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- Empire Life whole life insurance includes four plans: two participating and two non-participating options
- Participating plans, EstateMax and Optimax Wealth, offer lifetime coverage, guaranteed premiums, and the potential to earn dividends
- EstateMax is designed for long-term estate and legacy planning, while Optimax Wealth focuses on faster cash value growth and early access to funds
- Non-participating plans, Solution 100 and Term to 100, provide lifetime protection and no dividend payouts
- Solution 100 includes guaranteed cash surrender values starting in year 10, while Term to 100 offers permanent protection without cash value, keeping costs low
Empire Life offers whole life insurance with guaranteed lifetime protection, level premiums, and options for building cash value. Its portfolio includes both non-participating and participating whole life insurance plans. Empire Life’s non-participating plans include Solution 100 and Term to 100, while its participating portfolio includes EstateMax and Optimax Wealth, which offer the potential for dividends and additional wealth accumulation opportunities.
Quick review:
- PolicyAdvisor ratings: 4.5/5
- Best for: Limited-pay coverage, including the relatively uncommon 8-pay option available with Optimax Wealth
- Skip if: You want additional wellness benefits
About Empire Life
Empire Life is one of Canada’s most established insurers, recognized for consistent performance, client-focused service, and strong financial strength, including an A rating from A.M. Best. Founded in 1923, Empire Life’s whole life insurance offers lifetime coverage through participating and non-participating plans.
A key feature of Empire Life’s is its participating whole life insurance plans, EstateMax and Optimax Wealth, which are supported by a disciplined $1.32 billion par fund. With nearly a century of experience, Empire Life offers coverage that balances predictable growth, reliable cash value accumulation, and flexible options for long-term financial goals.
Empire Life’s financial strength:
| AM Best Rating | A |
| Participating account fund size | 1.32 billion |
| LICAT ratio | 159% |
| Dividend scale interest rate (DSIR) | 6.25% |
Disclaimer: Figures and ratings are based on the latest available information and may change over time
What is Empire Life whole life insurance?
Empire Life whole life insurance is a type of permanent life insurance designed to provide lifetime protection. Its portfolio includes non-participating policies, which provide guaranteed benefits and cash values, and participating policies, which provide guaranteed benefits while also giving policyholders the potential to receive dividends based on the performance of the insurer’s participating account.
Empire Life offers two participating plans, EstateMax and Optimax Wealth, and two non-participating plans, Solution 100 and Term to 100. Both EstateMax and Optimax Wealth offer coverage of up to $20 million, with limited-pay options including 10-pay, 20-pay, and life-pay. Optimax Wealth also offers an 8-pay option, giving policyholders an additional way to pay premiums over a shorter period.
Among the non-participating plans, Term to 100 is suited for those seeking permanent insurance protection without cash value benefits, while Solution 100 is designed for those who want permanent protection with access to cash values. Both plans can also be customized with riders, including waiver of premium, guaranteed insurability, accidental death and dismemberment, and others.
Key features of Empire Life whole life insurance:
| Plan names |
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| Policy issue age (min & max) |
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| Coverage range (maximum) | $20,000,000 (for all plan types) |
| Coverage options | Term 100 & Solution 100
EstateMax & Optimax Wealth: Single-life and joint coverage |
| Premium payments |
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| Dividend options (participating plans only) |
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| Riders |
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Who is eligible for Empire Life whole life insurance?
