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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 simple, guaranteed lifetime protection with fixed premiums 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 Insurance company 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, the Empire Life whole life insurance offers lifetime coverage through participating and non-participating options.
A key feature of Empire Life’s whole life insurance is its participating plans, EstateMax and Optimax Wealth, which are supported by a disciplined $1.21 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.
In this review, we cover Empire Life’s key features, plan options, financial strength, and what makes it stand out among Canadian insurers.
Optimax Wealth
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PolicyAdvisor rating
Empire Life whole life insurance earns a 5 out of 5 rating from PolicyAdvisor for delivering balanced, steady performance through its disciplined participating account. The insurer backs its participating accounts with a $1.21 billion par fund built for long-term stability, predictable growth, and low volatility.
Empire Life’s key financial strengths:
- $1.21 billion participating fund with a stability-focused investment approach
- 6.25% dividend rate
- Dividend history above 6% for more than 10 years
- 30-year average return of 6.97%
- Par fund asset mix: 64% bonds, 29% equities, 7% cash/other
- Long-duration bond structure with smoothing to reduce volatility
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Par fund performance history: Returns and dividend rates
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.
The participating fund’s conservative structure, dominated by bonds and supported by equities with low currency risk, provides the balanced performance that defines Empire Life’s whole life solutions.
| Year | Par fund return | Dividend scale interest rate (DSIR) |
| 2020 | 9.68% | 6.70% |
| 2021 | 7.22% | 6.25% |
| 2022 | 5.29% | 6.00% |
| 2023 | 5.93% | 6.00% |
| 2024 | 5.58% | 6.25% |
| 2025 | 5.88% | 6.25% |
Empire Life offers two participating plans:
- EstateMax for long-term estate planning value
- Optimax Wealth for smoother cash value growth and liquidity
For Canadians who prefer guaranteed values without dividend fluctuation, Empire Life also offers non-participating whole life plans with stable premiums and benefits.
Rating methodology
PolicyAdvisor rates Empire Life whole life insurance 5/5 as the top balanced-performance option based on six core factors: early and long-term cash value strength, dividend stability, premium options, fees, riders, and issue ages.
Dividend Scale - Participating Whole Life Insurance
Compare dividend rates from top Canadian insurers
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Equitable | 6.05% | 6.25% | 6.40% | 6.40% |
| Manulife | 6.10% | 6.35% | 6.35% | 6.35% |
| iA Financial Group | 5.75% | 6.00% | 6.25% | 6.35% |
| Desjardins Insurance | 5.75% | 6.20% | 6.30% | 6.30% |
| RBC Insurance | 6.00% | 6.00% | 6.25% | 6.30% |
| Sun Life | 6.00% | 6.00% | 6.25% | 6.25% |
| Empire Life | 6.00% | 6.00% | 6.00% | 6.25% |
| Foresters Financial | 5.50% | 5.50% | 5.50% | 6.25% |
| Co-operators | 5.90% | 5.90% | 6.00% | 6.00% |
| Assumption Life | 5.75% | 5.75% | 5.75% | 5.75% |
| Canada Life | 5.25% | 5.50% | 5.50% | 5.75% |
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Empire Life whole life insurance costs and value
This example shows the projected premiums, cash value growth, and death benefit for a 30-year-old non-smoker female purchasing $100,000 of Empire Life whole life coverage with life pay and enhanced paid-up additions.
| Policy Year | Age | Annual premium paid | Total premiums aid | Total cash value | Death benefit |
| 0 | 30 | $688.82 | $688.82 | $67 | $100,000 |
| 10 | 40 | $688.82 | $6,888.20 | $1,732 | $100,000 |
| 20 | 50 | $688.82 | $13,776.40 | $14,574 | $100,000 |
| 30 | 60 | $688.82 | $20,664.60 | $34,486 | $101,308 |
| 40 | 70 | $688.82 | $27,552.80 | $67,845 | $132,540 |
| 50 | 80 | $688.82 | $34,441.00 | $122,023 | $177,794 |
| 55 | 85 | $688.82 | $37,885.10 | $159,083 | $207,988 |
| 60 | 90 | $688.82 | $41,329.20 | $203,951 | $244,643 |
* Values shown are non-guaranteed illustrations based on current assumptions and the insurer’s dividend scale. Actual premiums, cash values, and death benefits may vary. This example is for informational purposes only and does not constitute a policy guarantee.
