Empire Life Insurance Review
Discover is Empire Life is right for you.
7 Minute read
Originally Published: August 4, 2021
Updated: August 20, 2024
Empire Life Insurance Review.
Discover is Empire Life is right for you.
7 Minute read
Originally Published: August 4, 2021
Updated: August 20, 2024
Empire Life has been named the best life insurance company in Canada four times in 2013, 2016, 2018, and 2019 and is one of the top insurance providers in Canada. With a financial strength rating of A from AM Best Company, they’re a reliable and financially stable institution with a large selection of highly customizable life insurance products and an excellent underwriting track record. Considering all this we give Empire Life a rating of 4.5 stars out of 5.
In this article:
Company Overview
Empire Life was founded in 1923 and is a subsidiary of E-L Financial Corporation Limited. Headquartered in Kingston, Ontario, Empire Life has over $18 billion in assets. The company has a strong financial backing and serves over 550,000 customers. The company offers a wide range of life insurance products, including term life insurance, permanent life insurance, guaranteed life insurance, critical illness insurance and disability insurance.
To better understand cost, here is a quick look at the monthly premium rates for a 10 year term plan with $500,000 in coverage from Empire Life for Canadians aged 20-75:
Empire Life Pros
- Large range of term lengths and permanent life insurance plans.
- Offers term insurance with no age maximum for renewal.
- Larger range for minimum and maximum coverage amounts.
Empire Life Cons
Limited policies available for no medical life insurance.
- Does not offer a wide range of other insurance products.
- Permanent life insurance is more costly than comparable policies.
Term Life Insurance Products
Empire life offers a variety of term lengths through its Solution Term Life Insurance plans ranging from plans that renew annually to plans that renew every 30 years. This type of insurance is ideal for young families, those with mortgages and other shared debts, individuals looking for simple and affordable coverage, and small business owners looking to cover start-up costs. Empire Life offers six different term length options, all under the same plan. Here’s an overview of that plan:
Solution Term Life Insurance
Coverage amount: $10,000 – $20,000,000
Length of coverage: 1, 10, 15, 20, 25, or 30 Years
Issue ages: 18 – 75 years old.
Additional options:
- All terms can be renewed up to age 100 at which point the policy is considered paid-up and premium payments are no longer required to maintain coverage.
- Term coverage is convertible to any permanent insurance plan up to age 75.
- Premiums increase with each term renewal then stop increasing and remain level at the following ages:
- Age 75 for a 10 year term policy.
- Age 70 for a 15 year term policy.
- Age 65 for a 20 year term policy.
- Age 85 for a 25 or 30 year term policy.
- For the Solution Annual Renewable Term (ART) plan, premiums are level for the first 3 years then increase yearly up to age 85 when they become level once again.
Permanent Life Insurance Products
Empire Life offers four permanent life insurance products, two of which are participating whole life insurance plans. These types of policies are ideal for those interested in permanent life insurance coverage, level premiums that don’t increase with age or the onset of medical conditions, and potential investment options as many permanent policies also build a cash value over the lifetime of the policy. Here is an overview of each plan:
Solution 100
Coverage: $10,000 – $20,000,000
Length of coverage: Permanent
Issue ages: 0 – 75 years old
Premium payment options:
- Guaranteed level premium rates to age 100
Additional options:
- Guaranteed level premiums up to age 100 at which point the policy is considered paid-up and premium payments are no longer required to maintain coverage.
- Guaranteed cash surrender values and guaranteed reduced paid-up values available in year 10.
- Available as a child life insurance policy.
Term to 100
Coverage: $10,000 – $20,000,000
Length of coverage: Permanent
Issue ages: 18 – 75 years old
Premium payment options:
- Guaranteed level premium rates to age 100
Additional options:
- Guaranteed level premiums up to age 100 at which point the policy is considered paid-up and premium payments are no longer required to maintain coverage.
EstateMax
Coverage: $10,000 – $20,000,000
Length of coverage: Permanent
Issue ages: 0 – 75 years old
Premium payment options:
- Life Pay
- 20 Pay
- 10 Pay
Additional options:
- Guaranteed cash value and guaranteed reduced paid-up starting in year 5 of the policy.
