Every Canadian need life insurance and should buy one. However, finding the right and affordable policy that can meet all your financial needs and goals can be challenging.
Empire Life is one of Canada’s biggest insurance companies and offers a selection of competitively priced life insurance products to fit your different needs. They provide various life insurance plans for every stage of your life and lifestyle factors.
Empire Life has a range of life insurance policies with many versatile and customizable products that can fit your needs. They offer short-term life insurance and permanent life insurance with dividend-paying options.
This article offers a detailed Empire Life Insurance Review. It covers its pros and cons, several products, and features to help you make an informed decision before choosing any plan.
Read on to learn more about Empire Life Insurance Review.
What is Empire Life Insurance?
Empire Life Insurance is one of Canada’s top 10 largest insurance companies. It was established in 1923 in Kingston, Ontario, and has since been taking over the insurance sector with its life insurance products.
Empire Life Insurance Company has over 400,000 customers and has evolved its life insurance for this digital age. The company was recently awarded The Life and Health Insurer of the Year. The company ranks as one of Canada’s top life insurance companies because of its straightforward process and digital access.
Empire Life Insurance offers a series of term life insurance products called Solution, which provides coverage for 10, 20, and 30 years and a permanent life insurance product up to age 100. It also offers Critical illness insurance products.
Empire Life Insurance allows you to customize your coverage to suit your need. The series of Solution products can be combined across different terms and converted to any of the Empire’s permanent insurance products.
Recently, Empire Life Insurance introduced a guaranteed issue insurance policy with no medical exam or health questions. This policy offers lifetime coverage up to $50,000 with no health questions. Empire Life created this product for Canadians with pre-existing conditions or medical issues that make getting life insurance difficult.
Quick facts and Information About Empire Life Insurance
- Founded in 1923
- Headquartered in Kingston, Ontario
- Assets: $15.5 Billion
- Annual Premiums: $1 Billion
Benefits and Downsides of Empire Life Insurance
Empire Life Insurance has pros and cons like every other insurance company in Canada. You should carefully consider the benefits and downsides of Empire Life Insurance before you decide to buy any of its products.
Pros
- It offers highly competitive monthly or annual premiums
- The company has a reputation for quick approvals
- It offers higher coverage amounts, up to $10 million
- It provides a comprehensive list of insurance riders, including child riders and accidental death benefit
- The policy can easily be accessed online or get your contract delivered online instead of getting it mailed to you
- It offers a wide range of options which makes it a full-service choice for most applicants
- You can easily change your policy from short-term to long-term life policies
- Some of its policies have cash values
Cons
- Empire Life Insurance has limited term length options for term policies
- Their annual renewable term policies coverage tops up at $499,999
- They don’t offer universal life insurance policies
- You cannot easily get quotes online
Products and Features
Empire Life Insurance offers a range of life insurance products with various options depending on your needs and goals. Their products include term life insurance, permanent, and critical illness insurance.
Empire Life Term Life Insurance
Empire Life Insurance offers you a range of term life insurance products that cover you for a specific number of years at affordable rates. These plans were created to meet your various needs.
Solution 10
Empire Life Insurance offers this product to young Canadians looking for affordable coverage, homeowners who want coverage for their home loans, and business owners looking to cover start-up and overhead costs.
This policy offers ten-year coverage, and the premiums last throughout the policy term. When the policy term ends, you can renew the policy at an increased rate. Your last premium increase occurs at 75 years.
Features
- It offers guaranteed premiums that don’t change
- You can renew your policy after every ten years without proving your insurability
- You can convert your policy to a higher-term insurance policy within the first five years
- It offers coverage from $25,000 up to $10 million
Solution 20
Empire Life Insurance offers this product to Canadians looking for affordable life insurance, homeowners wanting to cover a mortgage, and business owners wishing to cover start-up and overhead costs.
This policy offers coverage for 20 years and guarantees that your premium stays the same throughout the policy. The final premium increase occurs at 65 years.
Features
- It offers guaranteed premiums that stay the same for every 20-year term
- You can convert your policy to a permanent life insurance
- You can also renew the policy at the end of the term without any medical exam
- It offers coverage amounts from $25,000 up to $10 million
Solution 30
Empire Life Insurance offers this product to Canadians looking for affordable life insurance with flexibility, young families looking for income replacement, and individuals looking to cover their mortgages.
This policy offers coverage for 30 years, and the premiums are guaranteed. You can renew the policy at the end of the term but at an increased rate. The final premium increase occurs at 85 years.
Features
- The policy is convertible and renewable
- Premiums stay level for the first 30 years and increase with every renewal
- It offers coverage up to $10 million
Empire Life Permanent Life Insurance
Empire Life Insurance offers a range of permanent life insurance products that provide lifelong coverage. The policies cover you from the day the policy is signed till you die.
