Empire Life (EL) is one of the leading insurance and benefits providers in Canada. Since 1923, it has offered group benefits plans tailored to companies of all sizes. Headquartered in Kingston, Ontario, Empire Life manages over $18 billion in assets and provides benefits coverage for over 160,000 group plan members across Canada. (Source)
In this extensive review, we’ll examine Empire Life employee benefits offerings, how they compare to competitors, customer reviews, and why they remain a top choice in Canada for customized and affordable employee benefits.
Empire Life Company Overview
History and Founding
Empire Life was founded in 1923 by Milton Palmer Langstaff in Toronto, Ontario. The company later relocated its headquarters east to Kingston, where it remains today.
EL proliferated in its early years through mergers and acquisitions of smaller regional insurance companies. By 1987, EL had expanded into six provinces and continued its growth by acquiring or merging with over half a dozen more insurance divisions and companies over the coming decades.
Today, EL employs over 800 people and is led by President and CEO Mark Sylvia. The company brought in over $6 billion in premium revenue in 2021 and manages total assets of $18.7 billion as of December 2023.
Source:
- https://www.empire.ca/news/2024/28/empire-life-reports-fourth-quarter-results
- https://mitchinsurance.com/insurance-companies/empire-life/
Company Facts and Figures
Here are some critical facts about Empire Life today:
- Nearly 500,000 customers
- Over 36,000 licensed insurance advisors
- Available in all 10 Canadian provinces and three territories
- Over 252,000 group life and health insurance plan members
- Over 11,300 group employer customers
- Top rank among life insurance companies in Canada
Source: https://www.empire.ca/about-us/fast-facts
Ratings and Reputation
Empire Life maintains solid financial ratings from independent agencies:
- A (Excellent) rating from A.M. Best
- A+ rating from Standard and Poor’s
- BBB+ rating from the Better Business Bureau
The company has a long-standing reputation as one of Canada’s most trusted insurance providers. Empire Life is known for its stellar customer service, personalized approach, and commitment to making insurance simple and easy to understand.
The company has won numerous awards, including Life and Health Insurer of the Year in 2019 from the Insurance Business Canada Awards.
Products and Services Offered
In addition to group benefits plans, Empire Life provides:
- Individual life insurance
- Critical illness insurance
- Investment products, like mutual funds, RRSPs, TFSAs, and more
- Retirement and savings plans
- Segregated funds
- Annuities
- Disability insurance
Empire Life Employee Benefits
Overview
EL offers a full suite of employee benefits options for companies of all sizes. Their plans are customized to each employer’s specific needs and budget.
Key benefits offered include:
- Health insurance, including dental, vision, prescription drugs
- Life and accidental death and dismemberment insurance
- Short-term and long-term disability insurance
- Retirement savings plans, like Group RRSPs
- Wellness programs
- Critical illness insurance
- Employee assistance programs
- Administrative services for self-insured benefit plans
- Exceptional coverage for expat employees
Empire Life partners with employers across all industries to provide benefits packages that help attract, retain, and protect their workforce.
Health and Dental Insurance
Empire Life offers extensive options for companies to customize their employees’ health and dental coverage. This includes choosing the percentage covered for different types of services.
Health insurance offered through Empire Life typically includes:
- Prescription drug coverage
- Paramedical services like massage therapy, physiotherapy, chiropractic
- Medical equipment like wheelchairs, hospital beds
- Vision care, including eye exams and prescription glasses
- Out-of-province emergency medical coverage
- Semi-private hospital accommodation
- Ambulance transportation
- Accidental dental treatment
- And more
Dental coverage generally includes:
- Essential preventative dental services like cleanings and X-rays
- Restorative treatments like fillings and extractions
- Primary restorative services like crowns and bridges
- Orthodontics (braces)
Companies can choose between reimbursement rates based on provincial dental fee guides or the current dental association fee guide. Maximums per person can be customized.
Life and Disability Insurance
The core life insurance offered through Empire Life employee plans includes:
- Basic life insurance
- Dependent life insurance
- Accidental death and dismemberment insurance
Disability insurance protects employees by providing income if they cannot work due to illness or injury. Short-term disability plans replace lost wages for up to 17 weeks, while long-term disability provides ongoing income past the 17-week mark.
Companies can customize their disability coverage in terms of:
- Waiting periods before benefits kick in
- Percentage of income covered
- Definition of disability
- Maximum payouts
- Benefit payment schedules
- Coverage for partial or residual disability
Retirement Savings Plans
Empire Life offers Group Registered Retirement Savings Plans (Group RRSPs) as an optional addition to employee benefits packages. These plans provide an easy, cost-effective way for employees to save for retirement through automatic payroll deductions.
