advisors have dealt with multiple price increases and more limited permanent insurance product choices over the past two years due to prolonged low interest rates,” says Sean Kilburn, senior vice president, Life Insurance.

Read: Can life insurance be held as an asset class?

Coverage amounts are guaranteed and the product offers maximum and minimum price and value limits. Premiums can move up or down only as a result of changes in an interest rate range that’s determined annually using a Government of Canada long-term bond yield benchmark.

No other factors influence any premium increase or decrease. Customers have the transparency and security of knowing when and how insurance premiums change every year.