Are you scouring the internet for Empire Life Reviews to determine whether they’re the right life insurance company for you?
Well as one of Canada’s eight largest insurers, Empire Life has a long history and a full range of products affordable term insurance coverage.
So, let’s see if they may be the right choice to protect our loved ones.
Empire Life Insurance Company: So What’s the Deal?
Empire Life was established in 1923 and went through a series of mergers and acquisitions leading up to E-L Financial Corporation’s establishment in 1969.
With additional acquisitions in 1987, the company adopted the name Empire Financial Group and then rebranded as Empire Life in 2006.
Empire’s Head Office has been in Kingston, Ontario, since 1936. Since the mid-’50s, three generations of the Jackman family have controlled Empire, which has a very small amount of publicly traded stock.
Not beholden to shareholders, Empire Life takes a more long-term perspective, concentrating on the business at hand and sustainable growth.
So far, so good!
Accolades
This insurer has been in business for a century and has nearly 1000 employees nationwide. It currently manages assets of more than $16 billion.
- In 2013 & 2014, World Finance Magazine named Empire the Best Canadian Life Insurance Company.
- The Insurance Canada Business Awards recognized Empire Life as 2019’s Life and Health Insurer of the Year (the third time in four years Empire received this honor).
- In 2022, they received the Fundata FundGrade A+ Award.
These honors acknowledge Empire Life’s work to further its vision of becoming Canada’s most convenient insurance and investment company.
Empire Life Financial Rating
The financial stability of the institution you select is important because you want them to make good at some point if your family needs a payout. This is a long-term investment, which means you should pick an insurer with a rock-solid foundation.
….and these ratings are certainly sweet! A.M. Best gives Empire an A rating, and DBRS echoes that sentiment with another A rating.
The good news is that if you sign on with Empire Life, your premiums are safe with them.
Empire Life Insurance Products
Empire Insurance is a large company with an extensive offering.
Empire Permanent Non-Participating Whole Life Insurance
Solution 100
Empire Life’s Solution 100 is a permanent, non-participating whole-life insurance policy that covers you for life (payable to 100 years of age).
Features include:
- Fully guaranteed rates and coverage
- Guaranteed cash surrender values available after four years
- You are free to add CI Protect (critical illness) or other Solution plans as a rider to save fees
Empire Permanent Participating Whole Life Insurance
Empire Whole Life insurance is designed for estate protection and wealth accumulation.
With the potential for dividends, policyholders can share in Empire Life’s participating profits.
There are two types of Empire whole life policies: Estatemax and Optimax Wealth. Both of these coverages are known as cash value life insurance and may earn annual dividends, which can be:
- paid to you
- used to purchase additional life insurance coverage
- placed in savings
- used to pay policy premiums
Both plans have four guaranteed payment options: 8-Pay, 10-Pay, 20-Pay, and Pay—100 (life pay).
Empire Estatemax
- Fully guaranteed rates and coverage
- Guaranteed cash surrender values available after four years
- You are free to add CI Protect (critical illness) or other Solution plans as a rider to save fees
Empire Optimax Wealth
- Fully guaranteed rates and coverage
- Guaranteed cash surrender values available after four years
- You are free to add CI Protect (critical illness) or other Solution plans as a rider to save fees
Combines the benefits of life insurance coverage with the opportunity for savings. This policy is designed for individuals looking to grow their money in the short term through guaranteed cash value and the accumulation of annual policy dividends.
As such, the monthly costs are higher than those of Empire Life’s Estatemax.
Empire Life Term Insurance
Please take note if you are looking through Empire Life Reviews.
I recommend term life insurance the most. It’s pure insurance, which means it covers you for some time when you’re most vulnerable.
An Ontario man found out that a line of credit he thought was insured actually isn’t after his wife of 50 years died. When I found out I wasn’t insured, I was just devastated,” said John Richards of Uxbridge, Ont. Richards said he and his wife Sandra wanted to take out a Home Equity Line of Credit (HELOC) for $150,000, but they said they also wanted to have life insurance on the loan in case anything happened.” Too many Canadians are either uninsured or underinsured, and a death will be financially devastating!
You pay premiums for a designated time: 10, 20, 30 years, etc. If you die during that term, the insurance company pays out cash, tax-free, to your family. Also, your monthly costs are guaranteed to stay the same for the term, no matter what.
Unlike permanent insurance, Term has no investment component.
