Empire Life Insurance Review 2021

Empire Life has been in business for almost 100 years. Read this Empire Life Insurance review to find out if it is the right insurer for you.

April 1, 2021

Life Insurance is one product every Canadian should have. However, finding the right, affordable coverage can often prove challenging. Empire Life Insurance is among the 10 biggest insurers in Canada and offers an impressive selection of competitively priced life insurance plans to fit different lifestyles. Keep reading this Empire Life Insurance Review to find out more about Empire Life's products and services.

Pros Cons
Strong Financially Does not provide a quote online
Competitive Rates No Universal Life Plan
Higher term life coverage
Wide range of life insurance products

Who is Empire Life?

Created in 1923, Empire Life is one of the 10 largest insurers in Canada today. It has roughly 450,000 customers, more than 160,000 group life and health plan members, and over 7300 group employer customers. In 2019, it was named Life and Health Insurer of the Year — a title which it has won four times in total.

Empire Life Insurance Facts & Information

Kingston City Hall
  • Founded: 1923
  • Head Offices: Kingston, ON, Canada
  • AM Best Financial Strength Rating: A
  • BBB Rating: A+
  • Financial Assets: $15 billion
  • Insurance Premiums: $1 billion annually

Empire Life Insurance Reviews

Customers appear to be satisfied with Empire Life’s customer service. Empire Life has a score of 3 and 3.4 (out of 5) on Insureye and Google Reviews, respectively. This is a good score, when compared with other big insurers. Although we take reviews into consideration, we advise that customers do not base their entire decision on Insureye or Google Reviews. This is because, we have found that in general, people are more likely to leave a negative review than a positive one.

Empire Life Insurance Review:

Google Reviews 3.0 / 5 stars ★★★

Insureye Reviews 3.4 / 5 stars ★★★

Dundaslife.com Rating: 4.5 / 5 stars ★★★★★

Products and Features

Life Insurance Meeting

Our Empire Life Insurance review shows that the company offers a full range of life insurance products, including two term life insurance plans.

Term Life Insurance

Term life insurance provides you with life insurance coverage for a specific number of years at an affordable rate. Empire Life Insurance Company has several term plans in place to meet varied needs.

Solution 10

As the name suggests, the coverage lasts for 10 years. The premium remains the same throughout the policy term. At the end of your term, you get the option to renew the policy at an increased rate. The last premium increase occurs at age 75.

This term life insurance plan is best suited for:

  • Young couples looking for affordable coverage
  • Homeowners looking to cover the last few years of their home loan
  • Business owners who want to cover start-up and overhead costs

Features:

  • Guaranteed Premium Rate – Your premium will not change during the policy term (which in this case is 10 years)
  • Renewable – Renew the policy without submitting proof of insurability after every 10 years
  • Convertible – Convert your 10-year term policy to a 20-year or 30-year term life insurance policy within the first 5 years
  • Coverage Amount – $25,000 to $10 million (The minimum life insurance coverage is $25,000 up to age 65, after which it drops down to $10,000 until age 75)

Solution 20

This 20-year term life insurance policy guarantees your premium stays level for every 20 years. The final increase occurs at age 65.

You may want to consider this term life insurance plan if:

  • Individuals looking for affordable life insurance coverage
  • Homeowners with a mortgage
  • Business owners who want to put a life insurance plan in place to cover start-up and overhead costs

Features:

  • Guaranteed Premium Rate – The premium rate remains the same for every 20-year term
  • Renewable – Renew the policy without a medical at the end of the term
  • Convertible – Convert the policy to permanent life insurance
  • Coverage Amount – $25,000 to $10 million

Solution 25

This term life insurance plan provides 25 years of coverage with guaranteed premiums. The final increase occurs at age 60.

Solution 25 may be a good choice for:

  • Families or individuals looking for a term life insurance policy to cover their mortgage
  • Young families who want a life policy for income replacement
  • Individuals looking for an affordable term life insurance plan with future flexibility

Features:

  • Guaranteed Premium Rate – The premium rate remains the same for every 25-year term
  • Renewable – Renew the policy without a medical when the term expires
  • Coverage Amount – $25,000 to $10 million

Solution 30

This is the longest term life insurance plan offered by the insurer. As you may guess, it offers protection for 30 years at guaranteed premium rates. You can renew the policy at an increased rate when the term ends. The cut-off age for renewal is 55.

Features:

  • Guaranteed Premium Rate – The premium rate remains the same for every 30-year term
  • Renewable – Renew the policy without a medical when the term expires
  • Coverage Amount – $25,000 to $10 million

Permanent Life Insurance

Permanent life plans do not come with an end date. Your life insurance coverage will last as long you do, and the premium rate will not change. Most permanent life plans also include a savings component, called cash value.

A permanent life plan is considerably more expensive than term life insurance. This is one reason why most people prefer the latter. However, permanent insurance can be a good option in certain situations. Consider such a plan if you want coverage for businesses, large estates, and trusts.

Empire Life Insurance Company offers both participating and non-participating permanent life plans. Participating policies lets you “participate” in the insurer’s profits — that is, earn dividends.

Solution 100 (Non-Participating Permanent Life Plan)

This plan provides life insurance coverage for life (payable to 100 years of age). Your premium rate will not change, regardless of your age or health status.

Features:

  • Guaranteed premium rates
  • Guaranteed cash surrender values available after 10 years
  • Add critical illness rider or other add-ons to save fees

Permanent Participating Life Insurance

Empire Life has two permanent participating life insurance plans — EstateMax and Opitmax Wealth.

EstateMax

This plan offers lifelong coverage and lets you earn annual dividends. You can use the dividends to buy more coverage or pay premiums. Alternately, you can place them in savings and earn interest.

