Empire Life Insurance Review 2024: Updated
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Discover the methodologyThe Empire Life Insurance Company, founded in 1923 in Toronto, is one of the top 10 life insurance companies in Canada. Whether you're seeking term life insurance for temporary security, permanent life insurance for long-term protection and wealth building, or no-medical-exam plans for guaranteed coverage, Empire Life offers a variety of options.
With coverage up to $10 million and flexible eligibility up to age 75, Empire Life ensures you and your loved ones are financially secure at every stage of life. But is it good for you? In this Empire Life Insurance Review, we look at the various plans it offers, what it costs, how to contact, how to file claims, and everything you need to know.
You can use our free tool to get personalized quotes from The Empire Life Insurance Company and compare them with rates from Canada's best providers like Canada Life, Manulife and more, all using the same tool.
Empire Life Insurance: 7 Key Points
- Empire Life offers term life, participating and non-participating permanent life insurance.
- Coverage up to $10,000,000 depending on the plan selected.
- Multiple term lengths: 10, 15, 20, 25, 30 years.
- It also offers a no-medical life insurance plan.
- You can apply up to age 65 or 75, depending on the product.
- Convert term life insurance into permanent coverage.
- AM Best ‘A’ (Excellent) rating, reflecting its financial strength and stability.
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Our Empire Life Insurance Review
Empire Life offers a wide range of life insurance products, including both term life and permanent coverage, to meet various needs. Empire Life Term life insurance plans, such as the Solution 10, 15, 20, 25, or 30-year options, are ideal for those seeking short- to medium-term protection with level premiums. The coverage amounts range from $25,000 to $10,000,000 and include options for annual renewal or conversion to permanent life insurance without medical exams.
The Solution ART (Annual Renewable Term) plan stands out as an innovative, low-cost product with premiums fixed for three years, after which they renew annually at increasing rates. This makes Solution ART ideal for individuals seeking short-term, transitional coverage that can later be converted to permanent plans without additional medical underwriting.
For clients looking for long-term protection, Empire Life provides permanent life insurance, including the "Optimax Wealth" product, which features guaranteed cash values and various participating life insurance options. These policies allow policyholders to benefit from the potential for long-term capital growth.
Empire Life also caters to individuals who may have difficulty obtaining traditional life insurance. Their "Guaranteed Life Protect™" offers guaranteed acceptance without medical exams or lifestyle questions, with coverage available for Canadians aged 40–75.
Empire Life's life insurance products are available from ages 0 to 75 for permanent coverage and from ages 18 to 75 for term life coverage. Premiums can be fixed for the entire contract duration, and policyholders can choose from several payment options: 10 years, 20 years, or up to age 100. Additional benefits include accidental death protection, child riders, and premium waivers in case of disability.
While Empire Life offers a robust selection of life insurance products, it does have some drawbacks compared to competitors. Unlike providers such as Manulife Insurance and Sun Life, Empire Life does not offer universal life insurance, which may deter individuals seeking investment-linked permanent coverage.
Additionally, its payment flexibility for certain policies is more limited compared to iA Financial Insurance, and some riders and additional benefits are restricted to specific plans, limiting customization. Empire Life’s online tools and resources for quotes and policy management also lag behind those of larger competitors, potentially impacting user convenience.
Overall, Empire Life positions itself as a strong player in the life insurance market, offering flexibility and long-term financial security. The "Optimax Wealth" product is particularly advantageous for individuals looking to maximize the cash value of their insurance while benefiting from the tax advantages associated with permanent life insurance.
Expert advice
If you're looking to secure your financial future, whether to protect your family or ensure the success of your business, Empire Life Insurance offers tailored solutions to help you achieve your goals. It's designed for those who value long-term security and want to leave a lasting legacy. However, it may not suit individuals preferring fully online applications, lower-cost term coverage, or more competitive premiums for younger, healthier applicants. Consider your needs carefully before choosing.
If you'd like to look at other providers and see how they fare against Empire Life Insurance, you can do it right here. Use our comparator below to compare coverage from Canada's best life insurance companies and get personalized quotes in seconds.
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Pros of Empire Life Insurance
- Wide range of term and permanent life insurance options
- Term life insurance in multiple term lengths of 10, 15, 20, 25, 30
- Maximum coverage limit of $10,000,000
- No-medical exam life insurance is available
- Extensive insurance add-ons
- Membership login for instant policy access
- Term life coverage convertible to permanent life insurance
- Online quotes available for certain offers
- Permanent life insurance Optimax Wealth offers guaranteed cash values starting in the early years
- Easy policy management with Empire life insurance login feature
Cons of Empire Life Insurance
- No universal life insurance option
- Less flexibility in payment terms for certain policies compared to competitors like iA Financial Group
- Less customization options
How much does Empire Life insurance cost?
