Empire Life Insurance Reviews 2024

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Products and Features

Our Empire Life insurance assessment shows that the company offers a full range of life insurance products, including two term life insurance plans.

Term Life Insurance

Term life insurance offers coverage for a specified number of years at an affordable and accessible rate, making it a practical choice for many. Empire Life Insurance Company provides a variety of term plans designed to accommodate diverse needs and preferences, ensuring individuals can find the right solution for their unique financial and personal circumstances.

Solution 10

As the name implies, the coverage provided by this policy lasts for a duration of 10 years. Throughout the policy term, the premium remains fixed, offering predictable and consistent payments. When the term ends, you have the option to renew the policy, although the premium will increase to reflect your age at the time of renewal. This increase continues with each renewal, with the final premium adjustment occurring at age 75, after which renewal is no longer available. This structure ensures coverage during crucial years while allowing flexibility for future planning. For those seeking long-term security, the Empire Life permanent life insurance products offers lifelong coverage with the added benefit of fixed premiums, providing peace of mind throughout your life.

The Empire Life term life insurance plan is best suited for:

• Young couples looking for affordable coverage
• Homeowners looking to cover the last few years of their home loan
• Business owners who want to cover start-up and overhead costs

Features:

• Guaranteed Premium Rate – Your premium will not change during the policy term (which in this case is 10 years)
• Renewable – Renew the policy without submitting proof of insurability after every 10 years
• Convertible – Convert your 10-year term policy to a 20-year or 30-year term life insurance policy within the first 5 years
• Coverage Amount – $25,000 to $10 million (The minimum life insurance coverage is $25,000 up to age 65, after which it drops down to $10,000 until age 75)

Solution 20

This 20-year term life insurance policy guarantees your premium stays level for every 20 years. The final increase occurs at age 65.

You may want to consider this term life insurance plan if:

• Individuals looking for affordable life insurance
• Homeowners with a mortgage
• Business owners who want to put a life insurance plan in place to cover start-up and overhead costs

Features:

• Guaranteed Premium Rate – The premium rate remains identical for every 20-year term
• Renewable – Renew the policy without a medical at the end of the term
• Convertible – Convert the policy to permanent life insurance
• Coverage Amount – $25,000 to $10 million

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Solution 25

This term life insurance plan provides 25 years of coverage with guaranteed premiums. The final increase occurs at age 60.

Solution 25 may be a good choice for:

• Families or individuals looking for a term life insurance policy to cover their mortgage
• Young families who want a life policy for income replacement
• Individuals looking for an affordable term life insurance plan with future flexibility

Features:

• Guaranteed Premium Rate – The premium rate remains the same for every 25-year term
• Renewable – Renew the policy without a medical when the term expires
• Coverage Amount – $25,000 to $10 million

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Solution 30

This is the longest term life insurance plan available from Empire Life, providing coverage for an extended period of 30 years. As expected, Empire Life offers financial protection at guaranteed premium rates throughout the policy term, ensuring stability and predictability. Once the term ends, you have the option to renew the policy, though the premiums will increase to reflect your age and other factors. However, it’s important to note that the cut-off age for renewal is 55, making this plan from Empire Life an excellent choice for those seeking long-term coverage with flexibility to adapt as their needs evolve.

Features:

• Guaranteed Premium Rate – The premium rate remains the same for every 30-year term
• Renewable – Renew the policy without a medical when the term expires
• Coverage Amount – $25,000 to $10 million

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Permanent Life Insurance

Permanent life insurance plans do not come with an end date. Your life insurance will last as long you do, and the premium rate will not change. Most permanent life insurance plans also include a savings component, called cash value.

A permanent life plan is considerably more expensive than term life insurance. This is one reason why most people prefer the latter. However, permanent life insurance products can be a good option in certain situations. Consider such a plan if you want coverage for businesses, large estates, and trusts.

Empire Life Insurance Company offers both participating and non-participating permanent life insurance plans. Participating policies lets you “participate” in the insurer’s profits — that is, earn dividends.

