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- Empire Life and BMO both offer strong term life insurance with core features like level premiums, renewability, and conversion to permanent coverage
- Empire Life focuses on structured planning, allowing multiple term lengths within one policy and partial conversion flexibility
- BMO emphasizes simplicity with fixed-term options, making it easier to understand and manage, especially for first-time buyers
If you are comparing Empire Life vs BMO term life insurance, you are already looking at two established Canadian insurers that approach coverage design in very different ways. Choosing a term life insurance provider isn’t just about comparing features; it is about understanding how a policy fits into the way you plan your finances.
When looking at Empire Life vs BMO, you are essentially deciding between two different term insurance policies, one built around structured, layered planning and the other around simpler fixed-term selection. Both insurers, however, offer core benefits such as level premiums, tax-free payouts, and the ability to convert to permanent coverage. However, the way these benefits are packaged and delivered can lead to very different experiences over time.
In this guide, we take a closer look at Empire Life vs BMO term life insurance, breaking down their differences in structure, flexibility, and usability to help you choose the option that aligns best with your financial priorities.
Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines and long-term planning goals.
BMO stands out for its simplicity, accessibility, and ease of use. It offers a reliable and straightforward term life insurance solution suitable for a wide range of individuals, particularly those who prefer minimal complexity.
Quick verdict
Choose Empire Life if:
- You want to bundle multiple term lengths within a single policy
- You value partial conversion flexibility for long-term planning
Choose BMO if:
- You want a simple, easy-to-understand term life policy
- You prefer fixed-term options without complex structuring
- You want complimentary support for your beneficiaries
Why Empire Life vs. BMO Insurance is a common comparison
When comparing Empire Life and BMO, the decision is less about which insurer is objectively better and more about how each one approaches the design of term life insurance. Both companies offer dependable term insurance backed by strong financial stability, along with core features such as level premiums, renewability without medical evidence, and the option to convert to permanent insurance.
However, the real distinction lies in how these features are structured and experienced over time. As a result, their term life insurance comparison is ultimately about choosing between a policy that is actively designed to match a financial strategy and one that delivers reliable protection with minimal complexity.
Empire Life vs. BMO Insurance at a glance
Before diving into product details, it’s important to understand how both insurers are positioned within the Canadian insurance landscape. Their scale, strategy, and financial strength influence how their products are designed.
| Feature | Empire Life | BMO Insurance |
| Founded | 1923 | 1817 (parent bank) |
| Headquarters | Kingston, Ontario | Toronto, Ontario |
| Market presence | Mid-sized insurer with planning-focused solutions | Bank-backed insurer with broad retail reach |
| AM Best rating | A | A |
| LICAT ratio (approx.) | ~151% | 148% |
| Total assets (approx.) | ~$1.4 billion | $1.29 trillion |
About Empire Life term life insurance
Empire Life’s Solution Series Term Life Insurance is designed for individuals who want coverage that closely aligns with how their financial responsibilities evolve over time. Rather than relying on a single fixed term, it allows policyholders to combine multiple term durations within one policy, creating a layered structure where coverage gradually decreases as liabilities such as mortgages, loans, or income replacement needs are reduced.
In addition to this structured approach, Empire Life term insurance plans offer level premiums during the term, guaranteed renewability without medical evidence, and flexible conversion options, including the ability to partially convert coverage to permanent insurance. It also provides access to a range of optional riders that can enhance protection based on individual needs. Together, these features help reduce inefficiencies, such as overpaying for coverage that is no longer necessary later in life.
Key features of Empire Life term life insurance
1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, ensuring stability in payments. This predictability supports long-term financial planning by allowing policyholders to budget without worrying about future premium increases
2. Multiple term options: The plan offers flexible term lengths of 10, 15, 20, 25, 30 years, along with the Solution ART option. This variety allows individuals to choose coverage that aligns closely with specific financial responsibilities and life stages
3. Conversion flexibility: Policyholders have the option to convert part or all of their term coverage into permanent insurance without undergoing medical underwriting. This feature is available up to age 75, making it easier to maintain lifelong coverage as needs evolve
4. Guaranteed renewability: The policy can be renewed without providing medical evidence, offering continued protection even if health conditions change. While renewal structures may vary by plan type, coverage can generally be extended up to age 85
5. Coverage bundling: This feature allows multiple term lengths to be combined within a single policy. It helps align insurance coverage with decreasing financial obligations over time, such as mortgages or dependents’ needs.
