--- title: Empire Life Blog Empire Life Blog (16) description: Access the latest insights on life insurance, investments, and group benefits all in one place. Visit the Empire Life blog. (16) --- × #### Subscribe ### Subscribe to Email Updates Signing up for our Blog offers you the opportunity to subscribe and receive email notifications for Investment or Insurance type content only from The Empire Life Insurance Company and Empire Life Investments Inc. You may cancel your subscription to the newsletter at any time by clicking on [unsubscribe](http://www.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) or, by contacting The Empire Life Insurance Company or, Empire Life Investments Inc. **The Empire Life Insurance Company** 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll Free: 1 800 561-1268 Email: insurance@empire.ca or investment@empire.ca **Empire Life Investments Inc.** c/o 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll-free telephone: 1 855 823-6883 Email: mutualfund@empire.ca Close [Facebook](https://www.facebook.com/Empire-Life-Insurance-142465432433812/) [Linkedin](https://www.linkedin.com/company/empire-life-investments) [Twitter](https://twitter.com/empirelifeins) Subscribe [EN](https://www.empire.ca/blog) | [FR](https://empire.ca/fr/blogue) [![Empire Life | Empire Life Investments](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/combined-logo.png)](https://www.empire.ca/blog) # Insurance, Investments and Group Benefits ## Navigate life with confidenceTM - Insurance - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips) - [Customer Service](https://www.empire.ca/blog/topic/customer-service) - Investments - [Investments](https://www.empire.ca/blog/topic/investments) - [Investment Views](https://www.empire.ca/blog/topic/investment-views) - [Off the Cuff](https://www.empire.ca/blog/topic/off-the-cuff) - [Group Benefits(1)](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance (1)](https://www.empire.ca/blog/topic/personal-finance) ## [Retire later: What a difference a year makes](https://blog.empirelife.ca/blog/retire-later-what-a-difference-a-year-makes) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Aug 16, 2016, 3:10:36 PM Going, going, gone are the days when we are forced into retirement because we hit a certain age. And boomers are redefining what that "R" word means to them. Retirement isn't about hitting a certain age or completely quitting what you have been doing. It may involve work, albeit perhaps on different terms or in a different field. It may mean adjusting that planned retirement date. There’s no shame in that. Late savers especially may need to consider what a difference an extra year of work can make in their lives. [Read More](https://blog.empirelife.ca/blog/retire-later-what-a-difference-a-year-makes) ## [When do people retire and why?](https://blog.empirelife.ca/blog/when-do-people-retire-and-why) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) [![When do people retire and why?](https://blog.empirelife.ca/hubfs/Blog_images/INV-Blog-images/GettyImages-908981892-371230-edited.jpg)](https://blog.empirelife.ca/blog/when-do-people-retire-and-why) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Jul 27, 2016, 1:24:25 PM There is no normal retirement date anymore. There is no hard-fast retirement date everyone has to hit. The answer to the question; "when will you retire?" is becoming a very individual decision, and one you need to plan for and periodically stress test to make sure it's still going to work for you. Here's what we do know.  [Read More](https://blog.empirelife.ca/blog/when-do-people-retire-and-why) ## [Registered Retirement Plans with named beneficiaries: Lessons and Considerations](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-lessons-and-considerations) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Jun 13, 2016, 9:59:06 AM In my last post, I shared the issue of naming an adult, independent child as a beneficiary of a registered retirement plan, (either a Registered Retirement Savings Plan or a Registered Retirement Income Fund (income version). (see [Registered Retirement Plans with Named Beneficiaries: Unintended Consequences](https://www.linkedin.com/pulse/registered-retirement-savings-plans-named-unintended-peter-wouters?trk=prof-post) ) You may wish to avoid paying probate and estate costs on your plan. You may want to make the transfer as seamless and efficiently as possible. You may want to leave someone something extra. One issue is that the person receiving the money usually pays no tax. The estate usually pays the tax. The Canada Revenue Agency first looks to the estate to pay any income taxes owing. Only when there are insufficient monies in the estate, does the Canada Revenue Agency assess the beneficiary of the registered retirement plan for any balance owing. That means the beneficiaries in the will shoulder the tax bill. Is that the intention? [Read More](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-lessons-and-considerations) ## [Registered Retirement Plans with named beneficiaries: Unintended Consequences](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-unintended-consequences) [Investments](https://www.empire.ca/blog/topic/investments), [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) By [Peter Wouters](https://www.empire.ca/blog/author/peter-wouters) Jun 6, 2016, 11:10:18 AM Let’s say you’re single, divorced or widowed. You have saved up some money for retirement. Perhaps you are already retired and are taking out an income from your registered plan. You may not get to spend all of your savings during your lifetime. Where does the balance go? [Read More](https://blog.empirelife.ca/blog/registered-retirement-plans-with-named-beneficiaries-unintended-consequences) ## [Life insurance mistakes to avoid](https://blog.empirelife.ca/blog/life-insurance-mistakes-to-avoid) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) [![Life insurance mistakes to avoid](https://blog.empirelife.ca/hubfs/Blog_images/Life_Insurance_Mistakes_to_Avoid/ENG/HeaderImg-v2.png)](https://blog.empirelife.ca/blog/life-insurance-mistakes-to-avoid) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Apr 14, 2016, 3:01:57 PM There is no question that confusion exists when it comes to the topic of life insurance, and where there is confusion, mistakes can happen. So, to help you learn from other’s experiences, here are some common life insurance mistakes to avoid before, during and after you make a life insurance purchase:  [Read More](https://blog.empirelife.ca/blog/life-insurance-mistakes-to-avoid) ## [Protecting your home with life insurance](https://blog.empirelife.ca/blog/protecting-your-home-with-life-insurance) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) [![Protecting your home with life insurance](https://blog.empirelife.ca/hs-fs/file-564313990-jpg/Blog_images/blog-mortgage-en.jpg)](https://blog.empirelife.ca/blog/protecting-your-home-with-life-insurance) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Feb 2, 2016, 2:15:00 PM Buying a home can be the single biggest purchase an individual will ever make.   [Read More](https://blog.empirelife.ca/blog/protecting-your-home-with-life-insurance) ## [Factors that determine how much your life insurance will cost](https://blog.empirelife.ca/blog/factors-that-determine-how-much-your-life-insurance-will-cost) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) [![Factors that determine how much your life insurance will cost](https://blog.empirelife.ca/blog/page/none)](https://blog.empirelife.ca/blog/factors-that-determine-how-much-your-life-insurance-will-cost) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Dec 2, 2015, 3:06:14 PM How much you will pay for life insurance is based on several factors including your age, health and smoking status. Check out this infographic to help you understand all the factors that may influence your life insurance quote: [Read More](https://blog.empirelife.ca/blog/factors-that-determine-how-much-your-life-insurance-will-cost) ## [Answering some important life insurance questions](https://blog.empirelife.ca/blog/answering-some-important-life-insurance-questions) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Oct 26, 2015, 2:35:01 PM ![Couple looking at laptop](https://blog.empirelife.ca/hs-fs/hubfs/Blog_images/Answering_Some_Important_Questions/iStock_000045333788_Small.jpg?width=650&name=iStock_000045333788_Small.jpg "Couple looking at laptop") Life insurance is an important part of your overall financial plan. We’ve put together some easy to understand video’s to help you get started with answering a few important life insurance questions. [Read More](https://blog.empirelife.ca/blog/answering-some-important-life-insurance-questions) ## [Lessons Learned - Irrevocable Life Insurance Beneficiary not so “Untouchable”](https://blog.empirelife.ca/blog/lessons-learned-irrevocable-life-insurance-beneficiary-not-so-untouchable) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Oct 20, 2015, 10:22:00 AM ![Family being severed](https://blog.empirelife.ca/hubfs/Blog_images/Irrevocable_Beneficiary/iStock_000037969046_Small.jpg "Family being severed") As a follow-up to our recent post on when an [irrevocable life insurance beneciary may not be so "untouchable"](https://blog.fastandfull.ca/irrevocable-life-insurance-beneficiary-not-so-untouchable), **Peter Wouters**, Director of Tax Retirement & Estate Planning Services at Empire Life, continues to provide his insights on a recent court case where life insurance proceeds were made available to a dependant - despite the same policy naming another dependant as an irrevocable beneficiary as part of a separation agreement. Lessons to be learned? Find out.   [Read More](https://blog.empirelife.ca/blog/lessons-learned-irrevocable-life-insurance-beneficiary-not-so-untouchable) ## [Irrevocable Life Insurance Beneficiary not so “Untouchable”](https://blog.empirelife.ca/blog/irrevocable-life-insurance-beneficiary-not-so-untouchable) [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips), [Insurance](https://www.empire.ca/blog/topic/insurance) By [Allison Barton](https://www.empire.ca/blog/author/allison-barton) Sep 30, 2015, 1:30:29 PM ![Family on Bridge](https://blog.empirelife.ca/hs-fs/hubfs/Blog_images/Irrevocable_Beneficiary/iStock_000055638100_Small.jpg?width=642&height=350&name=iStock_000055638100_Small.jpg "Family on Bridge") An "**irrevocable life insurance beneficiary**" refers to a person that is designated to receive life insurance benefits from a life insurance policy or segregated fund contract where that designation cannot be changed without that person’s consent, and on the death of the life insured the benefits do not form part of the owner’s (if he/she is the life insured) estate. This is set out in the Insurance Act.  [Read More](https://blog.empirelife.ca/blog/irrevocable-life-insurance-beneficiary-not-so-untouchable) - [Previous](https://www.empire.ca/blog/page/15) - [15](https://www.empire.ca/blog/page/15) - 16 - [17](https://www.empire.ca/blog/page/17) - [18](https://www.empire.ca/blog/page/18) - [19](https://www.empire.ca/blog/page/19) - [20](https://www.empire.ca/blog/page/20) - [Next](https://www.empire.ca/blog/page/21) ![Get a quote and apply for life insurance](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/GetAQuote-BlogButton-couple-EN.jpg) [BUY NOW](https://www.empire.ca/insurance/buy-life-insurance) ![Retirement Savings Tool](https://blog.empirelife.ca/hubfs/Blog_images/RST-Blog-EN.jpg) [Get Started](https://www.empire.ca/retirement-and-savings-tool) ### POPULAR POSTS ### CATEGORIES - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Investments](https://www.empire.ca/blog/topic/investments) - [Group Benefits](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) [Disclaimer](https://info.fastandfull.ca/disclaimer) [Legal](https://info.fastandfull.ca/legal) [Privacy Policy](https://info.fastandfull.ca/privacy-policy) [Accessibility](https://info.fastandfull.ca/accessibility) [Consumer Information](https://info.fastandfull.ca/consumer-information) [Contact Us](https://info.fastandfull.ca/contact) [Third-Party Tools and Sites](https://info.fastandfull.ca/third-party) [Confidentiality](https://info.fastandfull.ca/confidentiality) [Unsubscribe](https://info.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) **CONTACT US** The Empire Life Insurance Company 259 King St. E. 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