- Potential to earn annual dividends which can be used towards paid-up additions, annual premium reductions, cash value accumulation, enhanced coverage, or a cash payment.
- Available as a child life insurance policy.
Optimax
Coverage: $10,000 – $20,000,000
Length of coverage: Permanent
Issue ages: 0 – 75 years old
Premium payment options:
- Life Pay
- 20 Pay
- 10 Pay
- 8 Pay
Additional options:
- Guaranteed cash value and guaranteed reduced paid-up starting in the first year of the policy.
- Potential to earn annual dividends which can be used towards paid-up additions, annual premium reductions, cash value accumulation, enhanced coverage, or a cash payment.
- Available as a child life insurance policy.
No Medical Life Insurance Products
Empire Life also offers one no medical life insurance plan that does not ask any medical questions, making it ideal for applicants who are interested in fast approval, or may have trouble getting approved for standard life insurance.
Guaranteed Life Protect
Coverage: $5,000 – $50,000
Length of coverage: Permanent
Issue ages: 40 – 75 years old
Premium payment options:
- Guaranteed level premium rates to age 95
Additional options:
- Guaranteed level premiums up to age 95 at which point the policy is considered paid-up and premium payments are no longer required to maintain coverage.
- Guaranteed cash surrender values in year five and guaranteed reduced paid-up values available in year eight of the policy.
- The death benefit is limited to premiums that have been paid during the 24 month period, without interest if natural death occurs within the first 24 months.
Other Life Insurance Products
Empire Life offers a variety of other insurance options including critical illness insurance and disability insurance. These plans are designed to pay out a lump sum payment upon the onset of a critical illness or disability which can help pay for lost income, transportation costs, medical costs such as prescriptions, and more. Here is a quick look at each of these plans:
- CI Protect: This policy covers four common life threatening conditions: cancer, heart attack, stroke, and coronary artery bypass and offers guaranteed coverage up to age 75.
- CI Protect Plus: This policy covers 25 critical conditions including heart attack, cancer, stroke, blindness, paralysis, coma, and more with the option to add a rider that allows you to get your premiums back if a critical illness benefit claim is not needed.
- Disability Credit Protect: This policy offers a benefit paid out monthly if you are unable to work due to a disability.
Empire Life Insurance Customer Reviews
Many Empire Life clients are satisfied with their experience with the company, here are some of the positive reviews this company has received:
- Website is accessible and easy to navigate.
- Large range of life insurance options make customized financial planning easier.
- Minimum and maximum coverage amounts cover a wide variety of insurance needs, making it easier to find a suitable policy.
Frequently Asked Questions (FAQs) about Empire Life Insurance
While not every insurer will be right for every client, Empire Life is a solid choice. This insurer offers a wide range of term lengths, minimum to maximum coverage amounts, and policy riders and has a unique offering in allowing policyholders to renew term insurance well into their senior years. In addition to their comprehensive options they are a popular and trusted Canadian brand and have helped hundreds of thousands of Canadians obtain life insurance.
The time it takes from when an application is submitted until it is approved can be affected by a number of variables. Typically once all application requirements are met, policies will be improved in one to two weeks. This process is accelerated for the Guaranteed Life Protect policy as it doesn’t require medical underwriting and typically is approved within days of submitting an application.
All life insurance products offered through Empire Life that do not have a segregated fund deposit allow policyholders 10 days to cancel their policy without penalty and with a full premium refund. After the initial ten day grace period if the policy is canceled at any time premiums will not be refunded but you will typically not be charged additional fees.
Find a solution that’s right for you.
While Empire Life is a great option, it may not be the best solution for your family. If you would like customized advice and a better understanding of what options are the best for you and your family please feel free to contact us. Here at Protect Your Wealth we work with you to find the best life insurance policy tailored to your specific needs. We have been providing expert life insurance solutions since 2007, and have helped many clients achieve financial security for their families.
Contact us today or call us at 1-877-654-6119 to talk to one of our expert financial advisors. We’re proudly based out of Hamilton, and service clients anywhere in Alberta, British Columbia, Manitoba, and Ontario, including areas such as Dundas, Burnaby, Lethbridge, Vaughan.
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