Empire Life Whole Life Insurance Review – 2025

Planning for the future often feels challenging—you want the assurance of safety while exploring growth opportunities. Whole life insurance offers that unique blend of stability and potential for growth, making it the best choice when it comes to life insurance. Among the many providers in Canada, Empire Life has carved a niche for itself with its commitment to innovative solutions and customer-first approach. 

In this Empire Life whole life insurance review, we’ll uncover how their whole life insurance plans balance protection with financial flexibility, helping you secure your loved ones’ futures while growing your wealth.

What are the key features of Empire Life’s whole life insurance?

Empire Life’s whole life insurance offers participating and non-participating plans for individuals up to 75 years of age. The minimum face (coverage) amount begins from $10,000 for non-participating plans and $25,000 for participating plans. The PAR plans have dividend options such as paid-up additions, enhanced coverage, and premium reduction. 

Find out the details below:

Key features of whole life insurance from Empire Life

What are the different Empire Life whole life insurance plans to choose from?

Empire Life offers non-participating (Solution 100 and Term to 100) and participating whole life insurance (EstateMax and Optimax Wealth) options, allowing individuals to choose based on their financial goals and preferences. Here’s a closer look at the available options:

1. Non-participating whole life insurance plans

Empire Life offers two non-participating plans: Solution 100 and Term to 100. These policies focus on providing straightforward, lifelong coverage with fixed premiums and guaranteed benefits, without dividend payouts or additional cash growth components. Non-participating options can help with various financial targets such as estate preservation, funeral expenses, inheritance for children and grandchildren, charitable purposes, and more.

Solution 100

• Provides permanent life insurance coverage with fixed premiums that never increase
• Includes a guaranteed cash surrender value starting in the 10th policy year, offering flexibility if you need to cancel the policy
• Ideal for individuals seeking lifelong protection with no surprises or additional complexity

Term to 100

• Offers lifetime coverage with fixed premiums, combining the affordability of term insurance with the permanence of whole life
• Does not include a cash surrender value, keeping the focus on pure protection at a lower cost
• A great option for those wanting simple, cost-effective lifetime coverage

2. Participating whole life insurance plans

Participating life insurance plans provide lifetime coverage and the opportunity to participate in Empire Life’s profits through dividends. Empire Life offers two participating life insurance plans: EstateMax and Optimax Wealth. These plans are well-suited to meet various individual as well as corporate objectives including affordable coverage for children, estate planning, intergenerational wealth transfer, raising money for charitable purposes, tax-advantaged asset growth, and loan opportunities.

EstateMax

• Designed for long-term wealth transfer, estate preservation, and legacy planning
• It provides guaranteed cash value and offers annual dividends, which can be used to purchase paid-up additions, reduce premiums, or be taken as cash
• Ideal for individuals prioritizing financial stability, estate liquidity, and intergenerational wealth planning

Optimax Wealth

• A growth-oriented whole life insurance option aimed at maximizing cash value accumulation
• Offers high early cash values and dividend opportunities, making it suitable for individuals looking for financial flexibility or supplemental income during their lifetime
• Best for those who want a combination of protection and a powerful financial growth tool

What are the key differences between Empire Life’s EstateMax and Optimax Wealth plans?

While Empire Life’s EstateMax focuses on the long-term growth of death benefits, Optimax Wealth focuses on short-term cash value accumulation, which gives the insured individual access to higher cash relatively sooner. 

Optimax Wealth also has an 8-Pay option as an added benefit. Here are the detailed differences between the two participating whole life policies:

Difference between EstateMax and Optimax Wealth plans

How much does Empire Life whole life insurance cost?

The cost of Empire Life’s whole-life insurance is influenced by factors such as the insured’s age, gender, health status, smoking habits, and the type of coverage selected. For participating (PAR) policies, additional factors like dividend scale and investment performance can also affect pricing.

For instance, for a 38-year-old male smoker opting for an EstateMax whole life insurance with $150,000 in coverage and a 10-Pay plan with an annual premium of $8,342, the cash benefits can be as follows:

Cash benefits of an Empire Life EstateMax participating whole life insurance

*Illustration for a 38-year-old male smoker, EstateMax policy with $150,000 in coverage, 10-Pay plan, with an annual premium of $8,342.

