Empire Life is one of the leading life insurance companies in Canada. Founded in 1923 and based in Kingston, Ontario, it offers a wide range of insurance products to over one million customers across Canada.
In this Best Insurance Online article review, we will examine Empire Life’s offerings, pricing, financial strength, history, and more to determine whether it is the right life insurance choice for you.
Overview of Empire Life Insurance
| Year Founded | 1923 |
| Head Office | Kingston, Ontario, Canada |
| AM Best Financial Strength Rating | A |
| BBB Rating | A+ |
| Financial Assets | Over $18 billion |
| Insurance Premiums | $1 billion annually |
| Website | Empire Life |
Created in 1923 in Ontario, Empire Life now has approximately 450,000 customers, over 160,000 group life and health plan members, and more than 7300 group employer customers. Additionally, it owns a network of over 33,000 licensed financial advisers across the country to offer you the best quality service.
Within a decade of its founding, the insurance company had expanded across two provinces and merged with the Commonwealth Life and Accident Insurance Company.
From 1987 to 2000, Empire Life took over 6 separate insurance divisions through mergers and acquisitions before uniting with Concordia Life Insurance Company in 2002. In 2007, they set a company record by surpassing $1 billion in segregated fund sales.
The company was named Life and Health Insurer of the Year in 2019, thanks to the simple, easy, and digital access to insurance products. This is also the fourth time it has won this prestigious title (other times include 2013, 2016, and 2018). Empire Life has an outstanding reputation, and it is known as one of the top 10 insurance companies in Canada.
Some key facts about Empire Life:
- Privately owned company, not beholden to shareholders
- Over 1 million policyholders
- Currently has over $18 billion in assets
- Rated A (Excellent) for financial strength by AM Best[1]
Empire Life Products and Features
Empire Term Life Insurance
One area where Empire Life stands out is the breadth and flexibility of their term life insurance offerings. They provide multiple term lengths ranging from 1 year to 40 years, with options to renew coverage up to age 100. This allows consumers to find a policy aligned with their budget and needs. Their main term life insurance plans include:
| Term Life Plan | Details |
|---|---|
| ART | Annually renewable, convertible |
| Solution 10 | 10 year renewable, convertible |
| Solution 20 | 20 year renewable, convertible |
| Solution 30 | 30 year renewable, convertible |
Empire Life’s term plans allow policyholders to renew their coverage at the end of each term until age 100. This unique offering provides lifetime protection. Term plans are also convertible to permanent insurance up to age 75.
Key Features:
- Renewable annually until age 100, with level premiums from 85-100
- Convertible to permanent life insurance until age 75
- Available in 10-year, 20-year, and 30-year terms
- Coverage up to $10 million
- Level death benefit
This array of term lengths accommodates both short-term and long-term insurance needs. And the renewability up to age 100 provides lifetime protection options.
Empire Permanent Life Insurance
In addition to term life insurance, Empire Life offers several permanent life insurance solutions. Permanent life maintains coverage for your entire life as long as premiums are paid. Some popular permanent policies from Empire insurance include:
| Permanent Life Plan | Details |
|---|---|
| Optimax | Cash value focused |
| EstateMax | Wealth building |
| Solution 100 | Non-participating permanent plan |
Optimax is Empire Life’s flagship permanent plan, emphasizing building cash value. It provides guaranteed cash values and dividends that can be used to pay down premiums or increase coverage.
EstateMax is a participating whole life insurance plan focused on long-term value. It provides guaranteed solid cash values and above-average non-guaranteed dividends later in the policy years.
Empire Guaranteed Issue Life Insurance (No Medical Insurance)
For those who want life insurance without medical exams or health questions, Empire Life offers one no-medical plan:
- Guaranteed life Protection: Permanent coverage from $5,000 to $50,000 for ages 40-75. No health questions are required.
This guaranteed issue plan provides a fast and straightforward way to obtain smaller amounts of permanent life insurance protection.
Empire Critical Illness Insurance
With CI Protect, consumers can receive a lump sum payment if diagnosed with a critical illness to help cover expenses. Disability Credit Protect provides monthly income if you are unable to work due to injury or illness. Details of Empire Critical Illness Insurance :
- CI Protect: basic coverage, 4 conditions (i.e., heart attack, stroke, cancer, heart bypass surgery). $75,000 maximum coverage amount, lasts for 10 years.
- CI Protect Plus: 25 conditions. Available in 3 term lengths (i.e., 10 years, 20 years, and term to 75 years old). 6 non-threatening health conditions, which pay 15% additional benefit if contracted.
Investment and Other Financial Products
Apart from insurance policies, Empire Life offers a wide range of investment products and personal financial solutions, such as guaranteed investment funds and portfolios, GICs, annuities, RRSPs, RRIFs, TFSAs, mutual funds, to name but a few. These will undoubtedly assist many Canadian customers with their wealth management needs.