Empire Life life insurance costs vary depending on the applicant’s age, gender, health, and smoking status, as well as the type of policy and coverage amount they are looking for. Normally, older males will have the highest premiums while younger females will have the lowest. However, an individual’s health and smoking status can increase premiums and alter this general guideline.
In the table below you can see the exact costs for Empire Life insurance company’s 20-year term life insurance policy with a $250,000 death benefit. The premiums were gathered considering healthy non-smoking residents of Ontario.
| Age | Female | Male |
|---|---|---|
| 25 | $15.30 | $21.15 |
| 30 | $16.43 | $22.05 |
| 35 | $19.35 | $25.65 |
| 40 | $26.10 | $36.45 |
| 45 | $40.50 | $58.28 |
| 50 | $65.93 | $96.53 |
Good to know
The 20-year term life policy is not available for individuals aged 51+
You can get a personalized quote tailored to your needs. Use our special partner link and get the best rates for all Empire Life Insurance policies.
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What types of life insurance does Empire Life offer?
The Empire Life Insurance Company offers several temporary and permanent life insurance solutions. They are:
- Term Life Insurance (Solution Series)
- Participating Permanent Life Insurance
- Non-Participating Permanent Life Insurance
| Type of Life Insurance | Term Life Insurance (Solution Series) | Permanent Life Insurance (Non-Participating) | Permanent Life Insurance (Participating) |
|---|---|---|---|
| Plan Name | Solution 10, 15, 20, 25, 30, ART (6 term life options) |
|
|
| Coverage Duration | Duration of the selected term (10, 15, 20, 25, or 30 years) | Lifetime | Lifetime |
| Eligibility Age | 18 to 75 years 18 to 65 (ART) | 0 to 75 years | 0 to 75 years |
| Coverage Amount | Up to $10,000,000 | Up to $10,000,000 | Up to $10,000,000 |
What does Empire Life Term Life Insurance cover?
The Empire Life Insurance Company essentially offers two types of term life insurance. The first is their Solution series which offers standard term life coverage for a variety of years, and the second is their low-cost product called Solution ART. These term life policies are excellent life insurance products for young couples or families, new home and mortgage holders, or small business owners.
Solution Term Series
Empire Life’s Solution series offers term life products to customers in 10, 15, 20, 25, and 30-year fixed terms. The length of the term chosen is the amount of time your premiums will stay the same. Therefore, the coverage you opt for should be linked to your specific needs. Empire Life Solution life insurance is available to all Canadian residents aged 18-75.
Empire Life Solution Life insurance features:
- Guaranteed premiums for term length
- Five term-length options are available: 10, 15, 20, 25 and 30
- Renewable and convertible with guaranteed premiums
- Coverage from $25,000-$10,000,000
- Comes with an annual policy fee of $50
- Multiple add-ons available
Solution ART
This is a low-cost coverage option that only offers a fixed premium for three years before the life insurance premiums start increasing annually. Solution ART is perfect for anyone looking for short-term life insurance coverage before opting for a longer-term solution. It is therefore a good option for people in between jobs or in the early stages of their lives.
Solution ART's key features are:
- Guaranteed premiums for the first three years, then increase every year
- Last premium increase at age 85
- Coverage lasts until age 100, subject to premium payment
- Available for individuals aged 18-65
- Convertible to Solution 100, EstateMax, and Optimax Wealth before 76th birthday
- Coverage from $25,000-$499,000
- Multiple add-ons available
- $50 annual policy fee
What does Empire Life Whole Life Insurance cover?
Empire Life offers whole life insurance with both permanent participating and permanent non-participating plans. Both of these products are suitable for individuals who want lifelong coverage and looking to protect their estate for their dependents.
Solution 100
Solution 100 is an Empire Life permanent non-participating life insurance policy. It offers fully guaranteed rates with lifetime coverage. Main features of Empire Life Solution 100 are:
- Guaranteed premium
- Fully paid up at age 100 and coverage continues for life
- Available to individuals aged 0-75
- Coverage from $10,000-$10,000,000
- Guaranteed cash surrender and reduced paid-up values in year 10
- $50 annual policy fee
- Multiple add-ons available
EstateMax
EstateMax is a permanent participating life insurance product that is perfect for individuals looking for guaranteed coverage with long-term cash value growth. The premiums and the base coverage amount are fully guaranteed similar to a whole-life policy, although the dividend option may increase the overall coverage over time.
