Empire Life: life insurance, critical illness and segregated funds
A Kingston, Ontario insurer since 1923 and one of Canada's early segregated fund companies. Here are its term, participating, critical illness and investment products, and who each suits.
The short answer
Empire Life (The Empire Life Insurance Company) was founded in Toronto in 1923, is headquartered in Kingston, Ontario, and is a subsidiary of E-L Financial Corporation (TSX: ELF). It sells Solution term life (ART, 10, 15, 20, 25 and 30-year terms, convertible to age 75), Solution 100 term-to-100, two participating whole life plans (EstateMax for coverage, Optimax Wealth for early cash values), Guaranteed Life Protect with no medical questions, and CI Protect and CI Protect Plus critical illness. For investments it offers Empire Life GIF segregated funds, Class Plus 3.0 guaranteed lifetime income, GICs and immediate annuities, inside RRSPs, TFSAs, FHSAs, RRIFs and non-registered accounts.
Empire Life at a glance
Empire Life began selling segregated funds in 1964, one of the first Canadian insurers to do so, and moved its head office to Kingston in 1936. It reported about $22 billion in assets under management at June 30, 2026.
Empire Life insurance and investment products
What each product does and who it suits. Names and features as published by Empire Life, reviewed October 2026.
| Type | Product | What it does | Good for |
|---|---|---|---|
| Term life | Solution ART, 10, 15, 20, 25, 30 | Level premiums for the chosen term; renewable and convertible up to age 75 to Solution 100, EstateMax, Optimax Wealth or term to 100. | Mortgages, young families, income replacement |
| Term to 100 | Solution 100 | Low-cost permanent coverage with level premiums and no cash value. | Estate costs at the lowest permanent price |
| Participating whole life | EstateMax | Par whole life focused on competitive death benefit; guaranteed cash values after four years; dividends. | Leaving an estate, final taxes |
| Participating whole life | Optimax Wealth | Par whole life focused on early cash values and long-term growth; 8, 10, 20-pay or life-pay options. | Tax-sheltered growth, business owners |
| No medical | Guaranteed Life Protect | Guaranteed-issue whole life with no medical questions. | People who can't qualify elsewhere |
| Critical illness | CI Protect / CI Protect Plus | CI Protect covers the four most common critical conditions at lower cost; CI Protect Plus covers many more conditions. | Income protection during recovery |
| Disability | Empire Life Disability Credit Protect | Monthly benefit to cover payments if you become disabled; can be bundled with term life. | Mortgage and loan payment protection |
| Investments | Empire Life GIF segregated funds (75/75, 75/100, 100/100) | Market investments with maturity and death guarantees, available in RRSP, TFSA, FHSA, RRIF and non-registered accounts. | Growth with downside protection, estate planning |
| Retirement income | Class Plus 3.0 | Segregated fund contract that provides a guaranteed lifetime withdrawal benefit. | Retirees wanting income for life |
| Guaranteed | GIC and immediate annuities | Fixed interest for a set term, or guaranteed income for life from a lump sum. | Conservative savers and retirees |
Availability, ages and amounts depend on the product, province and underwriting. The contract and illustration govern.
Which Empire Life product fits you?
Pick your main goal, age and health. You'll see the Empire Life products to ask about, and when another insurer may be the better fit.
A planning aid, not advice or underwriting. Pankaj compares Empire Life with the other insurers he represents before recommending.
Where Empire Life stands out
- Two par whole life plans: EstateMax for coverage and Optimax Wealth for cash value growth.
- Long history in segregated funds (since 1964), with lifetime income through Class Plus 3.0.
- Solution term converts up to age 75 to several permanent plans.
- Guaranteed Life Protect gives an option with no medical questions.
What to watch
- Term pricing varies by age; compare before you buy.
- Children's coverage is by rider, not a standalone child plan.
- Par dividends are not guaranteed and depend on the participating account.
- Segregated fund guarantees add fees, especially 100/100.
How to buy Empire Life through Pankaj
The premium is the same as buying direct; you also get an advisor who compares other insurers.
1. Talk about needs
Income, debts, family, goals and budget. Pankaj runs a needs analysis and compares Empire Life with other insurers.
2. Apply
Most applications are electronic, with e-signature. Some coverage needs a phone interview, paramedical exam or tests.
3. Policy and service
Pankaj delivers and explains the policy, then helps with changes, beneficiary updates, renewals and claims.
Empire Life: frequently asked questions
Who owns Empire Life?
Empire Life is a subsidiary of E-L Financial Corporation Limited (TSX: ELF), controlled by the Jackman family. It was founded in 1923 and is headquartered in Kingston, Ontario.
It sells through independent advisors across Canada.
What term lengths does Empire Life offer?
Solution term comes as yearly renewable (ART) or 10, 15, 20, 25 and 30-year terms, plus Solution 100 for lifelong level premiums.
Term policies can be converted to permanent coverage up to age 75 without new medical evidence.
What is the difference between EstateMax and Optimax Wealth?
Both are participating whole life. EstateMax focuses on a competitive death benefit; Optimax Wealth focuses on early cash values and long-term growth.
Optimax Wealth has guaranteed cash values from year one; EstateMax from year four.
What are Empire Life GIFs?
Guaranteed investment funds (segregated funds) that protect 75% or 100% of deposits at maturity or death, depending on the guarantee chosen.
They can name beneficiaries, which may avoid probate fees, and may offer creditor protection.
Does Empire Life have life insurance without a medical?
Yes. Guaranteed Life Protect is guaranteed-issue whole life with no medical questions, for older applicants.
Premiums are higher and benefits may be limited in the first years; healthy people usually pay less with Solution term.
What critical illness plans does Empire Life offer?
CI Protect, which covers the four most common critical conditions at a lower price, and CI Protect Plus, with broader coverage.
Both pay a tax-free lump sum after a covered diagnosis and survival period.
Can I buy Empire Life through Pankaj Bhatia?
Yes. Pankaj is contracted with Empire Life and compares it with other insurers before recommending.
The premium is the same as through any other advisor.
Written by Pankaj Bhatia, CHS, PFA
Licensed insurance & financial advisor · Insure In Canada Inc. · Mississauga & Cambridge, Ontario
Pankaj is a licensed insurance and financial advisor (Insure In Canada Inc.) who represents Empire Life alongside other Canadian insurers. He has helped families with life, critical illness and investment planning for 11 years.
Call 647-640-2222 · WhatsApp · About Pankaj · Google reviews
Get a Empire Life quote or a second opinion
Send Pankaj your age, coverage amount and goal. He'll show you the Empire Life option and how it compares.
Sources and related pages
Other insurers Pankaj represents
- Manulife
- Sun Life
- Canada Life
- Desjardins
- RBC Insurance
- BMO Insurance
- Equitable Life
- Canada Protection Plan
- iA Financial Group
- Foresters Financial
- Co-operators
- Wawanesa Life
Independent guide by Pankaj Bhatia, a licensed advisor; not published by Empire Life. Product names and features are summarized from Empire Life's published materials and independent reviews as of October 2026 and can change. The policy contract, illustration and fund facts govern. Segregated fund values fluctuate except for the applicable maturity and death benefit guarantees.