It’s used primarily to replace the loss of income from a breadwinner’s untimely death. For 90% of people, this is the most important issue: making sure their family continues to get an income should they die prematurely.
All Empire Life term insurance offers:
- Level & guaranteed premiums for the length of term
- Renewable premiums beyond the original term, guaranteed for life
Solution 10, 15, 20, 25, & 30
Empire Life’s Solution term life insurance provides guaranteed monthly costs for 10, 15, 20, 25 & 30 years.
Features include:
- Term coverage to protect you from mortgages, debts and loss of breadwinner’s income
- You can add Solution term to one of their other Solution Series products or CI Products to create a comprehensive insurance package and save on fees
- Convert your Solution 10 to Solution 20 or Solution 30 coverage within the first five years of your policy under Empire Life’s Term Exchange Program
- Conversion to a permanent policy if you still need coverage
Solution ART
Empire Life’s Solution ART offers guaranteed premium rates with no increases for the first three years.
Your premiums increase yearly thereafter, with the last premium increase occurring on the premium renewal at age 85.
Features include:
- Conversion to a permanent policy if you still need coverage
- Ideal for people who need temporary insurance to cover a loan, etc.
- Add another Solution Series product or an Empire Life critical illness rider to create a comprehensive insurance package and save on fees
- Convert your Solution ART to Solution 20 or Solution 30 coverage within the first five years of your policy under Empire Life’s Term Exchange Program
Guaranteed Issue Permanent Life Insurance Protection
Empire Life recently entered the Simplified-Issue market by introducing its Guaranteed Life Product in November 2018.
What is no medical life insurance? This protects people with insurability issues who don’t want to answer health questions and may be looking to cover debts and final expenses.
Like other products on the market, such as Canada Protection Plan’s Guaranteed Acceptance Life, Empire’s guaranteed life product has a 2-year waiting period.
How does it work? If you die within the first two years of the policy, Empire will NOT pay out the death benefit. They will, however, pay back all the premiums you paid to date – minus interest.
You’re good to go if you make it past the 2-year mark.
They also pay the death benefit out within two years if you die as a result of an accident.
The best part? Most other Guaranteed life insurance products in the Canadian market cap out at $25,000. Empire Life’s Guaranteed Life Product provides coverage up to $50,000 if you’re between the ages of 40 and 50.
Before you pull the trigger on Guaranteed Issue, check out my post about No Medical Life Insurance here.
Empire Life Critical Illness Insurance
Empire Life Critical Illness insurance is designed to pay you a tax-free, one-time lump sum when you develop a critical illness as defined by your policy.
It was invented by a South African doctor who noticed his patients’ outcomes were affected by financial stress when they had to stop working to focus on fighting their illnesses.
Statistics tell us that most people survive a serious illness, but their finances often don’t.
Critical illness coverage is ideal and most affordable for healthy people who want to safeguard their family’s lifestyle against the threat of a serious illness.
Empire Life CI Protect
Empire Life CI Protect Critical Illness Insurance is a renewable product that covers four conditions:
- life-threatening Cancer
- Coronary artery bypass surgery
- Heart Attack
- Stroke
This type of protection is designed with level monthly costs in 10-year increments. The coverage renews automatically at the end of each 10-year term, and the monthly cost increases.
Empire Life CI Protect Plus
Empire Life CI Protect Plus Critical Illness Insurance is more comprehensive coverage. It protects you for 25 insured conditions and is available in 10-year terms, 20-year terms, and terms to age 75.
Opting for Term 75 means your monthly costs are guaranteed to remain the same until you reach age 75, after which the policy terminates.
Empire Life Insurance Rates
The table above illustrates why getting long-term life insurance when you’re younger is a good idea. It shows how expensive it can get if you wait to obtain coverage!
Age | $250,000 | $500,000 |
---|---|---|
35 Year Old Male | $19.53 | $31.95 |
35 Year Old Female | $15.07 | $23.85 |
40 Year Old Male | $27.45 | $45.90 |
40 Year Old Female | $20.48 | $34.65 |
45 Year Old Male | $42.52 | $70.38 |
45 Year Old Female | $30.38 | $53.55 |
50 Year Old Male | $70.42 | $126.45 |
50 Year Old Female | $47.92 | $85.05 |
55 Year Old Male | $125.33 | $214.20 |
55 Year Old Female | $83.93 | $152.55 |
60 Year Old Male | $225.90 | $403.65 |
60 Year Old Female | $150.97 | $281.70 |
65 Year Old Male | $374.62 | $681.30 |
65 Year Old Female | $251.78 | $474.30 |
*Quotes above are for Empire Life’s Solution 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. July 2024
Empire – Pros
1. Easy To Do Business With
Their website shows Empire’s vision to be Canada’s most convenient insurance and investment company.