6. Optional riders: A range of optional riders can be added to enhance coverage, including waiver of premium, guaranteed insurability, accidental death benefit, and children’s life and critical illness riders. These add-ons provide additional flexibility and protection tailored to individual needs.
Pros and cons of Empire Life term life insurance
| Pros | Cons |
| Unique structured bundling approach | Can feel complex for some buyers |
| Partial conversion flexibility | Limited multi-life coverage |
| Lower minimum coverage ($25,000) | |
| Strong planning-oriented design |
About BMO term life insurance
BMO Insurance offers term life insurance solutions designed for individuals who want clear, straightforward coverage without complex structuring. Its plans include Term 10, 15, 20, 25, and 30, allowing policyholders to select a fixed coverage period that aligns with common financial responsibilities such as mortgages, debts, or income replacement needs. This makes it easy to match insurance duration with specific life stages without requiring detailed planning.
Coverage amounts typically range from $100,000 up to $30 million, depending on eligibility, making BMO suitable for both basic protection and higher coverage needs. Premiums remain level throughout the selected term, providing predictable costs, and policies can be renewed or converted to permanent life insurance without new medical evidence within the eligible period.
BMO also offers flexible policy structures, including single life, combined life, and joint last-to-die options, allowing individuals, couples, and families to choose coverage that fits their situation.
Key features of BMO term life insurance
1. Multiple term options: The plan offers fixed term lengths of 10, 15, 20, 25, and 30 years, allowing policyholders to choose coverage that aligns with specific financial responsibilities such as mortgages, loans, or family expenses. This flexibility makes it easier to match insurance protection with different life stages.
2. Wide coverage range: Coverage amounts typically range from $100,000 to $30 million, making the policy suitable for both individuals seeking basic protection and those with high-value insurance needs, such as business owners or high-income earners.
3. Level premiums during the term: Premiums remain stable throughout the selected term, ensuring predictable and consistent insurance costs. This helps policyholders plan their finances more effectively without worrying about premium increases during the coverage period.
4. Renewable coverage: At the end of the term, policies can be renewed without requiring medical evidence, ensuring continued coverage even if health conditions change. However, premiums will increase based on the policyholder’s age at the time of renewal.
5. Conversion to permanent insurance: The policy includes an option to convert to permanent life insurance without medical underwriting. This provides flexibility for those who want to secure lifelong coverage as their financial needs evolve.
6. Term exchange option: Policyholders can exchange a Term 10 or Term 15 policy for longer terms, such as 20, 25, or 30 years, within the early years of the policy, without additional underwriting. This allows for easy adjustments as long-term financial commitments change.
7. Support services for beneficiaries: The policy may include support services such as estate assistance and grief support resources. These services help beneficiaries manage financial matters and administrative responsibilities during a difficult time.
Pros and cons of BMO term life insurance
| Pros | Cons |
| Simple and easy-to-understand policies | Limited flexibility in structuring coverage |
| Standard term options suit common needs | Less advanced planning features |
| Support for beneficiaries | |
| Strong brand trust and accessibility |
Empire Life vs. BMO term Life comparison
| Feature | Empire Life term insurance | BMO term insurance |
| Term products | Solution Series + ART | Fixed-term plans |
| Term flexibility | Structured (multi-term bundling) | Standard fixed terms (10–30 years) |
| Coverage structuring | Advanced (layered coverage) | Simple (single-term coverage) |
| Ease of understanding | Moderate (requires planning) | High (easy to understand) |
| Ease of management | Moderate (ongoing alignment needed) | High (low maintenance) |
| Renewability | Up to age 85 | Up to age 85 |
| Convertibility | Full + partial | Full only |
| Coverage limit | Up to $20 million | Up to $30 million |
Our Ratings
Who should choose Empire Life?
Empire Life is a good choice for individuals who:
- Want coverage that aligns with how your financial responsibilities evolve: Empire Life works well if your obligations, such as mortgages, loans, or business liabilities, are expected to decrease over time. Its structure allows your coverage to adjust accordingly, rather than remain constant
- Prefer combining multiple coverage needs into one policy: Instead of managing separate policies, Empire Life lets you layer different term lengths within a single plan, helping you streamline coverage while maintaining precision
- Value flexibility when transitioning to permanent insurance: With partial conversion, you can move a portion of your coverage into permanent insurance while keeping the rest active, giving you more control over long-term planning decisions
Who should choose BMO Insurance?
