Empire Life Insurance Review – Updated 2024


Empire Life has many versatile and customizable products to fit your needs, from short-term life insurance to permanent life insurance with dividend options. Other features include a guaranteed acceptance plan with coverage up to $50,000—no medical exam required. Their term life insurance coverage offers up to $10,000,000, critical illness up to $2,000,000, and other product options and riders to top-up coverage.


Not every life insurance policy is cookie-cutter. Some companies give you a good range of options to personalize your plan and tailor it to your needs, and Empire Life is one of those that does it well.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

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PolicyAdvisor Rating

Best for Personalization

AM Best Rating A


Our Empire Life insurance rating and review

Empire Life Insurance offers the Solution series of term life products, which provide coverage for 10, 20, or 30-year terms and a permanent product up to age 100.  The Solution series offers flexible and affordable coverage with coverage available upon renewal up to age 100. Empire Life Insurance’s Solution series of term life products can be combined across different terms and/or with Empire Life Insurance’s Critical Illness Insurance products to achieve comprehensive coverage and save on policy fees. If one’s insurance needs change, the term products are convertible to one of Empire’s popular permanent insurance products such as EstateMax or Optimax.

Given a wide choice of products and term options to choose from, Empire term life products can be personalized to create a comprehensive coverage to suit individual needs

Empire Life Insurance also recently introduced a guaranteed issue insurance policy with no health questions. This permanent life product offers lifetime coverage of up to $50,000 with no medical questions. The product is ideal for individuals with pre-existing health concerns or medical issues that may make it difficult for them to obtain life insurance coverage.

Pros and cons

Empire Life Insurance Company Pros

  • Provides some of the most versatile coverage options in Canada
  • Ability to exchange shorter term policies (Annually renewable and 10 years ) into longer Empire Life term policies (20-year and 30-year coverage options)
  • Instant approval possible
  • Electronic contract delivery possible
  • Highly competitive annual or monthly premiums
  • Comprehensive offering of insurance riders
  • Solution 100 policy has cash values (unique for term policies)
  • Online account access
  • Digital e-policy

Empire Life Insurance Company Cons

  • Limited options for term plan length
  • Annual renewable term coverage tops out at $499,999

Who is the Empire Life Insurance Company?

Established in 1923 in Kingston, Ontario, the Empire Life Insurance Company is evolving its life insurance products for the digital age. The company was recently named Life and Health Insurer of the Yeardue to its focus on giving simple, easy, and digital access to their insurance products. The company ranks among the top life insurance companies in Canada.

Key Facts about Empire Life Insurance

  • Founded: 1923
  • Head Office Location: Kingston, Ontario
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $15.5 billion
  • Annual Premiums: $1 billion

How much does life insurance from Empire Life cost?

Representative values for monthly premiums. Insurance premiums based on non-smokers in good health. $500,000 coverage, 20-year term life insurance plans.

Age Male Female
20 $30.60 $20.70
25 $31.05 $21.60
30 $31.50 $22.50
35 $32.85 $24.75
40 $48.15 $35.10
45 $75.60 $54.45
50 $129.60 $86.40
55 $229.05 $157.95
60 $403.65 $289.35
65 $715.50 $486.45

What types of term life insurance policies does Empire Life offer?

The Empire Life Insurance Company offers several term life insurance plans with various options depending on your personalized coverage needs.

Solution ART

  • Annually renewable and convertible term life insurance for those seeking short-term or temporary life insurance solutions.
  • Coverage is available up to age 100, at which time the policy is considered paid-up
  • Guaranteed premium rates with no increases for the first three years.
  • Premiums increase every year thereafter, up to the last renewal age of 85, after which they stay the same till age 100
  • Temporary life insurance coverage is typically available at a lower cost than longer-term coverage.
  • Ideal for applicants seeking temporary life insurance coverage for temporary needs e.g. to cover a short-term personal or business loan.
  • Can also be used by applicants that want an affordable solution in the interim as they plan to switch to a longer-term or permanent insurance solution (protection for life) after a short period of time
  • Can be used by those wanting to improve their health status for an insurance application.  Many applicants choose Solution ART while they take the time to reduce or remove an insurance rating (larger premiums charged by an insurance company). Solution ART provides an affordable solution for the present while one improves their status.
  • Can be used by those that want to improve their health status (e.g. intend to give up smoking) and then apply for longer-term coverage
  • Can be combined with other Solution products from the Empire Insurance range of products to create a comprehensive coverage.

