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- Empire Life and Manulife 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, along with conversion flexibility
- Manulife emphasizes flexibility and rider options, with multi-life coverage options and wellness-driven features such as the Vitality program
Choosing between Empire Life and Manulife isn’t just about comparing features on paper; it is about finding a policy that fits naturally into your financial life.
Both insurers have a strong presence in the Canadian market and offer term life insurance designed to provide reliable protection over a defined period. At a glance, their offerings may seem similar, with standard benefits like level premiums, renewability, and conversion options.
But once you look closer, the differences start to show, not just in what is offered, but in how policies are structured, managed, and experienced over time.In this guide, we break down Manulife vs Empire Life term insurance in detail to help you understand how each insurer approaches term life insurance, so you can make a more informed and confident decision.
Manulife stands out for its flexibility, product diversity, and innovative features like Vitality. It offers a well-rounded solution suitable for a wide range of needs.
Empire Life excels in structured, planning-oriented coverage design. Its bundling and partial conversion features make it highly effective for individuals with clear financial timelines.
Quick verdict
Choose Manulife if:
- You want multi-life coverage for families or business partners
- You value wellness-linked benefits like Vitality rewards
- You prefer flexible product options ranging from simple to advanced
Choose Empire Life if:
- You want to bundle multiple term lengths within a single policy
- You prefer structured, milestone-based coverage planning
- You value partial conversion flexibility for long-term transitions
Why Manulife vs. Empire Life is a common comparison
When comparing Empire Life and Manulife, the decision isn’t about choosing between a strong and a weak insurer; it is about selecting between two very different philosophies of insurance design.
Empire Life builds its term life insurance around precision and efficiency, allowing you to actively structure coverage so that it aligns with declining financial obligations. This makes it particularly useful if you already have a clear roadmap for your financial responsibilities.
Manulife, on the other hand, offers a multi-layered product ecosystem where you can choose between traditional term plans, simplified options, and wellness-integrated policies. Rather than structuring coverage upfront, Manulife focuses on giving you multiple ways to customize and enhance your policy over time.
Manulife vs. Empire Life at a glance
Before diving into product-level differences, it helps to understand how both insurers are positioned within the Canadian market.
| Feature | Empire Life | Manulife |
| Founded | 1923 | 1887 |
| Headquarters | Kingston, Ontario | Toronto, Ontario |
| Market presence | Mid-sized insurer with planning-focused solutions | One of Canada’s largest global insurers |
| AM Best rating | A | A+ |
| LICAT ratio (approx.) | ~151% | ~130% |
| Total assets (approx.) | ~$1.4 billion | ~$900B+ (global operations) |
About Manulife term life insurance
Manulife approaches term life insurance with a broader, more flexible product ecosystem designed to meet a wide range of needs, from simple coverage to advanced, feature-rich policies.
Its flagship offering, Family Term, is built for both individuals and families, with options for single-life and multi-life coverage. This makes it particularly suitable for couples, families, or business partners who want to consolidate coverage under one policy. Term options include 10 years, 20 years, or coverage to age 65, with level premiums throughout the selected duration.
A defining feature of Manulife term insurance is its Vitality program, which integrates insurance with lifestyle. Through this program, policyholders can earn rewards or potential premium benefits by engaging in healthy activities such as exercise or wellness tracking. This creates a more interactive insurance experience compared to traditional static policies.
Manulife also offers simplified products like CoverMe for easier online purchase, though these typically come with higher premiums and lower coverage limits. Overall, Manulife is designed for individuals who value flexibility, product variety, and lifestyle integration.