How can you pay for Empire Life whole life insurance?

Empire Life offers 8-pay, 10-pay, 20-pay, and Life pay options for its whole life insurance plans, allowing policyholders to choose a structure that best fits their financial goals and budget. Here’s a breakdown of the available payment options:

• 10-pay: With the 10-pay option, you can pay off the entire premium for your policy in 10 years. This option is ideal for individuals who prefer a shorter payment period and want to ensure their coverage is fully paid up quickly
• 20-pay: The 20-pay option allows you to pay your premiums over 20 years. This provides a balance between affordability and shorter commitment compared to lifetime payments
• Life pay: The Life pay option involves paying premiums for the duration of the policyholder’s life. While the annual premiums may be lower compared to 10-pay or 20-pay, it requires a lifelong commitment to payments
• Optimax Wealth 8 pay: Empire Life’s Optimax Wealth plan includes a unique 8-pay option to pay off your policy in just eight years. The 8-pay option is designed for those seeking rapid accumulation of cash value while minimizing the long-term payment burden and is exclusive to the Optimax Wealth plan

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

What are the various dividend options on Empire Life’s participating whole life insurance?

Empire Life’s participating whole life insurance policies offer five flexible dividend options: paid-up additions, cash payout, premium reduction, enhanced coverage, and cash accumulation. These options allow policyholders to choose how their dividends are used. Here’s an overview:

1. Paid-up additions (PUAs)

Dividends can be used to purchase additional participating life insurance that is fully paid up, meaning no further premiums are required to keep this extra coverage in force. This option increases both the policy’s death benefit and cash value over time.

2. Enhanced coverage

Dividends are applied first to purchase one-year term life insurance up to the maximum allowable Enhanced coverage amount (calculated as the Enhanced coverage amount minus PUAs). 

Any leftover dividends are then used to buy paid-up participating life insurance. This option includes a Lifetime Guarantee, ensuring that the combined total of one-year term insurance and paid-up additions will never fall below the Enhanced coverage amount, provided all policy conditions are met.

3. Cash accumulation

Dividends are deposited into an account that grows at a competitive interest rate. This option is ideal for those seeking to accumulate funds within the policy while earning favorable returns.

4. Cash payment

Dividends are paid directly to the policyholder as cash. This provides immediate liquidity and is a good choice for individuals who want to use their dividends for other purposes outside the policy.

5. Annual premium reduction

Dividends can also be utilized to offset part or all of the next year’s premium. This can help reduce out-of-pocket costs while keeping the policy active.

How are the dividends calculated and paid by Empire Life?

Empire Life’s participating policies, including the EstateMax and Optimax Wealth plans, provide policyholders with dividends based on the performance of the participating or PAR account. This account reflects various factors such as investment returns, claims experience, and operational expenses.

When the par account performs better than expected—such as achieving higher investment gains or experiencing lower-than-anticipated claims—policyholders become eligible to receive dividends. These surplus earnings are allocated at the discretion of Empire Life’s Board of Directors, ensuring an equitable distribution among eligible policyholders.

Empire Life has maintained a strong dividend scale interest rate, showcasing resilience in the face of turbulent market conditions.

Empire Life whole life dividend scale for 2022-2024

• 2022: 6.00%
• 2023: 6.00%
• 2024: 6.00%

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 life insurance policy allows policyholders to make extra contributions, which enhance both the cash value and the life insurance coverage. 

When a deposit is made into the ADO, the funds are used to purchase paid-up additions. These PUAs increase the policy’s total cash value and death benefit, and they also earn dividends, further boosting the policy’s growth over time.

Here are some of the common minimum deposit values decided by Empire Life regardless of an insured individual’s age:

• Monthly: $10
• Annual: $100

Deposits to the ADO are processed quickly, immediately increasing the cash value and coverage provided by the policy. This feature is available for all issue ages and offers flexibility for policyholders to accelerate the growth of their policy’s value.

