Empire Life is one of the few life insurance companies in Canada to offer both participating and non-participating whole life policies.
Their non-participating Policy – the 20 Pay Solution – is fully guaranteed and very well priced. The plan is fully paid-up after 20 years, after which cash values are available by loan or surrender at any time. The one caveat is if the policy owner cancels his/her policy before its twentieth anniversary, the plan has no value.
Empire Life’s participating whole life policy has five dividend options: paid-up additions, premium reduction, dividend on deposit, withdraw as cash, and Extender Plus paid-up additions. The last option allows the insured to maximize the policy’s death benefit in the early years of the plan.
Both types of plan have a whole host of riders available, including term life, critical illness, accidental death benefit, and children’s term riders.
A 35-year-old male non smoker can take out $100,000 of Empire Life’s participating whole life plan for a premium of $205.65 a month. Based on the current dividend rates, which are not guaranteed, the plan has a cash value of $132,533 and a death benefit of $326,813 at age 65.