Empire Life whole life insurance is designed for:
- Canadian residents who meet Empire Life’s underwriting requirements
- Individuals within the applicable issue ages: 18-75 for Term to 100; 0-75 for Solution 100; and 0-75 for EstateMax and Optimax Wealth under single-life coverage. Joint coverage for EstateMax and Optimax Wealth is available from ages 18-75
- Applicants seeking at least $ 10,000 in coverage (can vary depending on the age)
Key benefits of Empire Life whole life insurance
Empire Life whole life insurance offers lifelong protection with options for growth, stability, and estate planning. It combines guaranteed lifetime coverage with dividend-earning potential or guaranteed cash values, depending on the plan type. Here are its key benefits:
- Lifetime coverage: Your policy remains in force for life
- Death benefit: Provides a tax-free death benefit to beneficiaries when the insured person dies, provided the policy remains in force
- Fixed level premiums: Premium payments stay the same throughout your chosen premium-pay period
- Dividend potential (for participating plans): Eligible policies may receive annual dividends, which can be used to buy paid-up additions, reduce premiums, withdraw as cash, or earn interest
- Cash value: Cash values are available for all types, except Term 100 may depending on the circumstances
- Flexible payment choices and riders: Choose shorter pay options (10-pay or 20-pay) or life-pay for flexibility. Add riders such as accidental death, child term insurance, or disability waiver for customized coverage
- Living benefit: This is a non-contractual benefit that is approved on a case-by-case basis. It provides up to 50% of the death benefit, to a maximum of $50,000, if the insured is diagnosed with a terminal illness and has 12 months or less to live
Types of Empire Life whole life insurance
Empire Life offers four whole life insurance plans, including two participating plans and two non-participating plans. These plans are designed to meet different financial goals and payment preferences.
Participating whole life plans by Empire Life:
- EstateMax
- Optimax Wealth
Non-participating whole life insurance by Empire Life:
- Solution 100
- Term to 100
About Empire Life’s participating whole life insurance plans
Empire Life’s participating whole life plans provide lifetime protection, guaranteed premiums, and the potential for steady long-term cash value growth. Like all participating policies, they may earn annual dividends based on the performance of Empire Life’s participating account, which invests in a mix of bonds, equities, and real estate. While dividends aren’t guaranteed, they offer an opportunity to enhance coverage and overall policy value.
Currently, Empire Life offers two participating whole life plans:
EstateMax: Best for long-term estate and wealth transfer
EstateMax is built for Canadians who want strong long-term cash value growth. It’s ideal for those focused on estate planning or leaving a larger legacy. Coverage starts at $10,000 for ages 0-17 and 66-75, and $25,000 for ages 18-65. It offers 10-pay, 20-pay, and life-pay options, with dividend choices including paid-up additions, premium reduction, cash, enhanced coverage, and interest on deposit. The guaranteed cash value starts accumulating from year 5.
Optimax Wealth: Best for early cash value access
Optimax Wealth is designed for those who want faster early cash value build-up and lifetime coverage. It emphasizes liquidity and flexibility, allowing policyholders to access value early through loans or withdrawals to fund opportunities such as education, business expansion, or wealth-building goals.
It offers the same coverage range and limited-pay options as EstateMax, with the addition of an 8-pay option. Optimax Wealth also offers riders such as accidental death, child term, guaranteed insurability, and disability waiver, along with the optional Additional Deposit Option (ADO) for accelerated growth.
Key differences between EstateMax and Optimax Wealth:
| Feature | EstateMax | Optimax Wealth |
| Cash value accumulation | Starts from the 5th year of the policy | Starts after completing one year of the policy |
| Maximum issue age | 75 years for both individual and joint coverage plans | 75 years for both individual and joint coverage plans |
| Minimum coverage |
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| Premium payment options | 10-pay, 20-pay, life-pay | 8-pay, 10-pay, 20-pay, life-pay |
| Maximum coverage | $20,000,000 | $20,000,000 |
| Coverage options |
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| Dividend options |
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About Empire Life’s non-participating whole life plans
Empire Life’s non-participating whole life plans provide straightforward lifetime protection with fixed premiums and guaranteed death benefits. No dividends are payable on non‑par plans. These plans are built for Canadians who want simple, predictable coverage without market fluctuations or dividend variability.
Non-participating plans can help meet goals such as estate preservation, funding final expenses, or leaving a small legacy for children, grandchildren, or charities. Currently, Empire Life offers two non-participating whole life plans:
Solution 100: Best for guaranteed value and flexibility
Solution 100 provides permanent coverage with fixed premiums and guaranteed cash surrender values that begin in policy year 10. It’s ideal for Canadians who want lifelong protection but also appreciate some accessible policy value if their needs change. The policy can be customized with riders such as waiver of premium, guaranteed insurability, AD&D, children’s life, and children’s critical illness riders, among others.