These insurance products offer level and guaranteed premiums, and the policy stays in effect till you die, as long as you keep paying premiums.
Most permanent life insurance products come with a savings component called cash value. There are also participating life insurance policies that let you partake in the profits of the insurance companies by paying you dividends.
However, permanent life insurance is usually more expensive than term life insurance, and most people prefer term life policies.
Solution 100
Empire Life Insurance offers this product to Canadians looking for lifelong coverage. This policy offers premiums that do not change regardless of age, gender, or health status.
Features
- It is a non-participation whole life insurance policy
- It offers guaranteed and level premiums that last till age 100
- It offers guaranteed cash surrender and paid-up values that start after the first four years
- It allows you to add other Solution and Critical Illness policies as riders
EstateMax
Empire Life Insurance offers this product to Canadians looking for lifelong coverage and the ability to earn annual dividends. This policy allows you to use your dividends to buy more coverage or pay your premiums. You can choose to place your dividends in savings and earn interest.
Features
- It offers four payment options: we have the 8-pay, 10-pay, 20-pay, and 100-pay (Life pay)
- It is suitable for those who want to build wealth through long-term cash value
- It offers five dividend options
- It has above-average non-guaranteed cash values
- It allows you to add other Solution and Critical Illness policies as riders
Optimax
Empire Life Insurance offers this product to Canadians looking for life insurance with the chance to save and accumulate wealth. This policy is best for those looking for short-term savings growth.
Features
- It offers four payment options: we have the 8-pay, 10-pay, 20-pay, and 100-pay (Life pay)
- It is suitable for those who want to build wealth through long-term cash value
- It offers five dividend options
- It does not guarantee annual dividends
- It has above-average non-guaranteed cash values
- It allows you to add other Solution and Critical Illness policies as riders
Guaranteed Life Protect
Empire Life Insurance offers this product to Canadians looking for life insurance policies without medical exams or health questions. If your health condition makes you ineligible for life insurance, this is the perfect fit for you.
This guaranteed issue life insurance doesn’t require any medical exam. It is suitable for Canadians looking to cover their funeral expenses, those who have been refused coverage in the past, and individuals who want life insurance quickly without any invasive questions.
Features
- It offers guaranteed cash surrender values after the first five years
- It doesn’t require medical or lifestyle questions
- It has a waiting period of 2 years
- It is available to Canadians between the ages of 40 to 75
- It offers guaranteed and level premiums throughout your lifetime
Empire Life Critical Illness Insurance
Empire Life Insurance offers a range of critical illness insurance that offers a lump-sum cash benefit to policyholders who become seriously ill. Suppose you develop a sudden illness or health event or undergo any treatment within the policy term. In that case, the policy pays out after a minimum of 30 days from when you are diagnosed.
These critical illness policies offer coverage for a specified period called term length, which is determined at the beginning of the policy.
CI Protect
This Empire Life Insurance product offers basic coverage for only four health conditions, which are heart attack, cancer, stroke, and coronary artery bypass.
Features
- Your beneficiary receives $1,000 as death benefit regardless of the cause of your death
- The policy is available in 10 and 20-year terms
- There are no options for the return of premiums
- The policy offers guaranteed coverage up to age 75
CI Protect Plus
This Empire Life Insurance product offers more comprehensive coverage. It provides coverage for 25 health conditions and is available for three term lengths (10, 20, and term to 75).
Features
- The policy is available in 10 and 20-year terms, and term to 75
- Your beneficiary receives $1,000 as death benefit regardless of the cause of your death
- The policy offers enhanced coverage against 25 life-threatening conditions
- The policy provides the return of premiums options
How Much Does Empire Life Insurance Cost?
Empire Life insurance offers highly competitive rates that are more affordable compared to other insurance companies in Canada. However, term life insurance is more affordable than permanent life insurance.
Though permanent life insurance has many benefits and features that are not available under term life insurance, these benefits come at a higher cost.
This is why many Canadians like to opt for term life insurance policies.
Final Thoughts on Empire Life Insurance Review
Suppose you are looking for life insurance companies that offer straightforward and quick policies at affordable rates. In that case, you should strongly consider Empire Life Insurance.
It offers a range of products that are designed to suit all types of lifestyles. Look closely, and you might find one for your needs.
Empire Life Insurance has a high reputation for offering the best and most affordable plans depending on your lifestyle and needs.
FAQs on Empire Life Insurance Review
Is Empire Life a Canadian Insurance company?
Empire Life is a Canadian insurance company headquartered in Kingston, Ontario. Empire Life has been in service since 1923.
Is Empire Life Insurance a good insurance company?
Yes. Empire Life Insurance is one of the best insurance companies in Canada. Some advantages of using Empire Life insurance include quick approval, an intuitive and industry-leading electronic application, highly competitive premiums, and an excellent underwriting track record.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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