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- Both Empire Life and Canada Life offer term life insurance with strong renewability and conversion features
- Canada Life stands out for flexibility, offering term lengths up to 50 years and term-to-term conversion options for evolving needs
- Empire Life focuses on structured coverage, allowing multiple term lengths within one policy to align with declining financial obligations
When comparing term life insurance providers, the decision often comes down to how well a policy aligns with your financial planning style, not just the features it includes. This is where Empire Life and Canada Life present two distinct approaches.
Both insurers offer reliable term life coverage backed by strong financial stability and long-standing experience in the Canadian market. However, they differ in how they structure flexibility and other parametres.
These differences become especially relevant when planning for evolving needs such as income protection, estate planning, or business coverage. In this guide, we compare Empire Life vs Canada Life term insurance in detail to help you choose the insurer that best fits your long-term life insurance financial strategy.
Quick verdict
Choose Empire Life if:
- Want to bundle multiple term lengths within a single policy
- Value partial or full conversion flexibility
- Prefer a lower starting coverage threshold ($25,000)
Choose Canada Life if:
- Want to set an exact term (5–50 years)
- May extend or switch to a longer term later
- Plan to tailor with more rider choices
Why Empire Life vs. Canada Life is a common comparison
Choosing between two well-established insurers often comes down to how their products are designed rather than what they include. That is exactly the case with Empire Life and Canada Life.
Both insurers offer dependable term life insurance backed by strong financial stability and long-standing market presence. They include essential features such as predictable premiums, renewal options, and the ability to convert to permanent coverage without additional medical underwriting.
The key difference lies in how flexibility is delivered. Empire Life term insurance plans focus on structured, efficient coverage through bundling and layered planning, while Canada Life emphasizes flexibility through wider term ranges and multiple conversion pathways.
For buyers, this creates a clear decision point: whether you prefer pre-structured coverage aligned with financial timelines or greater adaptability to changing needs over time. This comparison explores those differences to help you choose the right fit.
Empire Life vs. Canada Life at a glance
Before diving into product-level differences, it helps to understand how Empire Life and Canada Life compare as organizations. Their size, market positioning, and financial strength influence not just reliability, but also how their term insurance products are designed and delivered. This context sets the foundation for a more meaningful comparison.
| Features | Empire Life | Canada Life |
| Founded | 1923 | 1847 |
| Headquarters | Kingston, Ontario | Toronto, Ontario |
| Total assets (insurer) | $19.7B | $461.2B |
| AM Best rating | A | A+ |
| LICAT Ratio | 151% | 130% |
About Empire Life term life insurance
Empire Life approaches term life insurance with a focus on precision and efficiency in coverage design. Its Solution Series Term Life Insurance is built for individuals who want their policy to closely mirror their financial obligations over time rather than remain static.
Instead of relying on a single term duration, Empire Life allows policyholders to layer multiple term lengths within one contract, creating a coverage structure that can decrease as debts, loans, or responsibilities are paid off. This makes it particularly useful for planning around clearly defined financial milestones.
The overall design is less about broad customization and more about intentional structuring, making it a strong fit for individuals who prefer a disciplined, planning-oriented approach to life insurance.
Key features of Empire Life term life insurance
1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, providing consistency in payments. This stability supports long-term financial planning by making it easier to budget for insurance costs over time
2. Multiple-term options: The plan offers term lengths of 10, 15, 20, 25, and 30 years, allowing policyholders to choose coverage that fits their financial timelines. This makes it suitable for structured planning around responsibilities like mortgages or family needs
3. Conversion flexibility: Policyholders can convert part or all of their term coverage into permanent life insurance without undergoing medical underwriting. This option is typically available up to age 75 (subject to policy conditions), offering flexibility for long-term protection
4. Built-in renewal structure: The policy includes a renewal feature that allows coverage to continue without medical evidence after the initial term. The renewal age limit varies from plan to plan, while Solution 10/15/20 can be renewed at ages 75, 70, and 65, respectively, Solution 25/30 and Solution ART can be renewed up to 85 years of age
5. Coverage bundling: Multiple term lengths can be combined within a single policy, allowing policyholders to tailor coverage to changing financial obligations. This also simplifies management by avoiding the need to maintain multiple separate policies
6. Optional riders and add-ons: A variety of riders can be added to enhance coverage, including waiver of premium, guaranteed insurability benefit, accidental death and dismemberment rider, as well as children’s life insurance and children’s critical illness riders. These add-ons provide greater customization and protection based on individual needs
Pros and cons of Empire Life term life insurance
| Pros | Cons |
| Unique coverage bundling within one policy | Less flexible than larger insurers |
| Partial conversion flexibility | Insures up to 2 lives only |
| Lower minimum coverage ($25,000) | |
| Competitive pricing | |
| Strong planning-oriented design |
About Canada Life term life insurance
Canada Life takes a more adaptive approach to term life insurance through its My Term™ Life Insurance offering. Rather than structuring coverage around fixed assumptions, it provides a wide spectrum of term lengths and conversion pathways that allow policies to evolve alongside changing needs.
A key strength of Canada Life is its ability to extend, adjust, or transition coverage without starting over, whether through longer-term selections or term-to-term exchanges. This makes it particularly suitable for individuals whose financial responsibilities may shift over time, such as growing families or business owners.
Overall, Canada Life is designed for flexibility at scale, offering a framework that supports ongoing adjustments rather than pre-defined coverage paths.