Key features of Manulife term life insurance
- Level, guaranteed premiums: Manulife offers level, guaranteed premiums that remain stable throughout the selected term. This ensures predictable costs over time, making it easier for policyholders to plan their finances without worrying about unexpected premium increases
- Multiple-term options: Manulife provides multiple-term options, including Term 10, Term 20, and coverage up to age 65. This flexibility allows individuals to choose coverage that aligns with both short-term obligations and long-term financial needs
- Convertibility: Policies can be converted to permanent life insurance without requiring additional medical evidence. This feature helps preserve insurability, especially if health conditions change in the future
- Multi-life flexibility: Manulife allows multiple individuals to be covered under a single policy. This makes it a good option for families or business partners looking for a consolidated and efficient coverage solution
- Wellness integration: Through the Manulife Vitality program, policyholders can access rewards linked to healthy lifestyle habits. This includes potential incentives and benefits that encourage long-term wellness
- 30-day money-back guarantee: Manulife offers a 30-day money-back guarantee, allowing policyholders to cancel their policy within this period and receive a full refund. This provides added confidence and flexibility when purchasing coverage
Pros and cons of Manulife term life insurance
| Pros | Cons |
| Multi-life coverage flexibility | Vitality only available on select plans |
| Wellness rewards integration | Simplified plans have higher pricing |
| Strong brand and financial backing | Fewer structured planning tools |
| High coverage limits available | Full underwriting is required for larger policies |
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.
This structured approach makes Empire Life particularly effective for individuals who prefer intentional planning over passive coverage selection. Instead of maintaining the same coverage throughout the policy term, you can design a plan where different portions of your coverage expire at different times, reducing unnecessary costs later in life.
In addition, Empire Life offers level premiums, guaranteed renewability without medical evidence, and flexible conversion options, including partial conversion to permanent life insurance. These features provide both stability and long-term adaptability without requiring a complete policy overhaul.
Key features of Empire Life term life insurance
- Level, guaranteed premiums: Empire Life offers level, guaranteed premiums that remain fixed throughout the selected term
- Multiple term options: Empire Life provides a range of term options, including 10, 15, 20, 25, and 30 years, along with Solution ART. These choices allow for structured coverage that can be aligned with specific financial timelines and obligations
- Conversion flexibility: Policies can be converted to permanent insurance without medical underwriting, helping preserve insurability over time. Empire Life also offers partial conversion, allowing policyholders to convert a portion of their coverage while keeping the rest active. Conversion is typically available up to age 75
- Guaranteed renewability: Empire Life policies are guaranteed renewable without requiring medical evidence. This ensures continued coverage even if health changes, with the option to extend protection up to age 85
- Coverage bundling: A standout feature of Empire Life is its ability to bundle multiple term lengths within a single policy. This enables policyholders to align coverage with declining liabilities, such as mortgages or loans, creating a more efficient long-term protection strategy
- Optional riders: Empire Life offers a range of optional riders to enhance coverage, including waiver of premium, guaranteed insurability, accidental death benefit, and children’s life and critical illness riders. These add-ons allow for further customization based on individual needs
Pros and cons of Empire Life term life insurance
| Pros | Cons |
| Structured, planning-oriented design | Can feel complex for some buyers |
| Partial conversion flexibility | Limited multi-life options |
| Lower minimum coverage ($25,000) | |
| Efficient coverage alignment |
Manulife vs. Empire Life comparison
| Feature | Manulife term life insurance | Empire Life term insurance |
| Term products | Family Term, Vitality, CoverMe | Solution Series + ART |
| Term flexibility | Standard term options (T10, T20, T65) | Structured (fixed + combinable) |
| Coverage structuring | Multi-life and flexible product tiers | Bundling multiple terms |
| Renewability | Up to age 85 | Up to age 85 |
| Convertibility | Full conversion only | Full + partial |
| Coverage limit | Up to $25 million | Up to $20 million |
| Riders | Standard + wellness-linked benefits | Broad options |
| Multi-life coverage | Strong multi-life options | Limited |
| Unique feature | Vitality wellness program | Layered coverage design |
Our Ratings
Who should choose Manulife?