The company provides access to diverse investment options to match each employee’s risk tolerance and goals. Empire Life advisors can also assist with financial planning, wealth management, and selecting suitable investments.
Wellness Programs
Today, more and more companies are investing in wellness initiatives to support their employees’ physical and mental health. Empire Life partners with employers to design customized wellness programs that make the most sense based on their workforce demographics and needs.
Some of the wellness services offered include:
- Employee assistance programs providing counselling and referral services
- Life coaching
- Career transition services
- Health coaching and advisory services
- Disability management and return-to-work programs
- Critical illness support programs
- On-site flu shot clinics
- Access to discounted gym memberships
- Smoking cessation programs
- Weight loss programs
- Preventative health education
- Mental health workshops
- Ergonomic assessments
Wellness programs aim to provide employees with the tools and resources to improve their health, reduce absenteeism, and remain productive.
Other Benefits Offered
Beyond core health insurance and retirement plans, Empire Life offers a diverse selection of voluntary or supplementary benefits. Companies can choose to add on any of these options to provide enhanced coverage:
- Critical illness insurance
- Long-term care insurance
- Preventative medical/healthcare spending accounts
- Employee stock purchase plans
- Tuition reimbursement
- Group home and auto insurance plans
- Legal services plans
- Travel medical insurance
- Pet insurance
- Identity theft protection
For companies with international business needs, Empire Life also provides benefits solutions for expat employees on overseas assignments.
Ideal Businesses to Partner With
Empire Life caters mainly to small, medium, and mid-market employers across Canada. Their specialty is crafting benefit plans tailored to companies with 25 to 500 employees.
They work with organizations in every industry vertical. Empire Life’s benefits plans are ideally suited to:
- Startups and younger companies
- Family-owned businesses
- Non-unionized workforces
- Franchise business owners
- Professional services firms like accounting, law, real estate
- Healthcare and social assistance organizations
- Retailers and restaurants
- Manufacturers and industrial employers
- Tech companies and startups
- And more
Benefits consulting firms may better serve more giant enterprise corporations with thousands of employees. Small businesses with less than ten employees will likely find Empire Life’s plans too costly.
But for the majority of smallโto medium-sized private businesses in Canada, EL offers a benefits partnership that offers customized options at competitive rates. Their expertise lies in the unique needs of growth-stage companies with younger workforces.
Empire Life Compared to Competitors
When examining Canada’s group benefits landscape, EL stands out for its versatility in plan design for SMEs. Here is how Empire Life stacks up to competitors on some key metrics:
Cost
EL provides very affordable rates for companies with 25 to 200 employees. Their pricing model accounts for company size and demographics to provide defined quotes that balance robust coverage with overall value.
For smaller groups of 25-50 lives, Empire Life costs 5-15% less on average compared to largest employee benefits providers in Canada like:
- Sun Life employee benefits
- Green Shield Canada Employee Benefits
- GMS Group Medical Services Employee Benefits
- Equitable Life of Canada Employee Benefits
- Saskatchewan Blue Cross Employee Benefits
Customization
While larger carriers tend to offer fixed plan options, EL starts each new partnership by gathering data on the company’s workforce, budgets, and benefits goals. This allows them to design a custom benefits program tailored to the organization.
Profession, gender ratio, average age, and location are all inputs used to recommend appropriate coverage levels, premiums, and cost-sharing structures.
Support Services
Empire Life receives high marks for customer support and ease of administration. Each employer is assigned an account management team for ongoing service.
Plan members can also access a 24/7 helpline for claims support and an online portal for forms and documentation. Empire Life’s digital tools simplify benefits management for HR teams.
Technology
Empire Life has invested significantly in its online platforms and mobile apps in recent years to provide intuitive access to coverage details, provider directories, claims tracking, and other plan resources.
Members can easily find in-network dentists or pharmacies, check coverage and deductible levels, submit claims electronically, and manage their accounts entirely online or via mobile apps.
Plan Options
While EL crafts specific plans for each employer, it offers more flexibility than some top-tier providers. There are few set bundles or tiersโinstead, Empire Life builds fully customized programs based on each company’s benefits budget and priorities.
Even smaller groups can access robust coverage options and voluntary add-ons that may be restricted to larger groups on competitor platforms.