Solution 100 (Non-Participating Permanent Life Plan)

The Empire Life insurance plan offers a life insurance policy that provides lifelong coverage, with premiums payable up to 100 years of age. One of the key benefits of this plan is that your premium rate remains fixed throughout the policy's duration, regardless of changes to your age or health status. This ensures consistent and predictable payments while securing long-term financial protection for you and your loved ones.

Features:

• Guaranteed premium rates
• Guaranteed cash surrender values available after 10 years
• Add critical illness rider or other add-ons to save fees

Permanent Participating Life Insurance

Empire Life Insurance Company offers two permanent participating life insurance plans designed to meet different financial goals—EstateMax and Optimax Wealth. These plans provide lifelong coverage while offering the potential for growth through participation in the company’s profits.

EstateMax

This plan from Empire Life provides lifelong coverage and includes the added benefit of earning annual dividends. These dividends offer flexibility in how they can be utilized—you can use them to purchase additional coverage, pay a portion of your premiums, or even reinvest them into savings to earn interest over time. With the Empire Life plan, this combination of permanent protection and financial growth potential makes it a versatile option for those seeking both security and value. The ability to earn dividends while maintaining lifelong coverage sets this plan apart, providing a reliable solution for long-term financial planning.

Features:

• Guaranteed premium rates
• Four guaranteed premium payment options: 8-pay, 10-pay, 20-pay, & pay-100 (life pay)
• Add critical illness rider or other add-ons to save fees

Optimax Wealth

At Empire Life, you get life insurance for life and a chance to save and accumulate wealth.

Features:

• Guaranteed premium rates
• Four guaranteed premium payment options: 8-pay, 10-pay, 20-pay, & pay-100 (life pay)
• Add critical illness rider or other add-ons to save fees

Guaranteed Issue Life Insurance (No Medical Insurance)

Standard life insurance policies typically involve a medical exam and/or health questions. But what if you want to avoid both? Or your health makes you ineligible for traditional coverage? For such situations, Empire Life offers no medical life insurance. This option from Empire Life allows individuals to secure life insurance coverage without undergoing a medical exam or answering detailed health questions, making it an ideal solution for those who may face challenges with standard policies.

As the name suggests, it does not entail a medical exam. Empire Life insurance offers no medical coverage, which goes by the name of Guaranteed Life Protect. It might be a good option for:

• Mature Individuals who want life insurance coverage to cover funeral expenses
• Individuals who have been turned down for life insurance coverage in the past
• Individuals who need a life insurance policy quickly and without invasive health questions

The death benefit amount Empire Life insurance pays depends on two things — the cause of death and when it occurs. If you pass away:

• From a natural cause within 2 years, the insurer will pay the beneficiary premium dollars paid into the policy
• Due to an accident within 2 years, the insurer will pay the policy’s face value (with certain restrictions)
• From a natural cause after 2 years, the insurer will pay the face value

Features

• Guaranteed premium rates
• Guaranteed cash surrender values available after 5 years
• Premiums paid to age 95
• Reduced paid-up values available from 8th policy year onwards
• Available to applicants age 40 or above

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Critical Illness Insurance

Critical illness insurance from Empire Life pays a lump-sum cash benefit if you are diagnosed with a serious illness. This financial support can be used for various needs, including medical expenses, living costs, or other obligations, and it serves as a supplement to your health insurance plan by covering expenses that the latter does not. While advances in medical technology and treatments mean that most individuals can survive a severe illness, the associated costs of care, such as specialized treatments, travel for medical care, or rehabilitation, can quickly deplete your savings and create significant financial strain. The Empire Life critical illness insurance offers an affordable and proactive solution to protect yourself and your family from life’s unpredictable challenges, ensuring you can focus on recovery without the added worry of financial burdens. By choosing Empire Life for critical illness coverage, you are securing peace of mind and financial support when you need it most. With the Empire Life life pay option, your premiums may be paid off by a certain age, providing further financial relief as you approach retirement.

Empire Life Insurance Company offers two critical illness (CI) plans — CI Protect and CI Protect Plus

CI Protect

This plan provides basic coverage and covers only four conditions — heart attack, stroke, cancer, heart bypass surgery. The maximum critical illness coverage you can get under this plan is $75,000.