BMO is a good choice for those who:
- Want a simple, easy-to-understand policy: BMO is a strong fit if you prefer straightforward term life insurance without complex structuring. Its plans are designed to be clear and easy to navigate, making decision-making quicker and more intuitive
- Prefer fixed-term coverage without layered planning: With standard term options like 10, 15, 20, 25, and 30 years, BMO works well for individuals who want to match coverage to a specific timeframe without combining multiple terms
- Are a first-time buyer or want a low-maintenance solution: If you’re new to life insurance or don’t want to actively manage your policy over time, BMO offers a clean, predictable structure that requires minimal ongoing involvement
- Value-added support for your beneficiaries: BMO may include complimentary support services such as estate assistance and grief resources, helping your family manage financial and administrative responsibilities during difficult times
Final Verdict: Empire Life or BMO Insurance
Best overall: BMO
BMO takes the lead overall due to its simplicity, accessibility, and broad appeal. It offers a straightforward term insurance solution that works well for most individuals, especially those who prefer easy decision-making and minimal complexity.
Best for simplicity and ease of use: BMO
BMO excels in providing clear, easy-to-understand policies. Its fixed-term structure and minimal configuration make it particularly suitable for first-time buyers or those who want a no-frills insurance experience.
Best for structured coverage planning: Empire Life
Empire Life stands out for its ability to align insurance with financial milestones. Its bundling feature allows policyholders to create a more efficient coverage structure that evolves over time.
Best for conversion strategy: Empire Life
Empire Life offers greater strategic flexibility through partial conversion. This allows policyholders to gradually transition into permanent insurance, which can be valuable for long-term planning.
Best for straightforward coverage needs: BMO
BMO is better suited for individuals who want a simple, single-term solution without needing advanced structuring or layered coverage strategies.
Best for higher coverage: BMO
BMO provides higher coverage limits, up to $30 million, along with a fixed-term structure of 10, 15, 20, 25, or 30 years.
Frequently asked questions
How do Empire Life and BMO differ in how they structure term life coverage?
The key difference lies in how coverage is designed. Empire Life allows you to combine multiple term lengths within one policy, creating a structured plan that aligns with decreasing financial obligations over time. BMO, in contrast, offers fixed-term policies that are simpler and easier to select. This makes Empire Life better for planning-focused buyers, while BMO is more suitable for those who prefer a straightforward, low-maintenance approach.
Which insurer is better if I want my coverage to evolve over time?
Empire Life is generally better suited for evolving coverage needs. Its bundling feature allows different portions of your coverage to expire at different times, while partial conversion lets you transition gradually into permanent insurance. BMO policies are more static, meaning you typically choose one term and keep it until expiry. While reliable, they offer less flexibility for adjusting coverage as your financial situation changes.
Are there differences in how easy it is to manage policies with Empire Life vs BMO?
Yes, there is a noticeable difference in ongoing management. BMO policies are easier to manage because they follow a standardized structure with fewer moving parts. Once set up, they require minimal adjustments. Empire Life policies, while more strategic, may require more upfront planning and periodic review to ensure the bundled structure continues to align with your financial goals. This makes BMO more convenient, while Empire Life is more hands-on but potentially more efficient.
How do conversion options compare between Empire Life and BMO?
Both insurers allow you to convert your term policy into permanent life insurance without medical underwriting, which is valuable for long-term planning. However, Empire Life offers more flexibility through partial conversion, allowing you to convert only a portion of your coverage while keeping the rest active. BMO typically supports full conversion only, meaning you convert the entire policy at once, offering less strategic flexibility.
Which insurer is a better fit for someone who wants a simple buying experience?
BMO is generally the better choice for a simple and seamless buying experience. Its term options are easy to understand, and the policy structure does not require complex decisions. This makes it particularly appealing for first-time buyers or those who want quick, hassle-free coverage. Empire Life, while more powerful in planning, may require more guidance or advisor support to fully utilize its structured features effectively.
Empire Life and BMO offer reliable term life insurance but differ in design. Empire Life focuses on structured, layered coverage with bundling and conversion features, while BMO emphasizes simplicity with fixed-term options and easy policy management. This guide compares features, flexibility, and ideal use cases.
