Empire Financial Group today introduced two new equity segregated funds to its fund line-up, Canadian Equity Fund and Global Smaller Companies Fund.

Both funds will be managed in-house by Empire’s Investment Management team.

“While some companies are closing their small cap funds to new deposits, we are expanding our small cap offering to provide investors with more options to diversify and participate in global growth opportunities,” said Jim Gibson, director of individual marketing at Empire, in a release.

Canadian Equity Fund is a pure Canadian equity fund that provides a “made in Canada” solution to investors looking for large cap Canadian equity exposure. It will be managed in the same way as Empire’s flagship Canadian equity fund, Elite Equity Fund. Global Smaller Companies Fund will be managed by the same team that manages Empire’s Small Cap Equity Fund.

Empire is also changing the name of one of its segregated funds from Corporate Bond Fund to Income Fund.

Empire also enhanced its segregated fund death benefit guarantee on its Elite Investment Program to 100% of net deposits, regardless of age.

Previously, the death benefit guarantee reduced to 75% of net deposits made after age 65. “With a 100% non-reducing death benefit guarantee on our main investment programs, and the ability to reset both the maturity and death benefit guarantees on non-registered plans at older ages, we feel our current product offers our clients very comprehensive capital guarantees,” said Gibson.

Separately, Empire announced the addition of an improved permanent participating life insurance product, Optimax.

Optimax replaces Empire’s Optimax III and has been redesigned to offer more choice. Its death benefit values, dividends and cash values are improved.

“Optimax offers significant guarantees to support the protection, savings and growth needs of Canadians,” said Owen Rhoden, manager of individual life and health insurance marketing at Empire.

Optimax customers can choose from multiple rate and coverage plans, including a paid-up additions rider, a 10-year guaranteed extender and a tax-exempt account. Within the tax-exempt account, clients can now choose from 21 index investment options as well as guaranteed and daily interest options. Optimax also features a guaranteed 20-pay option.

“One of the most distinguishable features of Optimax, besides the level of flexibility and improved cash and death benefit values we’re offering, is simply the fact that our product is sustainable and we’re committed to offering it,” added Rhoden. “In recent years other companies have cancelled new sales of their participating products while we have renewed our commitment to Optimax as a long-term, viable and sustainable product in our portfolio. We like this product and we plan to keep it.”

Empire has been paying dividends on its participating life insurance products since 1923. The company is one of only a handful of life insurance companies in Canada still offering a permanent participating life insurance product.