Table of contents
Imagine facing a critical illness without financial worries. Critical illness insurance from Empire Life can make this a reality, offering peace of mind during challenging times.
Empire Life provides tailored plans like CI Protect for the most common illnesses and CI Protect Plus for comprehensive coverage of 25 conditions. These plans ensure your financial stability, letting you focus on recovery.
Empire Life stands out with guaranteed premium payments, high coverage limits, and valuable benefits like medical concierge services and return of premium options. These features provide robust financial security, meeting your specific needs.
Don’t wait—secure your financial future today. Read on to explore Empire Life’s critical illness insurance plans, and learn how they can protect yourself and your loved ones from the unexpected.
About Empire Life Insurance Company
The Empire Life Insurance Company was founded in 1923 in Toronto, Ontario by Milton Palmer Langstaff and his four business partners: W. B. Peace, Dr. H.C. Parsons, S. Casey Wood, and Edward “Ward” Wright. Over the decades, Empire Life has grown into one of Canada’s top 10 insurance companies.
Its parent company, E-L Financial Corporation Limited, was formed in 1968 and owns 98.3% of Empire Life. Today, Empire Life manages over $16 billion in assets, serving more than 550,000 individual customers and 171,000 group plan members. Proudly 100% Canadian owned and operated, the company offers a variety of insurance products, including:
- Term and whole life insurance
- Disability insurance
- Group insurance
- Segregated funds
- Payout annuities
Empire Life’s commitment to financial stability and customer service has established it as a trusted name in the Canadian insurance industry.
Key facts about BMO Life Assurance Company
AM Best Rating: Not rated
Head office: 259 King Street East, Kingston, ON K7L 3A8
Website: https://www.empire.ca/
Contact phone number: 1-800-561-1268
What Critical Illness Insurance Plans Does Empire Life Offer?
Critical illness insurance provides a tax-free lump sum payment if you are diagnosed with a serious illness covered by the policy. The insurance company pays you the benefit directly, which you can use at your discretion without the need to provide receipts or justify expenses. The claims process typically involves the following steps:
- Diagnosis: You are diagnosed with a covered critical illness.
- Claim submission: You submit a claim with the necessary medical documentation.
- Benefit payment: Once approved, you receive a lump sum payment.
Critical illness insurance is essential because it helps cover the unexpected costs associated with serious health conditions. Even with comprehensive health insurance, there are often substantial out-of-pocket expenses. You can use the lump sum benefit from critical illness insurance for a variety of needs, such as:
- Medical expenses: Treatments, medications, and procedures not covered by regular health insurance.
- Living expenses: Mortgage payments, rent, utilities, and daily living costs.
- Recovery and rehabilitation: Physical therapy, in-home care, and other recovery-related services.
- Debt repayment: Paying off loans, credit card debts, or other financial obligations.
- Lifestyle adjustments: Home modifications to accommodate new medical needs or assistive devices.
Determining the appropriate amount of coverage depends on various factors, including your financial obligations, lifestyle, and potential medical expenses. Consider the following when calculating your coverage needs:
- Current expenses: Monthly living costs, including mortgage or rent, utilities, groceries, and transportation.
- Medical costs: Estimated expenses for treatment, medication, and rehabilitation.
- Income replacement: The amount needed to replace your income during recovery.
- Debts and obligations: Mortgage, credit card debts, and other financial commitments.
To find the right amount of critical illness insurance, you can use an online insurance calculator or consult with an insurance advisor to assess your specific financial needs and obligations.
Now that you understand the basics of critical illness insurance, let’s delve into Empire Life’s critical illness insurance products and explore the detailed coverage options they offer.
CI Protect
Empire Life calls its basic critical illness insurance plan CI Protect, which is tailored for individuals seeking affordable critical illness insurance providing essential coverage without straining their budget. This plan is designed to seamlessly integrate with an existing life insurance application, eliminating the need for additional underwriting.
CI Protect specifically covers four conditions: life-threatening cancer, heart attack, stroke, and coronary artery bypass surgery. These conditions are among the most frequently claimed, ensuring that the plan addresses the most common and severe health risks.
Eligible for individuals aged 18 to 65, CI Protect offers flexible term options of 10 or 20 years. You can choose coverage amounts ranging from $25,000 to $75,000, making it a practical choice for those who want reliable protection without extensive financial commitment. This plan provides a straightforward, cost-effective way to secure critical illness coverage and enhance an existing life insurance policy.
- Pros:
- Easily add CI Protect to your life insurance policy during the application process, combining both coverages under one policy and saving a $50 policy fee.
- CI Protect covers the four most claimed conditions, which account for 82% of Empire Life's critical illness insurance claims.
- Premiums start at under $4 per month, making it a truly affordable option for securing critical illness insurance.
- Cons:
- Empire Life only lets you buy up to $75,000 of coverage with CI Protect, which is lower than the limits provided by many other insurance companies.
- CI Protect does not offer partial payouts for non-life-threatening illnesses, such as early-stage skin or thyroid cancers.
- It doesn't offer riders like return of premium, restricting your ability to tailor the policy to your specific needs and financial goals.