Empire Life Reviews
Ratings on independent review platforms
Empire Life maintains positive reviews and feedback across insurance review platforms, customer testimonials, and other sources. Some highlights:
- 4 out of 5 stars on Google reviews
- 3.5 out of 5 stars on InsurEye
- A+ rating with the Better Business Bureau (BBB)
- 4.4 out of 5 stars on Glassdoor as an employer
On Trustpilot, Empire Life earns a 4 out of 5-star average based on 130 reviews. 87% of all ratings classify the company as either Excellent or Great.
Awards and Recognition
- Life and Health Insurer of the Year, Insurance Business Canada Awards (2019)
- Best Overall Online Experience, Insurance Business Canada Awards (2020)
- Most Innovative Tech Strategy, Benify HR Awards (2019)
- Top 5 Most Affordable Life Insurance Companies, LowestRates.ca (2018)
- Top Life and Health Insurer, Report on Business Magazine (2021)
EL is recognized as an industry leader. It is known for its digital focus, innovation, responsive customer service, and affordable insurance products. The company continues to roll out new digital tools to enhance client and advisor experiences.
Why Choose Empire Life?
After reviewing Empire Life’s offerings and reputation, there are several compelling reasons they stand out as a top employee benefits provider in Canada:
Comprehensive Plan Options
EL can design comprehensive benefits packages that enhance recruitment, retention, employee health, and financial protection regardless of company size. Robust coverage options at affordable rates provide actual value and peace of mind.
Custom Tailored for Each Business
Rather than pre-set tiers or bundles, Empire Life customizes each benefits plan based on the company’s workforce demographics, risk factors, and benefits budget. This tailored approach provides ideal coverage levels and premiums.
Focus on Small and Mid-Sized Businesses
Empire Life specializes in companies with 25 to 500 employees – an underserved market segment that big-name providers often ignore. Their expertise with SMEs is a significant differentiator.
Exceptional Advisors and Support Teams
Every client works with dedicated account management teams before, during, and after the plan roll-out for ongoing support. Empire Life benefits advisors become true partners in your program’s success.
Leading Digital Experience
EL offers user-friendly online and mobile access for employers and plan members from enrollment to claims. This simplifies administration and provides intuitive self-service options.
Industry Recognition for Innovation
With multiple national technology and customer experience awards, Empire Life is a recognized leader in digital insurance solutions. Its focus on innovation delivers long-term value.
When choosing the right benefits partner, going beyond just rates to look at customization, specialized support services, ease of administration, and overall company reputation will reveal the providers are genuinely invested in their client’s best interests. Empire Life stands out as a top option for robust and affordable employee benefits in Canada by those measures.
Conclusion
With almost a century of experience, EL remains a leader in group benefits, especially for small and mid-sized companies.
Their focus on customized plans, personalized support, and digital tools explains why over 160,000 Canadians trust Empire Life for workplace benefits.
While cost matters, Empire Life offers value by balancing robust plans with competitive premiums. Their expertise with growth-stage and non-unionized workforces makes them ideal across industries.
Empire Life should be a top contender if you want a benefits provider who understands your workforce and can design comprehensive yet affordable coverage. Their ratings and reviews show their commitment to service and satisfaction.
In evolving benefits, choosing a partner invested in long-term success is crucial. This makes Empire Life stand out as a top option in Canada if you seek an experienced yet innovative leader.
Visit Ebsource for more employee benefits news in Canada.
Article Sources
At Ebsource, our goal is to provide Canadians with thorough and truthful information to assist them in making prudent choices about employee benefits and human resources insights. We leverage the expertise of experienced financial professionals to ensure our guidance aligns with industry best practices. The statistics we cite come from respected government and industry bodies like Statistics Canada and the CLHIA to guarantee accuracy.
Our recommendations stem from extensive, unbiased research of the major employee benefits providers in Canada. This allows us to tailor our suggestions to individuals’ specific budgets and needs. Ebsource upholds high standards of objectivity, transparency, and independence in all of our content. We pride ourselves on producing advice readers can trust by referencing reputable sources and following editorial principles. As Canada’s most dependable source for employee benefits news and human resources expertise, we are dedicated to empowering Canadians to make informed benefits decisions.
Empire Life Insurance Company Review – mitchinsurance.com
Johnston Group, Empire Life team up to provide employee benefits to mid-market businesses – insurancebusinessmag.com
Empire Life Group Benefits: An In-Depth Guide – groupenroll.ca
Empire Life Group Benefits – empire.ca
