Life insurance is essential for all Canadians; however, finding affordable and suitable coverage can be challenging. Empire Life Insurance, a Canadian company with over 95 years of experience, provides a wide range of insurance solutions, including health, critical illness, and investment products.
Empire Life has earned a strong reputation for delivering quality service and financial security to its clients, making it one of Canada’s leading insurance providers. They offer a variety of competitively priced life insurance products tailored to your specific needs.
In this Empire Life Insurance review, we’ll delve into the different types of insurance policies offered by Empire Life and assess their customer service, pricing, and overall performance in the insurance industry.
By the end of this review, you’ll have a clearer understanding of whether Empire Life Insurance is the right choice to meet your insurance requirements. Let’s get started.
Who is Empire Life?
Established in 1923 in Kingston, Ontario, Empire Life Insurance has since been taking over the insurance sector with its life insurance products.
The 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 Canada 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 customise your coverage to suit your need. The Solution products can be combined across different terms and converted to any of the Empire’s permanent insurance products.
Empire Life Insurance Company recently 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.
Pros of Emplire Life Insurance
- 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 of Empire Life Insurance
- 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
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
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 will find this product worthwhile.
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 15
Individuals or families looking for life insurance to cover short-term debts, business owners who need to protect their company for a shorter term, and pre-retirees who want to benefit from cost-effective life insurance for a temporary period can benefit from this policy.
It offers coverage for 15 years with guaranteed rates that stay the same throughout the policy term.
Features
- It offers premiums that don’t change.
- You can renew your policy after every 15 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
Canadians looking for affordable life insurance, homeowners wanting to cover a mortgage, and business owners wishing to cover start-up and overhead costs can use this product.
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 25
This policy is for individuals or families looking to cover their mortgage, young families looking for income replacement at a lower cost, and individuals focused on affordable coverage with future flexibility.
It offers coverage for 25 years at guaranteed rates. This policy can protect your family and loved ones for 25 years.
Features
- Premiums stay level for the first 25 years and increase with every renewal
- The policy is convertible and renewable
- It offers coverage up to $10 million
Solution 30
This product is best for Canadians looking for flexible, affordable life insurance, 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 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. They offer level and guaranteed premiums and stay in effect until you die, as long as you keep paying them.
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
This product is for 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 designed this policy for 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: the 8-pay, 10-pay, 20-pay, and 100-pay (Life pay)
- It suits 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
This product allows Canadians looking for life insurance to save and accumulate wealth. This policy is best for those looking for short-term savings growth.
Features
- It offers four payment options: 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
Canadians looking for life insurance policies without medical exams or health questions should consider this policy. 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 with 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 your diagnosis.
These critical illness policies offer coverage for a period called term length, determined at the beginning of the policy.
CI Protect
This policy offers basic coverage for only four health conditions: heart attack, cancer, stroke, and coronary artery bypass.
Features
- Your beneficiary receives $1,000 as a 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 policy offers more comprehensive coverage. It covers 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 a 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 premium options
Empire Life Insurance Rates
Empire Life Insurance offers highly competitive rates that are more affordable than other insurance companies in Canada.
However, their term life insurance is more affordable than permanent life insurance. Though permanent life insurance has many benefits and features not available under term life insurance, these benefits come at a higher cost.
This is why many Canadians like to opt for Empire Life term policies.
Empire Life Insurance Reviews
The following excerpts are derived from customer reviews of Empire Life Insurance Company, sourced from various publicly accessible online platforms.
Positive Empire Life Insurance Reviews
- “User friendly website” – TrustAnalytica Review
- “It is an insurer that offers an excellent product, at a good price and has been in existence for 98 years. I stopped doing business with some insurers and kept Empire as an insurance provider because they offer great products. Since March 2020, because of covid19, the staff of several companies have been working from home. We can therefore encounter delays, and we must be patient. For those who have a group, you can reach your insurance representative, his name is usually listed at the beginning or at the end of your cover booklet. Your representative is there to help you if you have a problem, do not hesitate to contact him. Group insurance coverages have been negotiated with your employer, if the insurer doesn’t pay, complain to your employer. I am an independent insurance representative, and I deal with 15 insurers, I have worked with Empire in group insurance, life insurance and investments for 20 years, and they are not the worst insurance company. ” – TrustAnalytica Review
Negative Empire Life Insurance Reviews
- “Very poor customer service, Nobody picks up your call, They keep calling you for their product and once you buy it, no follow-ups, no updates…nothing? – InsurEye Review
- “The entire application process was a nightmare and I wouldn’t recommend Empire Life to anyone. The only good reviews I see of this company are coming from brokers, all the negative reviews come from their clients, wonder why that is.” – InsurEye Review
Final Thoughts on Empire Life Insurance Review
Empire Life Insurance is a reputable Canadian insurance company that has been in operation for over 95 years.
With a wide range of insurance and investment products, including term life insurance policies, competitive pricing, and excellent customer service, the company has earned a top spot among Canada’s leading life insurance providers.
Although it has some limitations, like not providing universal life insurance policies and limited term lengths, Empire Life Insurance allows customers to customise their coverage and offers a guaranteed issue insurance policy with no medical exam or health questions.
So if you’re looking for affordable and flexible life insurance coverage, Empire Life Insurance is a great option you should consider.
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 a good 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.