Key features of Canada Life term life insurance
1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term length, eliminating the risk of unexpected price increases during the term and supporting consistent financial planning
2. Flexible term options: The plan offers a wide range of term lengths, from 5 to 50 years, providing exceptional flexibility. This allows policyholders to align coverage precisely with financial goals such as mortgages, income replacement, or retirement planning, making it suitable for both short-term and long-term needs
3. Conversion flexibility: Policyholders can convert their term policy into permanent life insurance without undergoing medical underwriting. This option is typically available until age 70 (subject to policy conditions) and also includes term-to-term conversion, allowing extension of coverage duration without purchasing a new policy
4. Built-in renewal structure: The policy can be renewed after the initial term without requiring medical evidence, ensuring continued coverage even if health conditions change. Coverage can extend up to age 85, though premiums will increase based on age at the time of renewal
5. High coverage potential: There is no strict maximum base coverage limit, subject to underwriting approval. This makes the policy suitable for individuals with higher income levels, business owners, or those with complex financial protection needs
6. Optional riders and add-ons: A range of optional riders is available to enhance coverage, including accidental death benefit, child term rider, disability waiver rider, guaranteed insurability benefit, and business protection riders. These options allow for more customized and comprehensive protection
Pros and cons of Canada Life term life insurance
| Pros | Cons |
| Highly flexible term lengths | Slightly more complex structure |
| Strong conversion and renewal options | Minimum coverage amount starts at $100,000 |
| High coverage availability | |
| Wide range of riders |
Empire Life vs. Canada Life comparison
| Features | Empire Life | Canada Life |
| Flagship term product | Solution Series (Solution 10/15/20/25/30 + Solution ART) | My Term™ Life Insurance |
| Term length options | 10, 15, 20, 25, 30 years + Solution ART | 5 to 50 years |
| Coverage range | $25,000 – $20M | $100,000 – no strict maximum (special quoting above $25M) |
| Renewability | Varies by plan:
|
Without medical evidence, up to age 85 |
| Convertibility | Full or partial to permanent up to age 75, no medical evidence (partial with carry-over) | To permanent up to age 70 |
| Coverage structures | Single, multi-life (2 lives max), joint first-to-die, joint last-to-die | Single, joint first-to-die (up to 2 insureds) |
| Term exchange option | Term Exchange Privilege available (details vary by plan) | Term-to-term conversion (new term ≥10 years longer) |
| Riders available |
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Our Ratings
Who should choose Empire Life?
Empire Life is a good choice for those who:
- Think in terms of financial timelines rather than fixed coverage: Empire Life works best for individuals who want their insurance to reflect how liabilities naturally reduce over time, rather than staying constant
- Want to avoid managing multiple policies: Its ability to combine different term lengths into a single contract makes it easier to manage coverage without juggling separate plans
- Prefer a disciplined, planning-first approach: Ideal for those who already have a clear roadmap for expenses like mortgages, loans, or business obligations
- Prefer a lower coverage amount: Empire Life has a term insurance plan starting at a lower coverage amount ($25,000), making it a good choice for those with short-term needs
Who should choose Canada Life?
Canada Life is a good choice for those who:
- Want maximum flexibility in term lengths: With options from 5 to 50 years, Canada Life allows you to align coverage very precisely with financial goals
- Value term-to-term conversion: Ability to extend or modify coverage without purchasing a new policy or undergoing medical underwriting
- Need high coverage amounts: Suitable for individuals requiring extensive coverage for estate planning, business protection, or income replacement
Final Verdict: Empire Life or Canada Life
Choosing between Empire Life and Canada Life ultimately comes down to how you want your insurance to function over time.
Best overall: Empire Life
Empire Life leads overall due to its simple structure. It is better suited for individuals who want insurance that can adapt to changing financial needs over time.
Best for flexibility and long-term adaptability: Canada Life
With term lengths up to 50 years and term-to-term conversion, Canada Life offers superior adaptability. It works well for individuals who want their policy to evolve alongside life changes.
Best for structured coverage planning: Empire Life
Empire Life stands out for its bundled coverage approach, allowing multiple term lengths within one policy. This makes it ideal for aligning coverage with declining liabilities.
Best for conversion strategy: Empire Life
Empire Life’s partial conversion feature provides more control when transitioning to permanent insurance, allowing a gradual shift rather than a full conversion.
Best for additional features: Empire Life
Empire Life also offers living benefits, which means you will get a living benefit advance if diagnosed with a terminal illness. It offers up to 50% of the death benefit, up to $50,000.
Frequently asked questions
Can I convert both Empire Life and Canada Life term policies to permanent insurance?
Yes, both insurers allow conversion to permanent life insurance without requiring new medical underwriting. Empire Life offers both full and partial conversion, while Canada Life provides full conversion along with term-to-term exchange options. Conversion timelines and age limits vary by policy.
What is the living benefit with Empire Life term insurance?
Empire Life term insurance provides an advanced payout if the insured is diagnosed with a terminal illness. This benefit allows access to up to 50% of the death benefit, capped at $50,000, paid as a lump sum. The amount received, along with any applicable interest, is deducted from the final death benefit paid to beneficiaries.
Which company offers better flexibility in term lengths and coverage design?
Canada Life offers greater flexibility with term lengths ranging from 5 to 50 years and the ability to convert between term policies. This makes it easier to align coverage with both short-term and long-term financial goals.
Which insurer is better for long-term financial planning?
Both insurers support long-term planning, but in different ways. Empire Life is better for structured, milestone-based planning where coverage decreases over time. Canada Life is better for evolving needs where flexibility and adaptability are important.
Empire Life vs Canada Life term life insurance. Learn how they differ in flexibility, coverage structure, pricing, and conversion options. Find out which insurer is better suited for structured planning or long-term, adaptable protection needs.
