Headquartered in Toronto in 1923, Empire Life Insurance boasts being one of Canada’s top 10 life insurance companies. Empire Life offers term-life insurance, individual and group health insurance and critical illness insurance. Empire Life is supported by its committed long-term shareholders to improve the lives of individuals and communities and as a result, Empire Life remains operational on Canadian turf.
Empire Life is dedicated to serving its communities by participating in charitable donations, employee volunteer initiatives, and community sponsorship.
Empire Life Key Information
NAME
DETAILS
Company Name
E-L Financial Corporation Limited
Head Office Address
259 King Street East, Kingston ON, K7L 3A8
Contacts
1-800-561-1268
Email
info@empire.ca
Website
https://www.empire.ca/
In Business Since
1923
A.M. Best Rating
A
Financial Assets
C$18 Billion
Terms and Conditions
https://www.empire.ca/legal
How Do I Purchase a Plan with Empire Life Insurance?
Visit the Empire Life website if you wish to purchase a plan with them.
How Can I Reach Empire Life Insurance by Telephone?
The phone number for Empire Life Insurance is 1-800-561-1268
How Do I File a Claim with Empire Life Insurance?
You can visit the claims page at Empire Life in order to submit a claim online.
Empire Life Insurance Pros and Cons
As with any product or service, and depending on your individual needs, there’s always advantages and disadvantages. Let’s take a look:
Why Empire Life Insurance Could Be Right for You
Strong financial stability - company is able to pay out policyholders.
Wide variety of insurance products available to you
Strong emphasis on customer service
Why Empire Life Insurance May Not Be Right for You
High premiums
Complex policies
Complication application and underwriting process
What Does Empire Life Cover?
Empire Life specializes in comprehensive financial protection, offering a spectrum of services including life insurance and critical illness insurance. Their life insurance policies provide a safety net for loved ones, ensuring financial stability in challenging times. Additionally, their critical illness insurance offers a vital shield against the financial impact of serious health conditions. Empire Life's commitment lies in safeguarding your future and providing peace of mind through tailored coverage options.
Empire Life - Life Insurance
Empire Life presents a versatile array of life insurance options to suit diverse needs. Their offerings include Solution 15, 20, 25, 30, and 100 plans, each tailored to provide coverage over specific periods. The ART plan combines life insurance with investment components, fostering growth. Meanwhile, the Estate Max option focuses on wealth transfer and estate planning, reflecting Empire Life's commitment to comprehensive financial solutions.
Solution 10
Solution 10 is a term life insurance from Empire Life. The plan is ideal for families looking for affordable insurance options, individuals who desire to cover the final year of their mortgage, and for small businesses who want to cover start-up and overhead costs. The premiums increase every 10 years, and are available at guaranteed premium rates. The final increase in premiums occurs when the insured reaches the age of 75. The insured can enjoy a level premium for 10 years. Policyholders can easily convert Solution 10 into one of the permanent insurance products if future insurance needs change. Solution 10 can also be added to the other Solution series, or even the CI product to create an all-inclusive insurance product that will allow you to save on the insurance fees.
Solution 15
Solution 15 is a term life insurance plan offered by Empire Life. Premiums with this plan are guaranteed to remain fixed for 15 years, after this the premium increases every 15 years with the last increase after renewal at the age of 70. Policyholders can add Solution 25 to other Solution plans offered by Empire Life, or add Solution 25 to the critical illness plans. This plan is a perfect solution for individuals or families from all walks of life to help manage their debts or fund their dreams.
Solution 20
Solution 20 is a term life insurance offered by Empire Life that is ideal for families with existing and new mortgages, small businesses, and individuals looking for affordable and flexible insurance coverage. The premiums increase every 20 years and are available at guaranteed premium rates. The final increase in premiums occurs when the insured reaches the age of 65. Premiums remain fixed for 20 years. The policy can be converted from Solution 20 into one of the Empire’s permanent insurance products. This insurance product can be added to the other Solution series, or even the CI products.
Solution 25
Solution 25 is a longer-term life insurance offered by Empire Life. Premium rates are guaranteed to remain the same for the first 25 years. Premiums will increase every year after the 25th year up until the policyholder turns 85 years old; after this the premium will remain the same until the policyholder turns 100 years old. This benefit can help you pay a mortgage or replace an income if necessary.
Solution 30
Solution 30 from Empire Life is an ideal term life insurance plan. Suitable for families, individuals, or businesses. It is easy to get Solution 30: first, find an advisor, meet with the advisor, and fill out the application. The premium rates remain the same for 30 years, from the 31st year, the premiums will increase annually to age 85 and then remain the same to age 100. You can also add this insurance product to the Empire’s other Solution series or even the CI product to create an all-inclusive insurance product that will allow you to save on the insurance fees.