Term to 100: Best for simple, low-cost lifetime protection
Term to 100 offers permanent coverage with fixed premiums and no cash value. It’s a lower-cost option focused purely on lifetime protection, ideal for those who want straightforward coverage for estate or final-expense needs. It offers life pay, with guaranteed level premiums to age 100, and a 20-pay option, with guaranteed level premiums for 20 years. Like Solution 100, Term to 100 can also be customized with riders at an additional premium.
Key differences between Solution 100 and Term to 100:
| Feature | Solution 100 | Term to 100 |
| Primary focus | Cost-effective insurance option for kids, estate planning, and intergenerational wealth transfer or final debt payouts | Estate preservation, wealth for children and grandchildren, corporate legacy builder |
| Issue age | 0-75 | 18-75 |
| Minimum coverage | $25,000 up to age 65
$10,000 for ages 66 to 75 |
$25,000 up to age 65
$10,000 for ages 66 to 75 |
| Cash value growth | Cash value growth available, and cash can be accessed from the 10th year of the policy | Cash value growth not available |
| Payment options | Guaranteed premium level up to age 100 | Life-pay and 20-pay |
| Annual policy fee | $50 policy fee on the base plan | $50 policy fee on the base plan |
| Insurance riders |
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| Additional benefits |
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Pros and cons of an Empire Life whole life insurance policy
Empire Life whole life insurance offers several advantages, from flexible coverage options to unique wealth-building features, along with a few limitations depending on your age and plan type. Let’s take a closer look at the pros and cons of Empire Life Whole Life insurance below:
| Pros | Cons |
| EstateMax policy features prepayment solutions through Empire Life’s Side Account feature | The 8-pay option is only available with the Optimax Wealth plan |
| Living benefit available if a terminal illness is diagnosed | Maximum issue age is 75 (availability varies by product and underwriting) |
| Joint first-to-die coverage includes survivor and policy exchange options, offering 90 days of temporary insurance after the first death | |
| EstateMax and Optimax Wealth have policy features and prepayment solutions through Empire Life’s Side Account feature | |
| Kid-start wealth transfer helps grandparents secure their grandchildren’s financial future |
How much does Empire Life whole life insurance cost?
The cost of Empire Life whole life insurance for a male or female seeking $100,000 in coverage under a 20-pay participating whole life insurance plan ranges from $1,321 to $7,401 per month. The actual premium may vary based on factors such as your age, gender, coverage amount, payment option, and a few other factors.
Cost of Empire Life whole life insurance (2026):
| Age (in years) | Male | Female |
| 20 | $1,538/month | $1,321/month |
| 30 | $1,976/month | $1,735/month |
| 40 | $2,595/month | $2,300/month |
| 50 | $3,479/month | $3,079/month |
| 60 | $4,819/month | $4,221/month |
| 70 | $7,401/month | $6,381/month |
*Illustrating monthly cost of $100k coverage for a participating whole life insurance for 20-pay
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Empire Life’s Dividend Scale Interest Rate (DSIR) history
The DSIR reflects Empire Life’s internal expectation of net returns after taxes, claims, and expenses. It is not a return paid directly to policyholders but drives dividend projections. Dividends depend on investment results, policyholder experience, and participating account surplus, and are approved annually by the Board. While dividends are not guaranteed, Empire Life’s narrow 6.0–6.25% band over the past decade showcases its disciplined approach.
Dividend Scale - Participating Whole Life Insurance
Compare dividend rates from top Canadian insurers
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Equitable | 6.05% | 6.25% | 6.40% | 6.40% | 6.40% |
| Manulife | 6.10% | 6.35% | 6.35% | 6.35% | 6.35% |
| iA Financial Group | 5.75% | 6.00% | 6.25% | 6.35% | 6.35% |
| Desjardins Insurance | 5.75% | 6.20% | 6.30% | 6.30% | 6.30% |
| RBC Insurance | 6.00% | 6.00% | 6.25% | 6.30% | 6.30% |
| Sun Life | 6.00% | 6.00% | 6.25% | 6.25% | 6.25% |
| Empire Life | 6.00% | 6.00% | 6.00% | 6.25% | 6.25% |
| Foresters Financial | 5.50% | 5.50% | 5.50% | 6.25% | 6.25% |
| Co-operators | 5.90% | 5.90% | 6.00% | 6.00% | 6.00% |
| Assumption Life | 5.75% | 5.75% | 5.75% | 5.75% | 5.80% |
| Canada Life | 5.25% | 5.50% | 5.50% | 5.75% | 6.00% |
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Which limited pay whole life insurance plans are available from Empire Life
Empire Life’s EstateMax and Optimax Wealth plans offer predictable long-term growth through a disciplined, conservative investment approach. These participating plans provide lifetime protection with 8-pay, 10-pay, 20-pay, and life-pay options. The 8-pay option is available only with the Optimax Wealth plan. Limited-pay options allow policyholders to pay premiums over a set period while keeping their coverage in force for life.