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. Here are a few criteria that must be followed:

• The policyholder must select either the Paid-up Additions or Enhanced Coverage dividend option
• The ADO rider is available for the EstateMax and Optimax Wealth products only. Even the 8-Pay version of Optimax Wealth does not qualify for the ADO rider
• The ADO rider cannot be added at the time of issue due to limited tax-exempt room. However, starting in Year 9, it becomes eligible if evidence of insurability is submitted

The ADO rider is subject to annual and lifetime maximums, ensuring compliance with policy constraints

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 Kid-Start whole life insurance is an ideal choice for grandparents who want to provide their grandchildren with a head start in life. It allows them to offer a lasting gift that helps ensure their grandchildren’s financial security and sets them on a path toward future stability. 

With this policy, grandparents can play a key role in building a strong financial foundation, allowing their grandchildren to benefit from the long-term growth and security of a whole life insurance policy.

Some of the benefits of buying whole life insurance for your grandchildren include:

• Tax-deferred transfer: No taxes are payable when transferring the policy from grandparent to grandchild
• Low-cost permanent coverage: Purchasing when the grandchild is young provides affordable lifetime coverage
• Access to funds: The grandchild can use the policy’s accumulated funds for education, starting a business, or buying a home
• Limited payment option: The policy can be fully paid in 8, 10, or 20 years, offering permanent coverage without further premiums
• Dividend-driven growth: Dividends purchase additional insurance, increasing coverage without requiring medical evidence
• Guaranteed insurability benefit: The grandchild can purchase more coverage at key life events without having to go through additional medical examination

Are there any administrative fees associated with Empire Life whole life insurance policy?

Yes, Empire Life whole life insurance policies have an annual administrative fee of $50. This fee helps cover the costs associated with managing and servicing the policy. It ensures the smooth operation of the policy, including maintaining the policy records, processing dividends, and providing customer support.

What are the additional benefits and riders offered by 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. The available riders are:

Here are the rider options for participating and non-participating whole life insurance:

• Solution Series: Solution ART, Solution 10, Solution 15, Solution 20, Solution 25, Solution 30, and Solution 100 life insurance options offering term, permanent, and participating options to meet diverse needs
• Empire Life CI Protect & 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

The additional benefits for Empire Life whole life insurance include:

• Additional Deposit Option (ADO): Allows policyholders to make extra deposits, enhancing cash value growth within the policy’s limits. This benefit option is only available with the EstateMax and Optimax Wealth plans
• Waiver of Premium: Ensures premiums are waived if the policyholder becomes totally disabled, maintaining coverage without additional cost
• Payor Waiver of Premium: Waives premiums if the payor (not the insured) dies or becomes disabled, securing the insured’s coverage
• Guaranteed Insurability: Provides the option to increase coverage at specified intervals without medical evidence, ensuring adaptability to life changes
• Accidental Death and Dismemberment (AD&D): Offers additional coverage for accidental death and dismemberment, enhancing financial protection against unforeseen events
• Children’s Life Rider: Adds life insurance coverage for the policyholder’s children under a single rider for affordable family protection
• Children’s Critical Illness Rider: Provides critical illness coverage for children, offering financial support for covered conditions during treatment or recovery

What are the pros and cons of Empire Life whole life insurance policy?

Empire Life whole life insurance has several pros such as survivor benefits, temporary insurance after the first death for a joint policy, pre-payment options, and a stable dividend scale. However, there are some cons such as the 8-pay plan only available for Optimax Wealth, significant administrative fee, and an age cap of 75 years.

Pros and cons of Empire Life whole life insurance

How to find the best Empire Life whole life insurance quotes in Canada?

Finding the best whole life insurance quotes in Canada can be challenging, especially with so many options to compare. While you could research and compare policies manually, this approach can be overwhelming and time-consuming. That’s where a platform like PolicyAdvisor makes a difference.

PolicyAdvisor simplifies the process by offering competitive pricing and access to multiple insurance options in one place. What truly sets it apart is the lifetime support provided by its team of expert advisors. 

Once you’ve chosen a policy, their advisors remain available to assist with any questions or adjustments, ensuring you’re supported long after your policy is in place. This hassle-free approach ensures you get the best coverage tailored to your needs, with peace of mind for the future.