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:
- Joint First Death coverage includes survivor and policy exchange options, offering 90 days of temporary insurance after the first death
- EstateMax policy features prepayment solutions through Empire Life’s Side Account feature
- Solution Series can be added as riders to participating whole life insurance plans
- Kid-Start wealth transfer helps grandparents secure their grandchildren’s financial future
Cons:
- The 8-pay option is only available with the Optimax Wealth plan
- Maximum issue age is 75 (availability varies by product and underwriting)
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
- 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
- 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
Types of Empire Life whole life insurance
Empire Life offers four whole life insurance options, 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
Key features of 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 amount: Minimum $10,000 (ages 0–17), $25,000 (18–65), $10,000 (66–75)
- Premium payment options: 10-pay, 20-pay, or life-pay
- Dividend options: Paid-up additions (PUAs), premium reduction, cash payout, or interest on deposit, cash accumulation
- Cash value growth: Focused on long-term accumulation
- Riders available: Accidental death, child term, guaranteed insurability, disability waiver
- Best for: Maximizing death benefit and long-term legacy value through steady policy growth
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.
- Coverage amount: Minimum $10,000 (ages 0–17), $25,000 (18–65), $10,000 (66–75)
- Premium payment options: 8-pay, 10-pay, 20-pay, life-pay
- Dividend options: Paid-up additions (PUAs), premium reduction, cash payout, or interest on deposit, cash accumulation
- Cash value growth: Accelerated early growth for greater liquidity
- Riders available: Accidental death, child term, guaranteed insurability, disability waiver. Optional Additional Deposit Option (ADO) available for accelerated growth.
- Best for: Professionals or business owners seeking early cash value and financial flexibility
Key differences between EstateMax and Optimax Wealth
EstateMax and Optimax Wealth serve different goals. EstateMax focuses on long-term estate planning and legacy creation, while Optimax Wealth emphasizes faster cash value accumulation and financial flexibility. Optimax Wealth has an 8-pay option that allows you to complete payments early.
Both plans offer guaranteed lifetime protection, tax-advantaged cash value growth, access to policy loans, and optional riders such as accidental death benefit, child insurance, and waiver of premium.
| 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 |
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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 |
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Key features of 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.
- Coverage amount: Varies by need; lifetime protection up to age 100
- Cash value: Begins in policy year 10
- Premium payment options: Guaranteed level premiums to age 100
- Riders available: Solution Series, Empire Life CI Protect, CI Protect Plus, and Disability Credit Protect
- Additional benefits: Waiver of premium, Payor waiver of premium, Guaranteed Insurability, Accidental Death and Dismemberment (AD&D), Children’s Life Rider, and Children’s Critical Illness Rider
- Best for: Canadians seeking predictable lifetime protection with some guaranteed cash value and flexibility to surrender if needed
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.
- Coverage amount: Lifetime coverage up to age 100
- Cash value: None (pure protection)
- Premium payment options: Life-pay
- Riders available: Solution Series, Empire Life CI Protect, CI Protect Plus, and Disability Credit Protect
- Additional benefits: Waiver of premium, Payor waiver of premium, Guaranteed Insurability, Accidental Death and Dismemberment (AD&D), Children’s Life Rider, and Children’s Critical Illness Rider
- Best for: Canadians who want affordable, permanent protection without the need for cash value or investment features
Key differences between Solution 100 and Term to 100
Solution 100 and Term to 100 serve different goals. Solution 100 focuses on lifetime protection with guaranteed cash values, offering more flexibility if you need to access funds later. Term to 100 focuses on affordable, straightforward lifetime protection without cash accumulation.
| 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 |
| 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 |
| Annual policy fee | $50 policy fee on the base plan | $50 policy fee on the base plan |
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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 and are supported by a disciplined $1.21 billion par fund, known for its stability and long-term results.
Why Empire Life stands out
Empire Life’s whole life insurance lineup is strengthened by the company’s conservative par fund, long-term investment performance, and disciplined approach. Here’s why Empire Life stands out in Canada’s whole life market:
- Delivers stable long-term value growth and reduces volatility
- Maintains reliable dividend performance that supports confident planning
- Builds strong cash value and provides access to liquidity over time
- Supports conservative estate planning and predictable long-term growth needs
How to buy Empire Life whole life insurance with PolicyAdvisor?
Ready to explore 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 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?
If your policy has sufficient cash value, you may be able to use dividends or a policy loan to cover premiums temporarily. This can keep your policy in force, but interest applies and loans reduce benefits.
Does Empire Life offer coverage options for couples under a single policy?
Yes, Empire Life offers Joint First Death and Joint Second Death coverage options, allowing couples to share a policy that provides benefits either after the first death or when both insured individuals pass away.
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.
Can I transfer ownership of my Empire Life whole life policy to a family member?
Yes, you can transfer ownership of your policy to a child or grandchild on a tax-deferred basis, as long as the policy is not cashed in. However, if there is a gain at the time of transfer, tax may apply to the transferor. This strategy is popular among grandparents using the Kid-Start Wealth Transfer feature to help secure their grandchildren’s financial future.
Is Empire Life’s Term to 100 whole life insurance?