Solution 10/20

  • 10-year or 20-year term renewable and convertible life insurance
  • Short- or longer-term life insurance coverage which can serve many different needs.
  • Well suited to those looking to cover mortgages & debts or planning to cover their small business.
  • Coverage is available up to age 100, fully paid up at age 100
  • Guaranteed premium rates that increase every 10 or 20 years with last premium increase occurring at age 75 (Solution 10) or age 65 (Solution 20) and staying level until age 100

Solution 30

  • 30-year term life insurance with guaranteed premiums
  • Policy is renewable and convertible
  • Coverage is available up to age 100, fully paid up at age 100
  • Premiums stay the same for the first 30 years, after which premiums increase annually to age 85, and thereafter remain the same till age 100.
  • Coverage is fully paid up at age 100.
  • Ideal for those seeking long-term coverage to cover mortgage and debt responsibilities as well as final expenses and family income replacement.

Coverage and policy details

  • Available Term Lengths: Annually renewable term, 10-year term, 20-year term, 30-year term, and term-to-100 (part of the permanent suite for lifelong coverage)
  • Available Term Types: Level coverage. Single, multi-life, joint first-to-die, and joint last-to-die coverage available
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes – see review above for more details
  • Convertibility: Yes, up to age 75
empire life insurance review

What other insurance policies does Empire Life Insurance offer?

Empire Insurance offers a wide range of life insurance products to customers, apart from term life, such as:

Empire Life Permanent Life Insurance

Permanent life insurance provides you with coverage for life: from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Empire Life offers 4 different permanent life insurance products.

Solution 100

  • Non-participating permanent life policy (whole life insurance)
  • Guaranteed cash surrender and paid-up values start after 4 years
  • Guaranteed level premiums that end at age 100
  • Ability to add Empire Life’s other Solution and Critical Illness policies as riders


  • For those looking to build wealth through long term cash value
  • Five dividend options
  • Four payment options: 8 Pay, 10 Pay, 20 Pay, or Life Pay (to age 100)
  • Some of the highest guaranteed cash values in the policy’s later years add to long-term value
  • Above-average non-guaranteed cash values
  • Ability to add Empire Life’s other Solution and Critical Illness policies as riders, among other riders


  • Cash-value focused; better suited for short-term savings growth
  • Five dividend options
  • Annual dividends are not guaranteed
  • Four payment options: 8 Pay, 10 Pay, 20 Pay, or Life Pay (to age 100)
  • Ability to add Empire Life’s other Solution and Critical Illness policies as riders, among other riders

Guaranteed Life Protect

  • Guaranteed level premiums for one’s entire life, policy becomes paid up at age 95
  • Guaranteed cash surrender values after 5th policy anniversary
  • No medical or lifestyle questions required for application
  • Some restrictions on benefit payout if the insured person passes away within the first 24 months of the policy taking effect
  • Available to Canadian residents between the ages of 40-75

Empire Life Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Empire Life offers 2 different critical illness insurance policies with a maximum of $2,000,000.

CI Protect

  • Basic coverage which includes the 4 most common critical illnesses in Canada: cancer, heart attack, stroke and coronary artery bypass
  • A chosen beneficiary will receive a $1,000 death benefit regardless of the cause of death
  • Guaranteed coverage available up to age 75
  • Available in 10 and 20-year terms
  • No return of premium options

CI Protect Plus

  • Offers enhanced coverage (25 life-threatening medical conditions)
  • Available in 10 and 20-year terms or coverage up to 75 years of age (10 and 20-year terms are convertible to age 75 coverage – until the insured person turns 65)
  • A chosen beneficiary will receive a $1,000 death benefit regardless of the cause of death
  • Additional benefits and riders: waiver of premiumaccidental death & dismembermentchildren’s life rider, children’s critical illness rider
  • Return of premium options: return of premium on surrender or maturity rider, return of premium on death

For more information and an in-depth look at their critical illness coverage, read our Empire Life Critical Illness Insurance Review.

Empire Life Group Benefits

Empire Life also offers group health benefits plans for groups, associations, and business owners to provide health and dental benefits to their members or employees.

Investment Products and Other Financial Products from Empire Life

Besides insurance, Empire Life offers many investment solutions and personal financial products including guaranteed investment funds and portfolios, GICs, annuitiesRRSPs, RRIFs, TFSAs, mutual funds, and more to help Canadians with their wealth management needs.

More choice. Lower price.
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How do I get Empire Life Insurance quotes?

The Empire Life Insurance Company offers unique insurance policies that are a great fit for many Canadian consumers that value the convenience offered by non-medical products. As insurance advisors for Empire Life insurance products, we can help you decide if Empire policies are the best fit for you.

As Canada’s best online insurance advisor, we will assist you in comparing and choosing products across all our partner companies and finding affordable term life insurance solutions for your needs and budget. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage and insurance quotes for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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