Empire Life Insurance Review

Learn more about Empire Life life insurance in Canada. Talk to one of our experienced advisors, today!

Empire Life - Life Insurance Review in Canada | Insider Info

Empire Life Insurance Review.

Learn more about Empire Life life insurance in Canada. Talk to one of our experienced advisors, today!

Empire Life - Life Insurance Review in Canada | Insider Info

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.

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, and critical illness 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 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 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.

Empire Life’s Solution 10 and 20 premiums increase after each term renewal increases until age 75 and 65 respectively. For every term renewal after that age, premiums are level.

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 Insurance Products

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

Talk to an advisor today.

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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

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

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, including areas such as Guelph, Milton, St. Catharines, Toronto, and Barrie.

Talk to an advisor today.

Best Life Insurance Quotes Canada