Manulife is best-suited for individuals who:
- Need coverage for multiple people under one policy: Manulife’s multi-life options make it a strong choice for families or business partners looking to consolidate coverage efficiently
- Value wellness-linked incentives: The Vitality program adds a unique dimension by rewarding healthy lifestyle habits, making insurance more interactive
- Prefer a scalable insurance solution: Manulife works well if your needs may evolve over time and you want access to different policy structures and enhancements
Who should choose Empire Life?
Empire Life is an ideal choice for individuals who:
- Want coverage that mirrors your financial timeline: Empire Life is ideal if your obligations, such as mortgages, loans, or business liabilities, are expected to decrease over time. Its bundling feature allows you to design coverage that reduces alongside these commitments
- Prefer structuring your policy upfront: If you like to plan in advance rather than adjust later, Empire Life gives you the tools to build a highly efficient policy from day one
- Value flexibility when transitioning to permanent insurance: With partial conversion, you can gradually shift portions of your coverage into permanent insurance instead of making a single, all-or-nothing decision
Final Verdict: Manulife or Empire Life
Best overall: Manulife
Manulife takes the lead overall due to its broader product range, strong financial backing, and flexibility. It caters to a wider range of users, from individuals seeking simple coverage to families needing multi-life protection and additional features like wellness rewards.
Best for flexibility and product range: Manulife
With multiple product tiers, multi-life options, and wellness integration, Manulife offers a more adaptable insurance experience. It is particularly useful for individuals who expect their needs to evolve.
Best for structured coverage planning: Empire Life
Empire Life excels in designing policies that align precisely with financial timelines. Its bundling approach allows for a more efficient and intentional coverage structure.
Best for conversion strategy: Empire Life
Empire Life stands out with its partial conversion feature, giving policyholders more control over how and when they transition to permanent coverage.
Best for family or multi-life coverage: Manulife
Manulife’s ability to cover multiple individuals under one policy makes it a better choice for families or business partners.
Best for engagement and added benefits: Manulife
With the Vitality program, Manulife offers a more interactive experience, rewarding healthy behaviour and adding value beyond traditional insurance.
Frequently asked questions
How do Empire Life and Manulife differ in their approach to term life insurance?
Empire Life focuses on structured coverage design, allowing you to bundle multiple term lengths within a single policy to match declining financial obligations. Manulife, on the other hand, offers a broader product ecosystem with options like multi-life coverage and wellness-linked benefits. This makes Empire Life more planning-driven, while Manulife emphasizes flexibility and variety.
Which insurer is better for families or joint coverage needs?
Manulife is generally the better choice for families or joint coverage needs due to its multi-life policy structures. It allows multiple individuals to be covered under one plan, which can simplify management and potentially reduce costs. Empire Life offers limited multi-life options, making it less suitable for family-based coverage strategies.
How do conversion options compare between Empire Life and Manulife?
Both insurers allow conversion to permanent insurance without medical underwriting, but Empire Life offers more flexibility through partial conversion. This allows you to convert only a portion of your coverage while keeping the rest active. Manulife typically supports full conversion only, which is simpler but less flexible for staged planning strategies.
Is Manulife’s Vitality program worth considering?
Manulife’s Vitality program can be valuable if you are motivated by wellness incentives. It rewards healthy behaviours such as physical activity and regular health tracking with benefits like discounts or rewards. While it does not replace core insurance value, it adds an extra layer of engagement that may appeal to individuals who want more than just traditional coverage.
How does Manulife’s Vitality program affect term life insurance premiums and benefits?
Manulife integrates its Vitality program into select term life policies, allowing policyholders to earn rewards or potential premium savings based on healthy lifestyle activities. This includes tracking fitness, completing health assessments, and meeting activity goals. While premiums remain level during the term, participation in Vitality can unlock discounts or perks like gift cards and device savings, adding a lifestyle-based dimension to traditional coverage.
Empire Life and Manulife offer strong term life insurance options, but they differ in approach. Empire Life focuses on structured, customizable coverage aligned with financial timelines, while Manulife delivers flexible, feature-rich policies with multi-life options and wellness benefits.