Term to 100 is a type of permanent life insurance, but it is not a traditional whole-life policy. It provides lifetime protection like whole life, but it does not build cash value or pay dividends.
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.
Who is Empire Life’s Term to 100 best for?
Term to 100 is best for people who want inexpensive lifetime protection, for final expenses, estate costs, or to leave a guaranteed benefit to loved ones.
Are policy loans taxable in Canada?
Policy loans are not taxable as long as the borrowed amount stays below the policy’s adjusted cost basis (ACB). If the loan plus interest exceeds the ACB, the excess becomes a taxable gain. This usually occurs when the policy has built up substantial cash value and the ACB has declined over time.
Are dividends guaranteed on Empire Life’s EstateMax and Optimax Wealth plans?
No. Dividends are not guaranteed. They’re 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 their life insurance policies – Single Life, Joint First Death, and Joint Last Death.
- Single Life: This coverage is for an individual, providing a death benefit to the beneficiaries upon the policyholder’s passing
- Joint First Death: This coverage insures two individuals, typically spouses or business partners. The policy pays out the death benefit upon the first death, providing financial protection for the surviving individual
- Joint Second Death: This coverage also insures two individuals, but the death benefit is only paid out after both insured individuals have passed away. This type of policy is commonly used for estate planning, as the benefit can help cover estate taxes or provide inheritance to beneficiaries after both policyholders’ deaths
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 subjected to taxes so it is better to go through your policy documentation before applying for a loan.
What are additional deposit options (ADO) in the Empire life insurance policy?
The Additional Deposit Option (ADO) in Empire Life’s Optimax Wealth participating whole life policy lets you make extra deposits to grow their policy faster. These funds are used to purchase paid-up additions (PUAs), small, fully paid life insurance units that:
- Increase the policy’s cash value and death benefit
- Earn dividends, compounding long-term growth
- Maintain the policy’s tax-exempt status under CRA’s MTAR (Maximum Tax Actuarial Reserve) rules
Who is eligible for the additional deposit options?
The Additional Deposit Options (ADO) rider is eligible for individuals who meet certain conditions including purchasing the paid up additions and enhanced coverage policies or investing in the participating whole life options. To qualify for the ADO rider, policyholders must meet these conditions:
- Choose either the Paid-up Additions or Enhanced Coverage dividend option
- Hold an EstateMax or Optimax Wealth participating whole life policy
- Be within the eligible issue ages (the 8-pay version does not offer ADO)
- Stay within annual and lifetime maximum deposit limits as defined by Empire Life
What is the EstateMax Side Account feature?
The EstateMax Side Account feature is a flexible prepayment option offered by Empire Life that allows policyholders to deposit additional funds beyond their required premiums. These funds earn interest and can be used for future premium payments or other policy-related expenses.
Some of the key benefits of the Side Account include:
- Interest growth: Funds in the Side Account earn a competitive interest rate, enhancing its value over time
- Flexible access: Policyholders can access these funds if needed, providing liquidity while maintaining the life insurance policy
- Prepayment option: It allows for early payment of future premiums, ensuring the policy remains active even if regular payments are missed
This feature is particularly useful for those who wish to manage their policy efficiently while maximizing financial flexibility.
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.
Some key benefits of buying whole life insurance for your grandchildren include:
- Tax-deferred transfer: When structured as a gift, a policy can often be transferred from grandparent to grandchild on a tax-deferred basis. However, if there’s a policy gain, taxes may apply to the transferor
- Affordable lifetime coverage: Buying early locks in lower premiums for permanent protection
- Access to funds: The policy’s cash value can be used later for education, starting a business, or other milestones
- Limited payment options: 8-pay, 10-pay, or 20-pay structures allow full payment within a set term, keeping the policy paid-up for life
- Dividend growth: Dividends purchase additional insurance, increasing coverage without medical exams
- Guaranteed insurability: The child can buy more coverage later at key life events without further medical evidence
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.
What are the additional benefits and riders offered with an Empire Life whole life insurance policy?
Empire Life offers several additional benefits and riders that can be added to their non-participating and participating whole life insurance plans, including options from the Solution Series, as well as coverage for critical illness and disability. Here are the rider options for participating and non-participating whole life insurance:
- Solution Series: Empire Life’s Solution Series riders let you layer additional term coverage such as ART, 10, 15, 20, 25, or 30-year terms, or add Solution 100 for lifelong protection. These riders help tailor coverage to changing financial needs over time, such as income replacement or debt protection.
- Empire Life CI Protect and CI Protect Plus: Comprehensive critical illness insurance with optional enhanced coverage and return of premium features
- Empire Life Disability Credit Protect: Disability insurance designed to protect loan and credit payments during periods of income loss
- Term to 100: Affordable permanent life insurance with guaranteed premiums and lifetime coverage
Empire Life whole life insurance offers lifetime coverage through participating and non-participating options. 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.
