Empire Life Insurance Review
Learn more about Empire Life life insurance in Canada. Talk to one of our experienced advisors, today!
9 Minute read
Originally Published: August 4, 2021
Updated: September 27, 2023
Empire Life Insurance Review.
Learn more about Empire Life life insurance in Canada. Talk to one of our experienced advisors, today!
9 Minute read
Originally Published: August 4, 2021
Updated: September 27, 2023
Empire Life is one of the best insurance companies in Canada, and has been named the best life insurance company in Canada 4 times in 2013, 2016, 2018, and 2019. With a financial strength rating of A from AM Best Company, they’re reliable and financially stable with a large selection of highly customizable term life insurance products that can cover you for life, along with an intuitive and industry leading electronic application, and an excellent underwriting track record, which leads us to our rating of 4.5 stars.
In this article:
Company Overview
Empire Life was founded in 1923 and is a subsidiary of E-L Financial Corporation Limited. The company had merged with and has gained acquisitions of several other insurance companies over the course of 98 years. With over $18B in assets, the company has a strong financial backing to serve over 300,000 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 . Within these products, their joint first to die and multi-life policies are some of the most competitive in the marketplace.
Empire Life Pros
- Allows for renewal up to age 100, and optional yearly renewal plan
- Highly customizable plans to include other insurance products
- Have an intuitive and industry leading electronic application
- Have an excellent underwriting track record
Empire Life Insurance Cons
- Cheaper options for term plans available from other companies
Empire Life Insurance Products
Empire Life Term Life Insurance
Empire life offers 5 term life insurance products. These term life insurance products are ideal for families with a new or existing mortgage, individuals who are looking for affordable coverage with future flexibility, or small business owners looking to cover start-up costs. Empire Life’s term life insurance products for term 10 and term 20 also offer the ability of premiums capping after certain ages. This means that once you reach a certain age in your policy, your premiums will be the same after each term renewal.
Solution 10 is ideal for new families on a tighter insurance budget, small business owners looking to cover startup fees, or those needing support in covering debts or final expenses. This product provides guaranteed premium rates that increase every 10 years, with the final premium increase occurring after age 75.
Key Highlights:
- Issuable from ages 18-75
- Coverage from $25,000 to $10,000,000
- Last premium increase after age 75
- Coverage can last until age 100, and is convertible to their permanent insurance plans, up to age 75
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Solution 20 is designed for families and individuals looking for slightly longer-term coverage for needs such as family income replacement or paying a mortgage, or larger business owners with longer term business loans. This product offers guaranteed premium rates that increase every 20 years, with the final premium increase occurring after age 65.
Key Highlights:
- Issuable from age 18-65
- Coverage from $25,000 to $10,000,000
- Last premium increase after age 65
- Coverage can last until age 100, and is convertible to their permanent insurance plans, up to age 75
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Solution 25 provides longer-term coverage for needs such as family income replacement, staying protected from debts, or paying a mortgage. This product offers guaranteed premium rates that increase annually after the first 25 years, with the final premium increase occurring after age 85.
Key Highlights:
- Issuable from ages 18 -60
- Coverage from $25,000 to $10,000,000
- Last premium increase after age 85
- Coverage can last until age 100, and is convertible to their permanent insurance plans, up to age 75
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Solution 30 is similar to Solution 25, and provides longer-term coverage for needs such as family income replacement, staying protected from debts, or paying a mortgage. This product offers guaranteed premium rates that increase annually after the first 30 years, with the final premium increase occurring after age 85.
Key Highlights:
- Issuable from ages 18 -55
- Coverage from $25,000 to $10,000,000
- Last premium increase after age 85
- Coverage can last until age 100, and is convertible to their permanent insurance plans, up to age 75
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Solution ART is Ideal for those seeking affordable temporary insurance, while they plan to improve their health or switch to another term or permanent insurance solution. Solution ART offers guaranteed premium rates with no increases for the first three years, then increases every year, with the last premium increase at age 85.