Benefits of the EstateMax policy include
- Guaranteed premiums
- Guaranteed base coverage
- Four guaranteed premium payment options: 8 Pay, 10 Pay, 20 Pay, and Life Pay
- Guaranteed cash value and five dividend options available
- Potential dividends to be taken as cash value or increased coverage
- Available to individuals aged 0-75
- Coverage from $25,000-$10,000,000
Optimax Wealth
Optimax Wealth is an additional permanent participating life insurance policy offered by The Empire Life Insurance Company. It is designed to offer lifetime protection and wealth accumulation with the potential of sharing in the company’s profits and receiving dividends. It also optimizes saving growth in a shorter period of time making it suitable for parents and grandparents who may need short-term cash value.
Key features of Optimax Wealth include:
- Guaranteed premiums
- Guaranteed base coverage
- Guaranteed cash value accumulation after the first year
- Four guaranteed premium payment options: 8 Pay, 10 Pay, 20 Pay, and Life Pay
- Five dividend options are available
- Potential dividends to be taken as cash value or increased coverage
- Available to individuals aged 0-75
- Coverage from $25,000-$10,000,000
Guaranteed Life Protect™
Guaranteed Life Protect is an Empire Life no-medical life insurance solution aimed at individuals who may struggle to find coverage elsewhere. As the name indicates, all applicants are guaranteed life coverage as long as they are Canadian residents aged between 40-75. Similar to Solution 100, Guaranteed Life Protect is a non-participating life policy.
The benefits of the Guaranteed Life Protect insurance policy are
- Guaranteed acceptance
- Guaranteed premiums up to age 95, lifetime cover thereafter without additional payments
- Reduced paid-up option starting at the 8th policy anniversary
- No medical or lifestyle questions asked
- Coverage from $5,000-$50,000
How to get an Empire Life life insurance quote?
You can get a free Empire life insurance quote using our free partner link. All you need to do is enter some basic information on age, gender, and coverage, and you get results in no time.
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Before you settle on Empire Life Insurance, we recommend that you compare plans from other providers because life insurance is a critical investment. While it may seem daunting, all you need to do is use our comparator below and get free quotes from Canada's best life insurance companies, and in just a few moments.
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Alternatively, Empire Life insurance quotes are available through their dedicated quoting tool on their website. Quotes are based on your gender, smoking status, and death benefit, and assume that the applicant is healthy. The tool also only offers a quote for Empire Life Simplified 10 or Simplified 20 term life insurance.
It should be noted that the quote provided is not a guarantee or offer of insurance. They are only based on the information that you provide and your needs may be more complex. For complex plans with investments, it is always recommended that you speak to an Empire Life advisor to get a quote specifically tailored to you. The Empire Life Insurance Company contact details can be found below.
How do I contact Empire Life Insurance customer service?
Individuals looking for a policy can easily contact Empire Life customer service by telephone, email, or the company’s advisors. Empire Life Insurance contact and customer support is available Monday to Friday 8 am to 8 pm EST and all The Empire Life Insurance Company’s contact details are listed in the table below.
| Empire Life life insurance lines | Empire life contact details |
|---|---|
| General Queries | 1 877 548-18818:30 am to 5:00 pm, EST weekdays |
| Individual life insurance policy phone number | 1 800 561-1268 Monday to Friday, 8:00 am to 8:00 pm EST |
| Individual life insurance fax | 1 800 419-4051 |
| Individual life insurance email | [email protected] |
| Life insurance advisor | 1 800 536-7683 Monday to Friday, 8:00 am to 8:00 pm EST |
| Product and online application questions | 1 866 894-6182 Monday to Friday, 8:30 am to 4:30 pm EST |
| Product and online application questions email | [email protected] |
| Mailing Address | The Empire Life Insurance Company 259 King St. E. Kingston, Ontario, K7L 3A8 |
| [email protected] |
How much life insurance do I need?
Before you buy an insurance policy, it's important to know how much coverage you need. Empire has you covered. The Empire Life Insurance Calculator is a user-friendly tool available on their website under the "How much do I need?" tab. It asks five key questions about your financial situation, including income, debts, and future expenses, to provide a quick estimate of the life insurance coverage you need. This tool is designed to help you determine how much protection your family and dependents will require in case of unforeseen events.
For those seeking a more detailed evaluation, HelloSafe’s life insurance calculator offers a comprehensive analysis. It factors in critical elements such as your financial health, existing obligations like mortgages or loans, your age, and your family’s future needs, including education or retirement planning. With this tool, you can ensure you have the right amount of coverage to maintain your family’s financial security.
