Empire Life Insurance Review Canada 2026

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Empire Life is a mid-sized Canadian insurer headquartered in Kingston, Ontario, with an A-rated financial strength rating. It offers competitive term life, whole life, universal life, and critical illness products. Empire Life is known for strong conversion privileges and competitive rates for healthy applicants, but has a smaller brand presence than Manulife or Sun Life.

This guide is written for Canadian shoppers who want a practical decision path rather than generic definitions. Use it to compare options, avoid common mistakes, and decide your next step with confidence.

Company Overview and Financial Strength

Empire Life has been in operation for over 100 years, making it one of Canada's most established life insurance companies. The company is owned by E-L Financial Corporation and manages over $20 billion in total assets. Despite being smaller than the Big Three (Manulife, Sun Life, Canada Life), Empire Life holds an A (Excellent) rating from A.M. Best and an A (Low) rating from DBRS Morningstar.

Financial strength matters because you need your insurer to be around when your family files a claim — potentially 20–30 years from now. Empire Life's century-long track record and strong ratings provide solid confidence. Additionally, all Canadian life insurers are backed by Assuris, which guarantees at least 85% of death benefits if an insurer becomes insolvent.

Empire Life primarily serves the Ontario and Canadian market through independent brokers and managing general agencies (MGAs). This broker-focused distribution means you are more likely to encounter Empire Life quotes through a comparison platform like LowestRates.io than through direct advertising.

Term Life Insurance Products

Empire Life offers Term 10, Term 20, and Term 30 products with coverage amounts from $100,000 to $10,000,000. Their term products are fully convertible to permanent coverage without a new medical exam — a critical feature that protects your insurability if your health changes.

Pricing is where Empire Life shines. Because the company has lower overhead than the big banks and national insurers, it frequently appears in the top 3–5 cheapest options for healthy, non-smoking applicants. For a 35-year-old non-smoking male seeking $500,000 of 20-year term coverage, Empire Life typically quotes $25–$30/month — competitive with the lowest rates on the market.

Empire Life's conversion privilege allows conversion to age 71, which is generous compared to some competitors that cap conversion at age 65. You can convert to their whole life or universal life products, giving you flexibility as your needs evolve.

Whole Life and Universal Life Products

Empire Life's permanent product lineup includes participating whole life and universal life with multiple investment options. Their whole life product offers guaranteed cash value growth and potential dividends, though dividend scales have been lower than some larger competitors due to the smaller policyholder pool.

The universal life product provides flexible premiums and a choice of investment accounts, including guaranteed interest, indexed accounts tied to market performance, and managed portfolio options. This flexibility appeals to financially savvy buyers who want control over their policy's investment component.

For Ontario residents interested in permanent coverage for estate planning, Empire Life's universal life product is worth comparing against offerings from Manulife and Sun Life. Use the Quote Comparison Checklist on LowestRates.io to evaluate all three side by side.

Critical Illness Insurance

Empire Life offers a standalone critical illness product covering 26 conditions, including cancer, heart attack, and stroke. The product pays a lump sum upon diagnosis of a covered condition, which you can use for treatment, recovery, or any purpose.

One notable feature is the return of premium (ROP) rider — if you do not make a claim during the policy term, you receive all premiums back. This effectively makes the coverage free if you stay healthy, though the ROP rider increases the monthly premium by approximately 30–40%.

Critical illness coverage is increasingly popular in Ontario, where long wait times for specialist treatment drive some patients to seek private care. A CI payout provides financial flexibility during treatment and recovery.

Pros and Cons of Empire Life

Pros: Competitive pricing for healthy applicants — frequently among the cheapest quotes. Strong conversion privilege (to age 71). A-rated financial strength with 100+ year history. Available through independent brokers and comparison platforms. Solid critical illness and universal life products.

Cons: Smaller brand recognition — some buyers prefer the comfort of a household name. Dividend scale on whole life has historically been lower than larger mutuals like Sun Life. Limited direct-to-consumer presence — you typically need a broker or comparison platform. Fewer rider options compared to the most feature-rich competitors.

Overall, Empire Life is an excellent choice for healthy Ontario residents seeking the lowest possible term rate with strong conversion features. It consistently ranks among the top 5 cheapest options on LowestRates.io for standard and preferred risk classes.

How Empire Life Compares to Major Competitors

Empire Life vs. Manulife: Empire Life is often 10–15% cheaper on term premiums for healthy applicants. Manulife has broader brand recognition, the Vitality wellness program, and more rider options. For pure price, Empire Life wins; for features and brand, Manulife has the edge.