Key Highlights:
- Issuable from ages 18 -65
- Coverage from $25,000 to $499,999
- Last premium increase after age 85
- Coverage can last until age 100, and is convertible to their permanent insurance plans, up to age 75
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Empire Life Permanent Life Insurance
Empire Life offers 4 permanent life insurance products, two of which are permanent participating whole life insurance solutions. These two participating insurance solutions can be bundled with their Solution Series, CI Protect & CI Protect Plus, or Empire Life Disability Credit Protect™ to make a comprehensive insurance package. The dividend scale on all participating plans is also guaranteed never to fall below zero.
Empire Life also offers a guaranteed issue life insurance policy for those who have trouble getting accepted for traditional insurance.
EstateMax is a permanent participating life insurance plan designed for a variety of estate planning needs with a focus on long-term cash values.
Key Highlights:
- Issuable from ages 0-75, coverage for life
- Coverage from $10,000 – $10,000,000 depending on age issued
- Guaranteed level premiums with a choice of how long premiums are payable (8, 10, 20, or for life)
- 5 Dividend options: Cash Payment, Paid-Up Additions, Annual Premium Reduction, Cash Accumulation, or Enhanced Coverage
- Single life, Joint-first (2 lives), or Joint-last (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
- Payor Death & Disability (Child’s Waiver)
- Additional Deposit Option (ADO)
Optimax Wealth is a permanent participating life insurance plan that provides higher early cash values, cost effective life insurance protection and the benefit of tax deferred savings accumulation.
EstateMax is a permanent participating life insurance plan designed for a variety of estate planning needs with a focus on long-term cash values.
Key Highlights:
- Issuable from ages 0-75, coverage for life
- Coverage from $10,000 – $10,000,000 depending on age issued
- Guaranteed level premiums with a choice of how long premiums are payable (8, 10, 20, or for life)
- Single life, Joint-first (2 lives), or Joint-last (2 lives) coverage types available
- Includes a side account that allows lump sum deposits to fund future premium needs. Additional funds can be deposited and withdrawn at any time
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
- Payor Death & Disability (Child’s Waiver)
- Additional Deposit Option (ADO)
Solution 100 is Empire Life’s permanent life product within their Solution series. It offers affordable permanent life insurance coverage with level premiums and access to cash values for emergency needs. This policy is ideal for clients looking to secure their estates for their beneficiaries, cover final expenses, or for individuals looking for financial planning resources for themselves or their children.
Key Highlights:
- Issuable from ages 0-75, coverage for life
- Coverage from $25,000 to $10,000,000 for ages 0-65
- Coverage from $10,000 to $10,000,000 for ages 66-75
- Guaranteed level premiums to age 100
- Single life, Joint First-to-die (2 lives), Joint Last-to-die (2 lives), and Multi-life (2 lives) coverage types available
Available benefit riders:
- Waiver of Premium
- Guaranteed Insurability
- AD&D
- Children’s Life Rider
- Children’s Critical Illness Rider
Guaranteed Life Protect is Empire Life’s Guaranteed Issue life insurance, which asks no questions and requires no medical for applicants, making it ideal for applicants who want fast approval, or have trouble getting approved for traditional life insurance for any reason. It offers a permanent Non Participating policy with guaranteed level premiums and guaranteed cash surrender values but has limited benefits in the first 2 years of the policy.
Key Highlights:
- Issuable from ages 0 – 75
- Lifetime coverage with guaranteed level premium rates premiums
- Guaranteed cash surrender values starting at the 5th year of the policy
- Reduced paid-up values starting at the 8th year of the policy
- Deferred benefits: 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 two critical life insurance products: CI Protect and CI Protect Plus. These products can be packaged with other life insurance products to create a comprehensive package while saving on fees.
CI Protect is Empire Life’s critical life insurance policy that covers 4 illnesses: cancer, heart attack, stroke and coronary artery bypass surgery.
Key Highlights:
- Offered as a 10 year or 20 year term which are renewable without additional medical questions
- Coverage from $25,000 to $75,000
- Terminates and coverage ends at age 75
- Life insurance coverage with lump sum benefit of $1,000 at death
CI Protect Plus is a more comprehensive version of their CI Protect product, and provides coverage for 25 conditions.
