Key takeaway
Empire Life consistently offers the lowest or second-lowest term life insurance rates in Canada for healthy non-smokers. Based in Kingston, Ontario, they are a smaller but financially strong insurer (A-rated by AM Best) that competes on price rather than brand recognition.
Empire Life term insurance — pricing leader
Empire Life's term products are their flagship offering and the primary reason brokers recommend them. For healthy non-smokers aged 25–50, Empire Life frequently offers the lowest premium in Canada — sometimes 15–25% cheaper than Sun Life or Manulife on identical 20-year term coverage.
They offer 10, 15, 20, and 30-year term products with coverage up to $10 million. Conversion privileges allow switching to permanent coverage without medical evidence until age 71 or the end of the level premium period. The terminal illness accelerated benefit is included at no extra cost.
Empire Life whole life and universal life
Empire Life's permanent insurance options are more limited than larger carriers. They offer non-participating whole life and universal life products, but do not offer participating whole life with dividends. This makes them less suitable for cash value accumulation strategies.
Their universal life product provides standard features including flexible premiums and investment options, but the fund selection is narrower than iA Financial or Sun Life. Empire Life is primarily a term-focused carrier.
Financial strength and reliability
Empire Life is rated A (Excellent) by AM Best, reflecting strong financial stability. While smaller than the Big 3, they have operated continuously since 1923 and maintained consistent financial performance. All Canadian policyholders are also protected by Assuris regardless of insurer size.
Empire Life is majority-owned by E-L Financial Corporation, a publicly traded holding company, providing additional financial backing and governance oversight.
Best fit for Empire Life
Empire Life is ideal for healthy non-smokers under 50 who want the absolute lowest term premium and don't need extensive permanent insurance options or sophisticated digital tools. They pair well with a laddering strategy where you combine an Empire Life term policy with a permanent policy from another carrier.
Empire Life is not the best choice if you have complex health conditions (their underwriting is less flexible), need whole life with dividends, or want a polished online self-service portal.
Frequently asked questions
Is Empire Life the cheapest life insurance in Canada?
For term life insurance, Empire Life is frequently the cheapest or second-cheapest option for healthy non-smokers under 50, alongside Desjardins. They often undercut larger carriers by 15–25% on identical coverage.
Is Empire Life a reliable insurance company?
Yes. Empire Life has an A (Excellent) rating from AM Best, has been operating since 1923, and is regulated by OSFI. All policyholders are protected by Assuris.
Does Empire Life offer whole life insurance?
Empire Life offers non-participating whole life and universal life, but not participating whole life with dividends. Their strength is in term life insurance pricing.