Life Insurance Wars: Empire Strikes Back

Geoff Cook - CFP, CHAIP

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"KINGSTON, ONTARIO--(Marketwired - Nov. 12, 2013) - The Empire Life Insurance Company (Empire Life) has been named the Best Life Insurance Company in Canada in 2013 by World Finance magazine in its annual insurance awards competition.

The award is given annually to recognize a progressive company that shows leadership in the industry in a number of areas, including financial results, operational efficiency and effectiveness, and a commitment to improving relationships with clients."

Click Here to read more on Empire Life's website.
Click Here to see the World Finance 2013 Awards. 

When most people think of Life Insurance companies in Canada they think of Manulife, Sun Life or Great West Life.

However, did you know that recently World Finance Magazine ranked Empire Life the #1 Life Insurer in Canada?

This small company out of Kingston, Ontario is not traditionally recognized by the average consumer. They do most of their business through the independant broker channel as opposed to using a large internal sales force with a huge marketing budget, like its bigger competitors.

How This Effects the Average Consumer?

Why does this matter? It matters because by not being aware of other opportunities, Canadians could be paying too much for life insurance or not getting the right amount of coverage for their budget.

Every individual is different. I don't endorse one particular company over another. I truly believe that each Life Insurance Company brings something different to the table, and it is my job to help consumers determine which is most beneficial for their situation. 

In my experience Empire Life has had a distinct competitive advantage in the market for couples aged 20 - 40. Specifically, those couples that want to buy the same amount of insurance on each other or a Joint First To Die policy.

I am a firm believer that for most couples with families, coverage comes first, bells and whistles come second.

Let me illustrate how being an independent life insurance broker and using a company like Empire Life has allowed me to provide more coverage for my clients vs. using a larger company. 

Male – Age 30 Non Smoker
Female – Age 30 Non Smoker

This couple owns their home and wants to get $500,000 of life insurance.

Empire Life premium cost – $26.10
Sun Life premium cost – $47.99
Manulife premium cost – $40.92

(See appendix below for quotes used in this example)

Let’s look at how much coverage we would be able to acquire by purchasing from Empire for the same cost as the more popular insurance companies.

Sun Life premium cost – $47.99 = Empire Coverage amount - $1,006,822
Manulife premium cost – $40.92 = Empire Coverage amount - $842,947

Empire Life offers competitive premiums on similar coverage, or higher coverage for competitive premiums. Either of which are an advantage to the consumer.

At the end of the day, I do what is best for my clients. Being an impartial, unbiased Life Insurance broker, I can offer competitive rates and products across a variety of top notch Canadian companies.

See the quotes that I used to analyse the above discussion below;

The above screenshot shows a quote for $500,000 of life insurance for a 30 yr old husband and wife couple. My software won't show all companies without scrolling down. To see an updated quote with all the companies in Canada simply Contact Us and request a quote. (Note: Great West Life and London Life come in at 19. and 20. with a price of $43.68 and Sun Life came in at 23. for $47.99.

The above example shows a quote for if someone wanted to pay $47.99 (cost for the Sun Life policy) and buy the same life insurance product - how much coverage different companies would be able to offer for the same price.

The Above example shows a quote for if someone wanted to pay $40.92 (cost for the Manulife policy) and buy the same life insurance product - how much coverage different companies would be able to offer for the same price.

 Please Note: Cost of Life Insurance changes often. These quotes were made on December 4th 2013. The following examples have been for non-smokers in regular health. Life Insurance is subject to underwriting approval.


When dealing in financial matters, you are urged to consult an advisor for legal, tax or investment advice. Every effort has been made to present information in a clear, exacting manner. However neither the publisher nor the authors can be held responsible for any losses incurred due to the actions of any individual as the result of this post or any errors or omissions contained herein. 

Infinite Financial places mutual fund transactions through Banwell Financial Inc. and Life Insurance transactions through Bridgeforce. To learn more about these relationships - click here

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