Key Highlights:
- Offered as renewable term 10, term 20, term to age 75 and term to age 100 with 15 years of payments required
- Coverage from $25,000 to $2,000,000
- Single Life or Multi-Life (2 lives) coverage types available
- Life insurance coverage with lump sum benefit of $1,000 at death
- Built in benefits of Non-Life Threatening Illness Benefit that pays 15% (max two payments), up to a maximum of $50,000
Available benefit riders:
- Waiver of Premium
- Accidental Death & Dismemberment
- Children’s Life Rider
- Children’s CI Rider
This is the only disability insurance that Empire Life offers and it can be added to an individual life insurance policy
Key highlights:
- Choice of expense coverage for 12 or 24 months
- You can pay off eligible debts of up to $3,500 each month, or 3.5% of the life insurance coverage you are applying for, whichever is lower.
- Answer ‘no’ to any health-related queries to be eligible.
- Obtain your monthly allowance directly and determine the most effective way to utilize it. As you are the owner, your coverage will remain with you even when you switch lenders.
Empire Life Insurance Customer Reviews
Many Empire Life clients are satisfied with their experience with the company:
- Empire Life’s range of term, permanent and group products
- Empire Life’s simplified and no medical options
- Intuitive electronic contract application and delivery
However, some customers have been displeased with:
- Occasional communications issues with reaching the company once they begin the claims process
Frequently Asked Questions (FAQs) about Empire Life Insurance
Empire Life is a Canadian insurance company which is headquartered in Kingston, Ontario. Empire Life has been in service since 1923.
Empire life has term life insurance products, permanent life insurance products and other insurance products.
- Empire Life term life insurance products include
- Solution 10
- Solution 20
- Solution 25
- Solution 30
- Solution ART
- Empire Life permanent life insurance products include:
- EstateMax
- OptiMax
- Solution 100
- Guaranteed Life Protect™
- Empire Life also have other insurance products which are critical illness plans:
- CI Protect
- CI Protect Plus
Protect Your Wealth gives Empire Life Insurance a rating of 4.5 stars out of 5 stars which is a positive rating. AM Best Company gives Empire Life insurance a rating of A, which is also a good rating. Some of the pros about Empire Life insurance include having an intuitive and industry leading electronic application, having an excellent underwriting track record. Some of the cons about Empire Life insurance include cheaper options for term plans available from other companies.
These are some of the positive Empire Life customer reviews:
- Empire Life’s range of term, permanent and group products
- Intuitive electronic contract application and delivery
These are some of the negative Empire Life customer reviews:
- Occasional communications issues with reaching the company once they begin the claims process
Yes, Empire Life has a disability insurance product called Empire Life Disability Credit Protect™ which is an optional rider that you can add to your existing life insurance policy. This policy has 2 benefit periods of 12 months or 24 months. You can also get a simplified underwriting which makes acquiring this insurance easier, and you can have a benefit of up to $3,500 per month.
Empire Life insurance customer service number is: 1-(800)-561-1268
The time it takes from when an application is submitted until it is approved can be affected by a number of variables. Once all requirements are satisfied, a policy approval from Empire Life usually occurs between 5-15 business days.
Regardless if it is a term or permanent life insurance policy you don’t have to pay a fee when you cancel your life insurance policy with Empire Life.
Get In Touch With Us Today
If you’re not sure of what’s the best insurance product or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation.
At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical, term life, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Dundas, and service clients anywhere in Ontario, British Columbia, and Alberta, including areas such as Guelph, Milton, Lethbridge, and Coquitlam.
![Foresters Financial Life Insurance Review Canada [2024]](https://sp-ao.shortpixel.ai/client/to_webp,q_glossy,ret_img,w_500,h_383/https://protectyourwealth.ca/wp-content/uploads/2022/02/Foresters-Financial-Life-Insurance-review-500x383.png)
![TD Canada Life Insurance Review Canada [2024]](https://sp-ao.shortpixel.ai/client/to_webp,q_glossy,ret_img,w_500,h_383/https://protectyourwealth.ca/wp-content/uploads/2022/02/TD-Life-Insurance-Review-500x383.png)
Leave A Comment