Well, it looks like they’re making some good progress in that direction. As 2019’s Life and Health Insurer of the Year (The Insurance Business Canada Awards), Empire Life is an easy company for both advisors and customers to do business with.
Why should you care if it’s easier for your advisor to work with Empire Life Insurance? A smooth agent/ company process means a quicker, more effective transaction for you.
2. Excellent E-Application & User Experience
Empire Insurance’s Fast and Full Life Application Process is among the best in the Canadian marketplace.
As increasing numbers of us become comfortable with digitalization and using online tools to perform transactions, Empire Life shows up as a digital leader in Canadian life insurance.
As the name suggests, Empire Life’s Fast and Full Application platform helps speed up the process. Wait times are unavoidable sometimes, especially when you have health conditions, but all things considered equal, I’ll take the fast route!
Speaking of health conditions…check out my post on life insurance for high risk people here.
3. Wide Selection of Products, Including Group Benefits
Empire Insurance’s offerings include life insurance, critical illness coverage, investment options, and employee benefits plans.
Sometimes, too many products on the shelf can indicate that a company is stretched too thin. Not in this case.
Empire Life is equally diversified across its three main product categories: Individual Insurance, Employee Benefits, and Wealth Management.
Each line item makes up approximately 33% of Empire’s revenue and premium income, making the company strong and balanced.
4. One of the Better-Performing Whole Life Products in Canada
Along with Equitable Life, Empire’s whole life insurance has performed well for policyholders in the long term. Empire Life’s participating account has an average rate of return of 7.44% over the past 30 years and 5.99% over the last 10 years. Not bad! Also, Empire is one of the only carriers with the option to pay up the policy in 8 years, allowing consumers to optimize growth.
5. Solid Financials
Speaking of strength, Empire Life Insurance is Rated ‘A’ by Dominion Bond Rating Service (DBRS) and A.M. Best Company. This carrier will be around for a long time.
Knowing your investment in your family’s future is safe feels good!
6. Higher Term Coverage Age (85)
Empire Life covers term insurance up to age 85. That means you’re still eligible to apply for a term 30 policy with Empire when you’re 55.
Why is this important? More of us are living longer and starting families later in life (Heck, I became a father for the first time at age 47). This means we may be carrying longer mortgages than our parent’s generation.
It’s nice to know that you can get term coverage that lasts until age 85! With some carriers, getting long-term protection can be challenging for those over 50.
Check out my article on term life insurance for senior citizens.
Empire Life Insurance Cons
1. A Huge Selection of Products
This is only a partial Con because there’s no question – Empire Life has a very impressive range of products, and they’re well diversified. The question is, is it possible to do a good job servicing them all?
2. No Universal Life Product
This is only a partial Con, too, as Empire Life does have very solid whole life products. I also tend to recommend Whole Life over Universal Life as it’s more straightforward and less complicated.
However, if you’re looking for the flexibility of a Universal Life product, you’ll have to look elsewhere. A few years ago, they phased out their Universal Life insurance.
Is Empire Life The Right Company For YOU!?
We have the most comprehensive review out of the Empire Life Reviews because we take the time to examine all the factors that make companies good.
Honestly, Empire Life Insurance is one of my favorite companies. They truly are a terrific option for people looking to protect their families. Empire’s term insurance is always among the most affordable in the country.
First and foremost, they are an insurer built on a solid financial foundation…
They have a terrific selection of products delivered with a competitive price tag.
Empire Life is a forward-thinking company that will expand into the future, and I feel confident when I recommend it to my clients.
That being said, they are not for everyone. For example, if you have well-managed diabetes, I can think of other carriers that may view you more leniently.
All Life Insurance Companies Are NOT the Same!
As I’ve repeated ad nauseam, every life insurance carrier is unique, and Empire is no different.
The challenge is to find the company that will view you in the most favorable light.
We work with the best life insurance companies in Canada. If you want an Empire Life Insurance quote, click the button below or schedule a no-obligation call here.
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