CI Protect Plus
CI Protect Plus is Empire Life’s most comprehensive critical illness insurance plan, offering coverage for 25 major illnesses. This includes the four critical conditions covered by the basic CI Protect plan—life-threatening cancer, heart attack, stroke, and coronary artery bypass surgery—plus 21 additional serious health conditions.
One of the standout features of CI Protect Plus is its array of built-in benefits, such as the option to convert the policy to a longer term and partial benefits for non-life-threatening illnesses, like early-stage cancers. This ensures that policyholders receive financial support even for less severe diagnoses.
Furthermore, CI Protect Plus can be customized with additional riders, such as the return of premium option. This rider allows you to get your premiums back if no claim is made during the policy term, adding a layer of financial security and flexibility.
Available to individuals aged 18 to 65, CI Protect Plus offers coverage amounts ranging from $25,000 to $2,000,000, accommodating a wide range of financial needs and providing substantial protection for policyholders.
A notable feature of CI Protect Plus is its partnership with MedExtra Inc., a physician-led Canadian organization. Through this medical concierge service, policyholders gain access to assistance that helps navigate gaps in the healthcare system. This service can expedite the diagnosis of a covered condition and provide remote second opinions from top specialists worldwide, ensuring the best possible care and outcomes.
Empire Life’s CI Protect Plus plan offers robust, flexible coverage, comprehensive benefits, and valuable support services, making it an excellent choice for those seeking extensive protection against critical illnesses.
- Pros:
- Empire Life’s critical illness plans stand out with a built-in $1,000 death benefit—a unique feature in critical illness insurance in Canada.
- By bundling CI Protect Plus with a life insurance policy, you can streamline your application process and save $50 on the annual policy fee for CI Protect Plus.
- CI Protect Plus offers a valuable benefit not often found in critical illness insurance: a children's rider. This rider extends your coverage to your children, providing up to $50,000 if a critical illness strikes them.
- Cons:
- CI Protect Plus offers partial payments for only six illnesses, which is fewer than the number offered by many other insurance companies.
- CI Protect Plus is not available for individuals under 18, making it unsuitable for providing standalone critical illness coverage for children.
- While CI Protect Plus offers lifetime coverage (term-100), the option only comes with a 15-year pay period. This can lead to significantly higher premiums compared to competitors who offer pay-to-age 100 options with more affordable premiums.
- CI Protect Plus term-10 can't be extended to term-20 like some competitor plans. This limits flexibility if your coverage needs change.
Below is a table highlighting the features of Empire Life’s critical illness insurance plans:
CI Protect | CI Protect Plus | |
|---|---|---|
Age eligibility | 18-65 | 18-65 |
Number of illnesses covered | 4 | 25 |
Plan types | Term-10, Term-20 | Term-10, Term-20, Term-75, Term-100 15-pay |
Guaranteed premiums | Yes | Yes |
Expiry | Age 75 | Age 75 or 100, depending on the plan |
Coverage limits | $25,000 to $75,000 | $25,000 to $2,000,000 |
Survival period | 30 days for all illnesses | 30 days for all illnesses |
Partial benefits | None | Pays 15% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers six illnesses. Can pay up to two times |
Conversion privileges | No | Term-10 and term-20 can be converted to term-75 or term-100 15-pay |
Type of underwriting | Simplified underwriting. A medical exam is not necessary | Fully underwritten. A medical exam may be necessary |
Riders | None | Return of premium on surrender or maturity, return of premium on death, disability waiver of premium, accidental death & dismemberment, children’s life rider, children’s critical illness rider |
Value-added service | None | Medical concierge services through MedExtra Inc. |
How to purchase | Through a licensed insurance advisor | Through a licensed insurance advisor |
What Illnesses Does Empire Life Critical Illness Insurance Cover?
Empire Life offers two critical illness insurance plans, each providing coverage for a different range of illnesses. Here is a complete list of the illnesses covered by each plan:
CI Protect
- Coronary artery bypass surgery
- Heart attack
- Life-threatening cancer
- Stroke
CI Protect Plus
Empire Life’s CI Protect Plus boasts competitive coverage with 25 critical illnesses. While some competitors might go a step further by including acquired brain injury, CI Protect Plus remains a strong contender in the market. Here is a list of covered conditions that pay out full benefits:
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
CI Protect Plus goes beyond major critical illnesses. It includes a Non-Life Threatening Illness Benefit that pays out 15% of your chosen coverage amount (up to a maximum of $50,000) for each of six covered conditions. This benefit can provide a welcome financial buffer as you manage the costs associated with these illnesses.
However, note that CI Protect Plus only pays out a partial benefit twice maximum, compared to four times by other insurance companies. Also, the plan only covers six conditions, while critical illness products from other insurers may cover seven or more illnesses. Here is the list of conditions that pay out partial benefits:
- Coronary angioplasty
- Ductal breast cancer in-situ
- Papillary or follicular thyroid cancer stage T1
- Rai Stage 0 chronic lymphocytic leukemia (CLL)
- Stage 1 malignant melanoma
- Stage A prostate cancer (T1a or T1b)
How Much Does Empire Life Critical Illness Insurance Cost?