What is Empire Life’s side account?
Empire Life’s EstateMax and Optimax Wealth plans include a side account that can hold money for future premiums, policy fees, and rider costs. The account earns interest set by Empire Life, but because it is held outside the policy, the interest earned is taxable. Funds can be withdrawn at any time and are paid to the policyowner on surrender or to beneficiaries upon death. Funds in the side account can be used to pay future base premiums, policy fees, and premiums for eligible riders and additional benefits.
Can I get any living benefits with Empire Life?
Yes, Empire Life offers a Living Benefit Advance on all its life insurance policies as a non-contractual benefit. This benefit means that if the insured is diagnosed with a terminal illness with a prognosis of 12 months or less, they may receive 50% of the death benefit, up to $50,000. The advance plus interest is deducted from the death benefit when the claim is paid.
What is Empire Life’s Kid Start strategy?
Empire Life’s Kid Start is a whole life insurance strategy that uses the tax advantages of individually owned life insurance to help give children or grandchildren a financial head start. It involves purchasing EstateMax or Optimax Wealth when the child is young and healthy, allowing the policy to build cash value that can later be accessed through policy loans or cash value withdrawals. The policy can also be fully paid-up in 8, 10, or 20 years, while ownership can be transferred to the child at the age of majority or later.
What is Empire Life’s Additional Deposit Option?
Empire Life’s Additional Deposit Option (ADO) is available on eligible EstateMax and Optimax Wealth 10-pay, 20-pay, and life-pay participating whole life plans. It allows policyholders to make additional deposits to accelerate cash surrender value growth and increase life insurance. ADO is available for issue ages 0 to 75 and can be used with either paid-up additions or enhanced coverage dividend options. ADO deposits are optional and can be stopped anytime, at the will of the policyholder.
How does Empire Life compare to other whole life insurance providers?
Empire Life stands out for offering both participating and non-participating permanent life insurance, giving Canadians a choice between dividend potential and straightforward guaranteed protection. Its participating plans, EstateMax and Optimax Wealth, offer lifetime coverage, multiple premium-payment options, and the potential to earn dividends, while Optimax Wealth is one of the few plans to offer an 8-pay option. Its non-participating plans, Solution 100 and Term to 100, provide guaranteed lifetime protection, with Solution 100 also offering guaranteed cash values. To see how Empire Life compares with other leading insurers, read our guide to the best whole life insurance companies in Canada.
Our advisor’s take on Empire Life whole life insurance
At PolicyAdvisor, one of our expert advisors helped a 40-year-old client looking for permanent life insurance that could provide family protection while also building cash value over time. The client was particularly interested in participating whole life insurance, with the potential to earn dividends and access cash value during their lifetime.
Client profile:
- Age: 40-year-old non-smoking Canadian
- Coverage need: $500,000 in permanent life insurance for family protection and long-term financial planning
- Primary concern: Building cash value while maintaining guaranteed lifetime protection and flexible premium-payment options
- Our comparison: We compared Empire Life’s EstateMax and Optimax Wealth with participating whole life products from other leading Canadian insurers, focusing on dividend potential, cash value growth, limited-pay options, and policy flexibility
Why Empire Life stood out:
- Choice of participating plans: Empire Life offers EstateMax for long-term estate and wealth planning and Optimax Wealth for those who prioritize earlier cash value growth
- Flexible premium-payment options: Empire Life offers 10-pay, 20-pay, and life-pay options on both participating plans, while Optimax Wealth also offers an 8-pay option for those who want to complete premium payments sooner
- Multiple ways to use dividends: Policyholders can choose from several dividend options, including paid-up additions, premium reduction, cash payouts, and leaving dividends on deposit to accumulate
How to buy Empire Life whole life insurance with PolicyAdvisor?