Now that you know how much insurance you need, it's important to look at the policy options available before you buy one. You can use our comparator below to look at various plans from the best Canadian life insurance providers and also get free quotes in seconds, tailormade for you.
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How to use your Empire Life Insurance Login?
A dedicated Empire Life insurance login has been developed for Empire Life Vie insurance policyholders and it has been named MyEmpire. MyEmpire provides individuals with a safe and secure way to access their insurance policies online without any hassle. Keep your policy number handy. You will find it on your Empire life insurance card or policy document.
MyEmpire allows members to view:
- Permanent life insurance policy cash values, dividend options
- Who's covered and recipient details
- Important dates such as premium payment and renewal dates
- Payment details such as premium payment, frequency, and amount
- Beneficiary information
- Your insurance advisor’s contact information
- Update your address and telephone number
Empire Life Insurance app: While Empire Life Insurance does have a mobile application for their life insurance products called SimpleQuote™, it is only available for authorized representatives. It has been designed to aid advisors in selling the Empire Life Solution Series life insurance plans and generates side-by-side comparison quotes.
How to file an Empire Life Insurance claim?
Filing an Empire Life Insurance claim is a straightforward process. Beneficiaries or Executors of an Estate can follow these steps:
- Check Eligibility for Express Claims: If your Individual Life Claim is under $50,000 and the policy has been active for over 10 years, you may qualify for expedited processing without additional forms.
- Call Customer Service: Contact Empire Life at 1-800-561-1268 or 1+ (613) 548-1881 (Monday to Friday, 8:00 a.m. to 8:00 p.m. EST) to initiate the claim process.
- Complete the Required Forms: Empire Life will send or instruct you on which forms to complete.
- Submit Forms: Send the completed Empire life insurance forms via email, mail, or fax (details below).
- Receive Payment: Once the claim is approved, you can choose to receive payment by cheque or direct deposit (availability varies).
Empire Life Insurance Contact Information for Claims
| Contact Method | Details |
|---|---|
| Phone | 1-800-561-1268 (Canada & US) 1+ (613) 548-1881 (Outside North America) |
| Email (Life Insurance) | [email protected] |
| Email (Investments) | [email protected] |
| Empire Life Insurance fax number | 1-800-419-4051 |
| Customer Service, Individual Insurance Empire Life 259 King Street E. Kingston, Ontario K7L 3A8 Canada |
For additional assistance, you can contact Customer Service or submit forms through a servicing advisor if applicable. If you know the exact claim forms you need, you can also download them here.
Can I file an Empire Life Insurance online claim?
No, you cannot submit Empire life insurance claims online. Please note that while some group benefits claims can be submitted online or through healthcare providers, individual life insurance claims require direct communication with Empire Life as outlined above.
How are Empire Life Insurance reviews from customers?
Empire Life Insurance has garnered a range of customer reviews across various platforms. On Insureye, the company holds a score of 2.5 out of 5, while Google Reviews reflects a higher rating of 3.4 out of 5. These ratings suggest a moderate level of customer satisfaction, positioning Empire Life comparably with other major insurers like Canada Protection Plan and Manulife.
Notably, Empire Life has been recognized as one of Canada's top life insurance companies, receiving accolades in 2013, 2016, 2018, and 2019. Additionally, the company maintains a financial strength rating of 'A' from AM Best, indicating a strong capacity to meet its ongoing insurance obligations. While online Empire life reviews present a mixed perspective, these industry recognitions and financial ratings underscore Empire Life's reliability and standing within the Canadian insurance market.
FAQs on Empire Life Insurance
Empire Life Insurance is a Canadian company owned by E-L Financial Corporation Limited, which holds a majority stake of 98.3%. Established in 1923, Empire Life has built a reputation as a trusted name in the insurance industry. As part of E-L Financial, the company benefits from strong financial backing and a stable ownership structure. This allows Empire Life to focus on providing quality insurance products and services to Canadians.
To contact Empire Life Insurance, call 1-800-561-1268 (Monday to Friday, 8:00 a.m. to 8:00 p.m. EST). If you're calling from outside North America, dial 1+ (613) 548-1881. You can also email them at [email protected] for insurance inquiries or [email protected] for investment-related questions. Fax inquiries can be sent to 1-800-419-4051.
Yes, Empire Life Insurance is considered one of Canada’s top life insurance providers. It holds an 'A' rating from A.M. Best, reflecting its strong financial stability and reliability. The company offers a wide range of products, including term, whole life, and no-medical exam policies, catering to various needs. With nearly a century of experience, Empire Life is praised for its customer service and commitment to delivering comprehensive coverage options for individuals and families.