The cost of critical illness insurance is influenced by several factors that insurers consider to assess risk and determine premiums. Understanding these factors can help you better estimate your insurance costs and find a plan that fits your budget.
Age is a primary determinant of the cost of critical illness insurance. Generally, the younger you are when you purchase the policy, the lower your premiums will be. As you age, the likelihood of developing a critical illness increases, resulting in higher costs.
Gender also plays a role in premium calculations. Statistically, men and women are prone to different health risks and conditions, which affects the pricing of the policy. For example, men are at a higher risk of developing heart disease.
Smoking status significantly impacts insurance costs. Smokers represent a high risk for a variety of serious illnesses, including cancer, heart disease, and respiratory conditions. Consequently, premiums for smokers are much higher than for non-smokers.
Medical history is carefully evaluated during the underwriting process. If you have a history of certain illnesses or pre-existing medical conditions, you may face higher premiums or potential exclusions on your policy. Insurers assess your past health records to gauge the likelihood of future claims.
Lifestyle choices, such as alcohol consumption, drug use, and participating in dangerous hobbies, influence your overall health and risk of critical illnesses. A healthy lifestyle can lead to lower premiums, while factors like obesity or excessive alcohol consumption may increase costs.
Family history of major hereditary illnesses is another crucial factor. If your immediate family has a history of conditions like cancer, heart disease, or diabetes, your risk of developing these illnesses is considered higher, which can lead to increased premiums.
The benefit amount you choose directly affects the cost of your policy. Higher benefit amounts provide more substantial financial protection but come with higher premiums. It’s important to balance the coverage you need with what you can afford.
Term length also determines the overall cost. Policies with longer terms have higher premiums compared to shorter-term policies. However, locking in a longer term can provide more extended protection and stable premiums over time.
By considering these factors, you can better understand the variables that influence the cost of critical illness insurance and make an informed decision about the coverage that best meets your needs and financial situation.
To give you an idea of the cost of critical illness insurance, here is a table showing the monthly premiums for $100,000 of coverage for a CI Protect Plus term-10 policy in the first 10 years for non-smoking men and women:
Age | Male | Female |
|---|---|---|
25 | $26 | $26 |
30 | $30 | $29 |
35 | $35 | $35 |
40 | $47 | $48 |
45 | $68 | $66 |
50 | $101 | $87 |
55 | $170 | $134 |
60 | $252 | $188 |
How Do You Buy An Empire Life Critical Illness Insurance Plan?
Empire Life’s critical illness plans offer valuable protection, but navigating the purchase process can seem daunting. Here’s a breakdown of the steps involved:
- Connect with a licensed insurance agent:
Empire Life primarily works through licensed insurance agents. These professionals can guide you through the plan options (CI Protect or CI Protect Plus), explain coverage details, and answer your questions. An insurance broker working with multiple insurance companies can also help compare Empire Life’s plans with those offered by other insurers to ensure you find the best fit for your needs.
- Design your plan:
With the insurance advisor’s guidance, you’ll determine the coverage amount, term length, and any optional riders you might want to add (like the return of premium riders for CI Protect Plus). Factors like your age, health, lifestyle, and budget will all influence these decisions.
- Submit an application:
The agent will assist you in completing the application form, which will request personal information, medical history, and lifestyle details. Honesty is crucial at this stage, as any misrepresentation can impact your eligibility or future claims.
- Optional medical examination:
Depending on your age and the chosen coverage amount, a medical exam might be required. Your advisor will inform you if this is necessary and guide you through the process.
- Underwriting and approval:
Once the application and any medical information are submitted, Empire Life will assess your risk profile. This involves evaluating your medical history, lifestyle, and family history to determine your eligibility and premium amount. Your advisor will keep you updated on the status of your application.
- Policy issuance:
Upon approval, Empire Life will issue your critical illness insurance policy. This document outlines the terms, conditions, covered illnesses, exclusions, and benefit payouts. Review the policy carefully with your insurance agent to ensure everything aligns with your expectations.
By following these steps and working with a licensed insurance agent, you can secure the critical illness coverage offered by Empire Life and gain valuable peace of mind knowing you’re financially protected in case of a serious illness.
Need An Empire Life Critical Illness Insurance Quote?
Empire Life’s critical illness plans offer a safety net, but with so many factors at play, choosing the right coverage can feel overwhelming. The good news is you don’t have to navigate this alone.
We understand the importance of comparing options and finding the best critical illness insurance plan for your unique situation. Contact us today for a free, no-obligation consultation. We can:
- Compare Empire Life’s plans to offerings from other leading insurance companies.
- Tailor a personalized quote that fits your budget and health needs.
- Guide you through the entire application process.
And because life doesn’t stand still, we believe in ongoing support. We’ll be here to review your policy coverage at regular intervals to ensure it continues to meet your changing needs.
Take the first step towards a more secure future. Email us at info@briansoinsurance.com or call us at 604-928-1628 to schedule a consultation.
Alternatively, use the quick quote form below to receive a no-obligation estimate sent to your inbox.
Remember, investing in critical illness insurance provides peace of mind knowing you’ll have financial support when you need it most. Don’t wait—take control of your health security today!
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
