Empire Life Increases Rates on Whole Life and Universal Life Level Cost Policies

Empire life logo

Empire Life is increasing the rates on their Term 100 policy (with values) and their popular Non-participating 20-Pay Whole Life Plan. They will also be increasing rates on their Universal Life level cost policies, all effective Feb 21st, 2012.

Meanwhile, the rates on their Term 10 and Term 20 life policies remain intact. Both of these policies have the unique feature of being renewable to age 100.

This is Empire Life’s second round of increases. The first came on February 14th, 2011. Thankfully, despite the increases, their products remain very competitive in the marketplace.

Manulife Financial was the first major insurance company to raise its rates and was also the first to start the second round of increases. Other major insurance providers in Canada, including Canada Life, Industrial Alliance, Transamerica Life, and BMO Insurance, have now followed suit.

The rate increases are in response to continual historically low interest rates. These low long-term interest rates are making permanent guaranteed policies (which are tied to long-term interest rates) much less profitable for life insurance companies in Canada.

Therefore, rates have to be increased, compensation has to be reduced, or products have to be removed from the insurance company’s product lineup.

Hurry, though, because now is a great time to look into Permanent Guaranteed Life Insurance Policies in Canada, but there is talk that future increases are likely on the horizon. For more details and for information about the carriers providing the best value in today’s environment, please contact us at 1-866-899-4849 or visit our Permanent Life Insurance Instant Quote Page.

avatar