Empire Life Insurance Co. today introduced a new 20-year term life insurance product and improved rates for its line of 10-year Solution Series products.

In a release, the company said the new Term 20 offering is perfect for the “mortgage market”. “Solution 20 provides, what we think is, a better alternative to creditor insurance offered by major banks,” said Jim Gibson, director of individual marketing.” He added that the offering let the insured name the beneficiary instead of the funds going to the creditor. “As well, the face amount remains the same over the life of the policy. That’s different than typical creditor insurance which has declining value.”

Empire is also pitching Solution 20 as a good choice for small business owners looking to secure a bank loan. The insurance can be used as collateral.

The new rates for Solution 10 term insurance are designed to be the most affordable for Canadians between the ages of 35 and 55 and needing insurance amounts between $100,000 and $1 million.

Solution 10 and Solution 20 are convertible and renewable up to age 100, regardless of change in health or insurability.

Also today, Empire introduced five new portolio segregated funds.