The coverage is for 10 years, and your premium rate will remain the same throughout the policy term. After every 10 years, the coverage renews automatically at an increased rate, offering continued protection. Empire Life provides this structure to ensure that you maintain coverage with the flexibility to adjust premiums as you age.

CI Protect Plus

If you are looking for a more comprehensive critical illness insurance policy, the Empire Life CI Protect Plus could make sense for you. It offers protection against 25 health conditions and is available in three term lengths — 10 year, 20 year, and term to age 75. With the Empire Life CI Protect Plus, you gain extensive coverage tailored to your needs, ensuring financial support in the event of a serious illness. This plan from Empire Life provides peace of mind with broad protection and flexible term options.

Empire Life insurance provides the option to enhance your critical illness insurance plan with a return of premium rider for an additional fee. This feature adds a unique level of value and flexibility to your policy with Empire Life. If you go through the coverage period without making a claim, Empire Life will refund a portion of the premiums you have paid into the policy. This means you can benefit from the peace of mind that comes with critical illness coverage while also having the opportunity to recoup some of your financial investment if the coverage is not utilized. This rider from Empire Life is especially appealing to those who want added security while ensuring their premiums are not entirely lost should they remain healthy.

This critical illness insurance plan goes beyond traditional coverage by including protection for six non-threatening health conditions. These conditions, while not life-threatening, can still significantly impact your well-being and financial stability. In the event that you are diagnosed with any of these specified conditions, Empire Life Insurance will provide an additional benefit equivalent to 15% of your coverage amount. This supplementary benefit is designed to help offset the costs associated with managing these conditions, such as medical expenses, therapy, or lifestyle adjustments. By including this feature, the plan ensures comprehensive protection, addressing a broader range of health scenarios to support your financial and personal needs.

Empire Term Life Insurance Rates

Did you know term life is significantly more affordable than whole life insurance?

At Empire Life, you are likely to pay six to ten times more for permanent life insurance compared to term life insurance. It's no surprise, then, that most individuals prefer to opt for term life coverage due to its affordability and flexibility. To provide a clearer picture of the Empire Life term life rates, we obtained quotes directly from the company. Below, you’ll find the monthly premium rates for non-smoking, healthy men and women across various age groups. These quotes are based on a coverage amount of $40,000 over a 20-year term length, offering a practical perspective on the costs associated with securing term life insurance.

Term Life Insurance Review – Price Comparison vs. Competitor Products

We twice compared Empire Life against Sun  Life— a direct competitor — to find out who offers a better value between the two.

Example 1: 40 Year Old Male, Non-Smoker, Regular Health, 20 Year Term:

Empire Life Insurance $400K - $41.22

Sun Life $400K - $50.13

Cost Savings over 20 years: $2138

Example 2: 60 Year Old Female, Non-Smoker, Regular Health, 20 Year Term:

Empire Life Insurance $250K - $150.97

Sun Life $250K - $168.07

Cost Savings over 20 years: $4104

Why We Like Empire Life Insurance

Quick Approval

Life insurance policies can take a considerable time for approval, as much as 6 to 8 weeks. However, Empire Life has a reputation for quickly approving applications.

Plenty of Options

Whether you want a policy that lasts for life or just a decade or any period in between, Empire Life insurance has got you covered. There are plenty of options to choose from, including plans that pay dividends. Whatever your financial needs are, this insurer is likely to have the right solution for you.

Higher Term Coverage

The Empire Life term life coverage lasts up to age 85, meaning you can buy a 30-year policy even at age 55.

Affordability

Our Empire Life Insurance review found that the company offers affordable life insurance solutions. Its rates were highly competitive across the board.

Impressive BBB Rating

Customers seem to be happy with Empire Life Insurance Company, proof of which is an A+ rating with Better Business Bureau.

What We Do Not Like About Empire Life

No Universal Life Plan

If you want the flexibility of a Universal Life plan, you may need to look elsewhere

You Cannot Get an Online Quote

This one is a real shame, especially for tech-savvy millennials. Empire Life lets you kick start the quote process online, but you need to speak with an agent to complete it.

Conclusion – Is Empire Life Insurance Right for You?

If you are looking for a life insurance policy, Empire Life is one name you should consider strongly. It offers many affordable life insurance packages to suit all types of lifestyles.

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