Features:

  • Guaranteed premium rates
  • Four guaranteed premium payment options: 8-pay, 10-pay, 20-pay, & pay-100 (life pay)
  • Add critical illness rider or other add-ons to save fees

Optimax Wealth

You get life insurance coverage for life and a chance to save and accumulate wealth.

Features:

  • Guaranteed premium rates
  • Four guaranteed premium payment options: 8-pay, 10-pay, 20-pay, & pay-100 (life pay)
  • Add critical illness rider or other add-ons to save fees

Guaranteed Issue Life Insurance (No Medical Insurance)

Standard life insurance policies involve a medical exam and/or health questions. But what if you want to avoid both? Or your health makes you ineligible? For such situations, there is no medical life insurance.

As the name suggests, it does not entail a medical exam. Empire Life offers no medical coverage, which goes by the name of Guaranteed Life Protect. It might be a good option for:

  • Mature Individuals who want life insurance coverage to cover funeral expenses
  • Individuals who have been turned down for life insurance coverage in the past
  • Individuals who need a life insurance policy quickly and without invasive health questions

The death benefit amount Empire Life pays depends on two things — the cause of death and when it occurs. If you pass away:

  • From a natural cause within 2 years, the insurer will pay the beneficiary premium dollars paid into the policy
  • Due to an accident within 2 years, the insurer will pay the policy’s face value (with certain restrictions)
  • From a natural cause after 2 years, the insurer will pay the face value

Features

  • Guaranteed premium rates
  • Guaranteed cash surrender values available after 5 years
  • Premiums paid to age 95
  • Reduced paid-up values available from 8th policy year onwards
  • Available to applicants age 40 or above

Critical Illness Insurance

Critical illness insurance pays a lump-sum cash benefit if you become seriously ill. It can supplement your health insurance plan by covering costs not covered by the latter. While most people are able to survive a serious illness, the costs associated with treating it, may drain their finances. Critical illness insurance offers a low-cost option to protect yourself from life’s what-ifs.

Empire Life offers two critical illness (CI) plans — CI Protect and CI Protect Plus

CI Protect

This plan provides basic coverage and covers only four conditions — heart attack, stroke, cancer, heart bypass surgery. The maximum critical illness insurance coverage you can get under this plan is $75,000.

The coverage is for 10 years, and your premium rate will remain the same throughout a policy term. After every 10 years, the coverage renews automatically at an increased rate.

CI Protect Plus

If you are looking for a more comprehensive critical illness insurance policy, CI Protect Plus could make sense for you. It offers protection against 25 health conditions and is available in three term lengths — 10 year, 20 year, and term to age 75.

Empire Insurance gives you the option of adding the return of premium rider to your critical illness insurance plan for a small fee. If you do not make a claim, the insurer will pay back some of the premiums paid into the policy.

This critical illness insurance plan also covers six non-threatening health conditions. Empire Insurance will pay an additional benefit — equaling 15% of the coverage amount — if you develop with any of these.

Empire Term Life Insurance Rates

Did you know term life is significantly more affordable than whole life insurance?

You are likely to pay six to 10 times more for the latter. No wonder then, most like to opt for term life coverage. To find out Empire Insurance’s term life rates, we got quotes from them. Check out the monthly premium rates for non-smoking, healthy men and women of different ages. These quotes are $40,000 coverage over a 20-year term length.

Age Male Female
20 $26.46 $18.90
25 $26.82 $19.26
30 $27.18 $20.34
35 $29.70 $22.50
40 $42.30 $30.78
45 $68.22 $48.06
50 $112.14 $79.02
55 $201.42 $137.70
60 $362.70 $254.70
65 Contact Us for Options Contact Us for Options

Term Life Insurance Review – Price Comparison vs. Competitor Products

We twice compared Empire Life against Sun  Life— a direct competitor — to find out who offers a better value between the two.

Example 1: 40 Year Old Male, Non-Smoker, Regular Health, 20 Year Term:

Empire Life Insurance $400K - $42.30

Sun Life $400K - $50.13

Cost Savings over 20 years: $1096

Example 2: 60 Year Old Female, Non-Smoker, Regular Health, 20 Year Term:

Empire Life Insurance $250K - $160.88

Sun Life $250K - $168.07

Cost Savings over 20 years: $1725

Why We Like Empire Life Insurance

Quick Approval

Life insurance policies can take a considerable time for approval, as much as 6 to 8 weeks. However, Empire Life has a reputation for quickly approving applications.

Plenty of Options

Whether you want a policy that lasts for life or just a decade or any period in between, Empire Life has got you covered. There are plenty of options to choose from, including plans that pay dividends. Whatever your financial needs are, this insurer is likely to have the right solution for you.

Higher Term Coverage

Empire Life’s term life coverage lasts up to age 85, meaning you can buy a 30-year policy even at age 55.

Affordability

Our Empire Life Insurance review found that the company offers affordable life insurance solutions. Its rates were highly competitive across the board.

Impressive BBB Rating

Customers seem to be happy with Empire Life, proof of which is an A+ rating with Better Business Bureau.

What We Do Not Like About Empire Life

No Universal Life Plan

If you want the flexibility of a Universal Life plan, you may need to look elsewhere

You Cannot Get an Online Quote

This one is a real shame, especially for tech-savvy millennials. Empire Life lets you kick start the quote process online, but you need to speak with an agent to complete it.

Conclusion – Is Empire Life Insurance Right for You?

Life Insurance Form

If you are looking for a life insurance policy, Empire Life is one name you should consider strongly. It offers many affordable life insurance packages to suit all types of lifestyles.

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How can we help you? Our team is happy to help answer any questions you have.

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