Empire Life Insurance Rates
Here is a breakdown of the monthly premium rates for non-smoking, healthy men and women of different age groups :
Term Life Insurance
| $500,000 Coverage | 25 Year Old Male | 45 Year Old Female |
|---|---|---|
| 10 Year Term | $23 | $39 |
| 20 Year Term | $29 | $54 |
| 30 Year Term | $39 | $75 |
Permanent Life Insurance
| $100,000 Coverage | 50 Year Old Male | 60 Year Old Female |
|---|---|---|
| Whole Life | $160 | $375 |
| Universal Life | $150 | $350 |
Empire Life’s pricing is competitive, especially for healthy nonsmokers who qualify for its best rates. Its premiums are affordable compared to those of other top Canadian life insurance companies.
Qualifying for Discounted Rates of Empire Life
To qualify for Empire Life’s lowest premiums, you must meet their health and lifestyle criteria for preferred nonsmoker status:
- No tobacco or nicotine use in the past 12 months
- Cholesterol and blood pressure within limits
- Minimal family history of major illnesses
- No personal history of severe conditions
- No extreme sports or dangerous hobbies
- Maintain a healthy BMI
The rigorous standards provide substantial savings for those who qualify as preferred risks.
Empire Life Underwriting and Approvals
A significant benefit of Empire Life is its streamlined underwriting process and quick policy approvals.
Once all application requirements are submitted, the average timeline for underwriting and issue is just 1-2 weeks, which is faster than the industry standard.
Empire Life’s cancellation policies are designed with our customers in mind. You have a generous 10 days from the issue date to cancel, with a full refund guaranteed.
Pros and Cons of Empire Life Company
| Pros | Cons |
| – A user-friendly electronic application process – Competitive pricing, especially for nonsmokers – An array of term lengths and permanent insurance products – Fast underwriting and policy approvals Positive reputation for customer service – Can receive quick approvals for insurance applications – Online portal to access policy documents – Wide variety of life and critical illness products to choose from – Bundle options: cover all bases by purchasing life and critical illness insurance bundles, possibly at the cost of one policy. – Can convert term insurance policies to longer policies (e.g. switch a 10-year term to a 20 or 30-year policy) – Provides a unique ART (Annual Renewable Term) life insurance product which is rare in the industry | – Limited no medical insurance options – Critical illness plans only cover 4 conditions – Less affordable rates for smokers |
Comparing Empire Life to Top Competitors
Empire Life is regarded as one of Canada’s leading life insurance providers. Here is how their pricing and products compare to some of the top competitors:
Sunlife
- More expensive premiums than Empire Life
- A more comprehensive selection of permanent and term products
- Comparable financial strength (S&P AA rating)
RBC Insurance
- Slightly lower premiums than Empire Life
- There are not as many term-length options
- Longer underwriting times than Empire Life’s 1-2 weeks
Foresters
- Specializes in no medical insurance, more options than Empire Life
- Less selection of term and permanent policies
- Smaller company compared to Empire Life
Here is a sample premium comparison for a $500,000, 20-year term life insurance policy:
| Insurer | 25 year old male | 45 year old female |
|---|---|---|
| Empire Life | $31 | $54 |
| Sunlife | $34 | $59 |
| RBC | $29 | $52 |
| Foresters | $33 | $57 |
While not always the outright cheapest, Empire Life is very competitively priced. When you factor in their versatile product mix, fast underwriting, and stellar reputation, they stand out as a top-tier life insurance provider in Canada.
Is Empire Life Right for You?
Empire Life is undoubtedly one of the top life insurance companies in Canada. However, it’s important to remember that the best choice for you may not always be the most well-known. Before making a decision, be sure to compare quotes from multiple providers to ensure you’re getting the best coverage for your needs.
Here are some scenarios where Empire Life is likely a good fit:
- You want lifetime coverage with renewable term life insurance
- You seek to purchase a participating whole life policy
- You are a healthy nonsmoker who will qualify for the best rates
- You want a streamlined application process with fast approval
However, those looking for niche products like no-medical-exam life insurance or expanded critical illness policies may find better options elsewhere.
While not the cheapest for smokers, Empire Life still offers affordable premiums for most demographics. Their competitively priced products, strong financials, and focus on customer service makes them an excellent choice for many Canadian life insurance buyers.
Exclusions
The most noteworthy exclusions from Empire Life are suicide and accidental deaths (with caveats). For critical illness insurance, Empire Life excludes certain cancers (with caveats), such as malignant melanoma skin cancer, prostate cancer and chronic leukemia.
You should check out their complete list of exclusions from their website or consult their agents before purchasing the policy since these exclusions vary by company and considerations.
The Bottom Line
If you are seeking an affordable life insurance plan, Empire Life is certainly a strong contender in the competition. Empire Life ensures that they will be there for you every step of the way in your policy, and this is reflected in the different life insurance options they have made available on the market for you. They are also evolving day by day to fit their products in the digital age.
Be sure to check out all of Empire Life’s offerings and compare them to your unique needs and budget before beginning with the application process for a life insurance policy. If you need some assistance or want to find out the quotes for Empire Life, you can always visit Best Insurance Online Canada, a renowned insurance broker in Canada.
You can also take a look at our reviews for other top life insurance companies in Canada such as : Sun Life, Manulife, ivari, Canada Protection Plan, etc.