Ready to buy Empire Life whole life insurance? Get a personalized Empire Life whole life illustration and compare it to top Canadian insurers with PolicyAdvisor’s licensed experts.
Get covered in three easy steps:
- Speak with a licensed PolicyAdvisor expert
- Review Empire Life non-participating and participating plans, EstateMax and Optimax Wealth, alongside plans from other top Canadian insurers
- Receive a personalized illustration and finalize your application online
PolicyAdvisor’s licensed experts help you compare options and find the perfect plan for your lifetime coverage and financial goals.
Frequently asked questions
Can I pause premiums if I face financial hardship?
You generally cannot simply pause premiums without affecting your policy. However, if your policy has sufficient cash value or dividends, you may be able to use them to help cover premiums temporarily. A policy loan may also be available, but interest applies, and outstanding loans can reduce the policy’s cash value and death benefit.
Does Empire Life offer coverage options for couples under a single policy?
Yes, Empire Life offers joint first-to-die and joint last-to-die coverage options, allowing couples to share a policy that provides benefits either after the first death or after both insured individuals die.
How can I use the cash value of my Empire Life policy without surrendering it?
You can access your policy’s cash value through a policy loan or by withdrawing dividends. This allows you to tap into your policy’s value for financial needs, such as education, a home purchase, or business investments, without losing coverage.
Does Empire Life’s Term to 100 have a cash surrender value (CSV)?
No. Empire Life Term to 100 does not include a cash surrender value. Premiums are applied to maintain lifelong coverage, keeping the plan more affordable.
Are dividends guaranteed on Empire Life’s EstateMax and Optimax Wealth plans?
No. Dividends are not guaranteed. They are declared each year and depend on the performance of Empire Life’s participating account, including factors like investment returns, expenses, and mortality experience.
What are the whole life insurance coverage types available for Empire Life?
Empire Life offers three coverage types for its life insurance policies: single life, joint first death, and joint last death. Single life covers one individual and pays the death benefit to beneficiaries when the insured dies. Joint first death covers two individuals, such as spouses or business partners, and pays the death benefit after the first insured person dies. Joint last death also covers two individuals, but the death benefit is paid after both insured individuals have died, making it particularly useful for estate planning and wealth transfer.
Can I get a loan against my Empire Life whole life insurance policy?
Yes, you can take a policy loan on Empire Life whole life insurance policies, provided the policy has accumulated enough cash value. The minimum loan amount is $250, allowing policyholders to access funds for personal or financial needs while keeping their policy active.
Policy loans are an attractive feature because they offer quick access to cash without the need for external credit checks. The loan amount is borrowed against the policy’s cash value, and interest is charged on the outstanding balance. Any unpaid loan balance, including interest, will be deducted from the policy’s death benefit or cash value if the loan is not repaid. However, policy loans can be subject to taxes, so it is better to go through your policy documentation before applying for a loan.
Why should I get Empire Life whole life insurance for my grandchildren?
Empire Life whole life insurance can help grandparents build lasting financial security for their grandchildren. Through the Kid-Start Wealth Transfer feature, they can gift a paid-up participating policy that grows in value over time, offering lifelong protection and a foundation for future goals like education or home ownership.
Are there any administrative fees associated with an Empire Life whole life insurance policy?
Yes, most individual Empire Life whole life insurance policies include an annual administrative fee of $50 as part of the base plan. This fee applies to both participating and non-participating plans and helps cover the cost of managing and servicing the policy, including maintaining records, processing dividends, and providing customer support. Some group or legacy policies may differ.
Empire Life whole life insurance offers lifetime coverage through participating and non-participating plans. Empire Life provides four whole life insurance options: two participating plans and two non-participating plans. The participating plans, EstateMax and Optimax Wealth, focus on building long-term wealth and estate value. The non-participating options, Solution 100 and Term to 100, provide simple, guaranteed lifetime protection at predictable costs.