Solution 100
Solution 100 is ideal for mature individuals looking to protect their estate for their heirs, young people looking for long-term care, or individuals that need affordable coverage for various financial planning strategies. It is a permanent non-participating whole life insurance coverage that offers the insured a lifetime protection up to age 100. Solution 100 offers cash and paid-up values that start after 4 years. The rate for this insurance plan will not increase irrespective of your age and your health status. You can also add this insurance product to the Empire’s other Solution series or even the CI products. It also offers guaranteed cash surrender values which are available after 4 years.
Solution ART
Solution ART is ideal for current smokers who intend to quit smoking and later convert to a longer-term coverage with non-smoker’s benefit, small businesses that want affordable coverage for a short-term business loan, or families looking for low-cost insurance but will want to change to a permanent coverage as income increases. The premium does not increase for the first three years. Solution ART insurance plan offers guaranteed premium rates. You can also add this insurance product to the Empire’s other Solution series or even the CI product to create an all-inclusive insurance product that will allow you to save on the insurance fees. You can convert the coverage to one of the Empire Life’s permanent insurance products if future insurance needs change.
EstateMax
EstateMax is ideal for young families looking for permanent life insurance protection with long-term cash values, small businesses looking for life insurance protection but want to get cash values in their early years, or retirees who need estate preservation or want to leave a legacy for their family or a charity organization. It is a permanent participating whole life insurance coverage that offers the insured lifetime protection. The policy earns an annual dividend. The dividend can be paid to you, or you can decide to use it to buy additional life insurance coverage. You can also save it, or use it to pay policy premiums. The dividends earned in the policy are not guaranteed and may also be subject to taxation. The coverage has three guaranteed premium payment options: these include, Life Pay (to age 100), 8-Pay, and 20-Pay. You can also add this insurance product to the Empire’s other Solution series or even the CI product to create an all-inclusive insurance product that will allow you to save on the insurance fees. It focuses on coverage and presents five dividend options for you to choose and it has guaranteed cash values.
Optimax Wealth
Optimax Wealth is ideal for grandparents and parents who need insurance protection and also a source of funds for education. It is also suitable for small businesses looking for life insurance protection but want to get cash values in their early years, or retirees who need estate preservation or want to leave a legacy for their family or a charity organization. Offering early cash values, the benefit of tax-deferred savings, and also cost-effective protection. It offers the dual benefits of life insurance protection and the opportunity for you to save. Individuals who want to grow their savings in the short-term by leveraging guaranteed cash values and also accumulate annual policy dividends can make use of this plan. The coverage has three guaranteed premium payment options: these include, Life Pay (to age 100), 8-Pay, and 20-Pay. You can also add this insurance product to Empire’s other Solution series, or even the CI product to create an all-inclusive insurance product that will allow you to save on the insurance fees. It offers cash value growth in the short term and it is adequate for people who want cash benefits for the first 20 years.
Empire Life Critical Illness Plans
Empire Life's critical illness plans, including CI and CI Protect, stand as pillars of security. These plans offer crucial financial support in the face of serious health challenges. With CI, you gain a lump-sum payment upon diagnosis, and CI Protect enhances your coverage by allowing a return of premium if you remain healthy. Your well-being is paramount with Empire Life.
CI Protect
CI Protect is ideal for families who need critical illness protection to cover mortgages and also desire income replacements, small businesses that desire coverage to cater for their business daily expenses and ensure productivity, and people planning for retirement and wish to preserve their retirement savings. The plan can help you to protect your family and safeguard your financial future. It covers four of the most common critical illnesses suffered by Canadians such as heart attack, cancer, coronary artery bypass, and stroke. The policyholder’s beneficiaries will receive a death benefit of $1,000 at no extra charge, irrespective of the cause of death. Provided the premiums are paid, the coverage is guaranteed until the age of 75. CI Protect can be added to your whole life or term life coverage provided by Empire Life at $3.65 per month.
CI Protect Plus
CI Protect Plus is ideal for families who need critical illness protection to cover mortgages and also desire income replacements, small businesses that desire coverage to cater for their business’ daily expenses and ensure productivity, and for anyone planning for retirement and wish to preserve their retirement savings. The plan can help you protect your family and safeguard your financial future. The insured will be paid a lump sum benefit if diagnosed with any one of the 25 critical illnesses covered by the plan. It covers 25 critical illnesses suffered by Canadians such as heart attack, life-threatening cancer, coronary artery bypass, coma, blindness, paralysis, and stroke and many more. It also has three benefits designed to add additional protection without an increase in premium. It includes two guaranteed premium schedules designed to meet your insurance budget and needs. CI Protect Plus has an option for you to add a Return of Premium rider. This rider allows you to get your premium back in case you fail to have a claim.
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