Empire Life vs. Sun Life: Similar dynamic — Empire Life undercuts on price, while Sun Life offers a wider product lineup, stronger digital tools, and global brand presence. Sun Life's participating whole life dividends have historically been higher.

Empire Life vs. Canada Life: Canada Life (now part of Great-West Lifeco) has the largest asset base among Canadian insurers. Empire Life competes on price and conversion flexibility, while Canada Life offers more product variations and a larger advisor network. Compare all three on LowestRates.io to see current rates for your specific profile.

Should You Choose Empire Life?

Empire Life is an excellent choice if: you want the lowest possible term rate and qualify for preferred or standard health classes, conversion privilege is important to you, you are comfortable with a mid-sized insurer backed by strong ratings and Assuris protection, and you are comparing through a platform that includes Empire Life (not all brokers carry them).

Empire Life may not be the best fit if: you want the broadest possible rider selection, you prefer a well-known brand name for peace of mind, or you are looking for participating whole life with the highest possible dividend scale.

The best approach is to compare Empire Life against 50+ other providers on LowestRates.io. If Empire Life comes up as one of your top three options, it is absolutely a trustworthy choice. Use the Quote Comparison Checklist to evaluate it against competitors on all criteria — not just price.

Who this is for

People comparing multiple policy options and not sure which path fits best.
Shoppers who want clear tradeoffs between cost, flexibility, and long-term outcomes.
Anyone who wants a faster quote process with fewer surprises during underwriting.

Example scenario

A typical Ontario household starts with a broad quote comparison to benchmark pricing, then narrows choices based on policy features such as conversion options, renewability, and rider availability. This approach helps avoid overpaying for the wrong structure while still preserving flexibility if needs change.

If your profile includes higher underwriting complexity, such as recent medical history or changing employment status, adding advisor support after initial comparison can improve clarity without sacrificing market coverage.

Decision framework

Define your goal first: income protection, debt protection, estate planning, or flexibility.
Compare apples to apples on coverage amount, term length, and applicant assumptions.
Review policy mechanics, especially conversion rights, renewal terms, and exclusions.
Finalize after confirming affordability over the full period, not only the first year.

How to compare options in practice

Start by comparing quotes using the same assumptions across providers: coverage amount, term, age, smoker status, and health profile. This avoids false comparisons where one quote appears cheaper because the structure is different, not because it is better.

After shortlisting the best prices, evaluate policy quality. Review conversion rights, renewability, exclusions, and claim-service experience. For many Canadians, this second step is where long-term value is decided.

Compare at least three providers before making a final decision.
Prioritize policy fit and flexibility, not just the first-year premium.
Keep all assumptions consistent when reviewing quote differences.

What to prepare before applying

A smoother application usually starts with preparation. Gather key details in advance, including medical history summaries, medication information, and financial obligations that influence coverage amount.

Clear, accurate disclosure helps reduce underwriting friction and lowers the risk of delays or revised pricing later. Applicants who prepare early often move from quote to approval faster and with fewer surprises.

Coverage target and preferred policy term.
Recent health history and current medications.
Debt and income details used to set realistic coverage needs.

Common mistakes that reduce value

The most common mistake is choosing based on brand familiarity or convenience alone. Another is selecting a policy with low initial cost but weak long-term flexibility when life circumstances change.

Treat life insurance as a structured financial decision: compare market pricing, validate policy terms, and ensure the contract matches your timeline and responsibilities.

Buying without comparing enough providers.
Ignoring conversion and renewal terms until it is too late.
Over- or under-insuring because coverage was not calculated properly.

Frequently asked questions

Is Empire Life a good insurance company?

Yes. Empire Life holds an A rating from A.M. Best, has been in operation for over 100 years, and manages over $20 billion in assets. It is a well-established Canadian insurer.

Is Empire Life cheaper than Manulife or Sun Life?

Often yes, especially for term life. Empire Life frequently offers rates 10–15% below the Big Three for healthy, non-smoking applicants.

Does Empire Life offer no-medical-exam life insurance?

Empire Life's primary products require medical underwriting. For no-medical-exam options, compare across all providers on LowestRates.io.

What is Empire Life's conversion privilege?

Empire Life allows conversion of term to permanent coverage up to age 71 without a new medical exam — one of the most generous deadlines in the Canadian market.

Is Empire Life backed by Assuris?

Yes. Like all Canadian life insurers, Empire Life policyholders are protected by Assuris, which guarantees at least 85% of death benefits if the insurer becomes insolvent.

Empire Life Insurance Review 2026: Products, Rates, Pros & Cons