The Empire Life Insurance Company started back in 1923 when it was founded by Milton Palmer Langstaff. Originally, the company only provided insurance in Ontario, but within a few years it expanded to British Columbia. Throughout the decades, the company grew as it acquired and merged with other companies such as the Metropolitan Life Insurance Company and the Commonwealth Life and Accident Insurance Company. Over 85 years later, Empire Life is still kicking – in fact, it’s one of the top 10 life insurance companies in Canada. A.M. Best Company gave Empire Life a rating of A for excellent in 2011, and DBRS gave it an A as well.
Empire Life offers several different life insurance options such as term life insurance, whole life insurance and universal life insurance. Solution 10 and Solution 20 are two kinds of term life insurance; the former is a 10 year policy, and the latter is a 20 year policy. You have the option of renewing your term life insurance once the policy has expired, but the premiums will increase every time you renew. Term life insurance is great for people who have mortgages, business owners and families with dependent children.
Whole life insurance comes in two flavours: Solution 100 and 20-Pay Solution. Whole life insurance is also known as permanent life insurance as it provides lifetime coverage. This type of insurance is a non-participating plan, which is great for people who want to pass on estates to their heirs or leave money to charities. On the other end of the insurance spectrum is a permanent participating life insurance plan. Under this type of plan, you’ll get death benefits, cash value and possibly dividends; a participating plan lets you “participate” and receive any of the profits generated by the insurance product. Dividends are paid out depending on whether the company has made any extra money in that period of time or not. The two participating life insurance products available through Empire Life are Optimax (Life Pay) and Optimax (20 Pay).
Universal life insurance is also a type of permanent life insurance, but it comes with an investment component. If you’re interested in using insurance products to generate tax-advantaged profits, this is the life insurance for you. The two universal life insurance products available are Trilogy and Trilogy Plus. When cash value builds up in the policy, you can take that value and use it to pay the premiums for the policy. What could be better than a policy that literally pays for itself?