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Life insurance can be an uncomfortable topic. It is never easy to discuss your future. But if someone depends on you financially, it is one subject you cannot afford to sidestep.
This is because, life insurance ensures your loved ones can live comfortably after you are no longer there to provide for them. If you are thinking of buying a new life policy, you may want to take a closer look at Equitable Life Insurance.
They have a hundred years of underwriting experience and offer low-cost term and whole life insurance plans. Keep reading for an Equitable life insurance review.
Who are Equitable Life of Canada?
Equitable Life is one of many Canada life insurance companies and it is a mutual company, meaning its policyholders are eligible to participate in its profits. Because there are no shareholders, the insurer can focus on the well-being and interest of its policyholders. Set up in 1920, Equitable Life offers a range of life insurance products and group benefit plans.
Equitable Life of Canada Facts & Financial Information
The Facts
Founded in 1920
Headquartered at Waterloo, ON
Financial Information
$4 billion in Financial Assets
~$1 billion in annual insurance premiums
AM Best Financial Strength Rating: N/A
Equitable Life of Canada Life Insurance Reviews
Many people look up Google Reviews and Insureye to find out about a carrier’s customer service.
But here’s the thing: Online reviews rarely (if ever) give the whole picture.
Statistically speaking, people are more likely to write a negative review than a positive review.
With this in mind, we looked at online reviews regarding Equitable Life and found they had some negative reviews and some positive. Overall, they managed to score 3.8 stars out of 5 on Google — which is one of the highest scores we have come across.
However, their performance on Insureye did not reflect their performance on Google. On Insureye, they had a score of 2.5 stars out of 5 (an increase from 2022).
"I bought permanent life insurance for $ 500000, I got a great rate of return compared to all the other companies. They answered all my questions and I am happy and satisfied. I recommend it." - John on InsurEye
"Easy to connect to customer service BUT the tone of their representatives are sarcastic and unhelpful. They changed their app structure and it is impossible to find the break down of my coverage." - Carolorac on InsurEye
Products and Features of Equitable Life
Equitable Life offers a diverse selection of life insurance packages, including three term life plans.
Term Life Insurance
Term life insurance policy provides coverage for a fixed span of time — or term. The term can last for a specific number of years, like 10 or 20, or until you reach a certain age, like 65. Term life insurance is often called “pure life insurance” since it has only one goal — to pay out the death benefit.
Because term life insurance coverage is simple to understand and offers a low cost and effective way to protect the future of your loved ones, it is sufficient for most people.
Equitable Life Insurance offers three term life plans and lets you buy them as an individual or a joint policy. And if you want, you can bundle your term life plan and illness insurance to enjoy more comprehensive protection under a single life policy.
10 Year Term
- Renewable after every 10 years until age 85
- Guaranteed level premium and death benefit (That is, neither the death benefit amount nor the monthly premium will change during the policy term, which in this case is 10 years.)
- Maximum coverage amount available is $10,000,000
- Convertible to a 20-year term life plan up to age 70 without proof of good health
- Convertible to a permanent life insurance product up to age 70 without a medical exam or health questions
- Preferred underwriting available for amounts of $500,000 or greater
- Ability to add riders, like accidental death insurance, to your base policy
20 Year term
- Renewable after every 20 years until age 85
- Guaranteed level premium and death benefit
- Maximum coverage amount available is $10,000,000
- Convertible to a permanent life insurance product up to age 70 without proof of insurability
- Preferred underwriting available for amounts of $500,000 or greater
- Ability to add riders, like disability waiver of premium and others
Term 30/65
- Premiums payable over a 30-year or term or until you turn 65, whichever is later. For example, if you buy Term 30/65 at age 42, you will pay premiums up to age 72 (that is, for 30 years)
- Guaranteed level premium and death benefit
- Maximum coverage amount available is $10,000,000
- Convertible to a permanent life insurance plan up to age 65 without medical underwriting
- Preferred underwriting available for amounts of $500,000 or greater
- Ability to add riders, like the child protection rider and others
Whole Life Insurance
Whole life is a type of permanent life insurance. That means the coverage will last until your death, provided you pay your premiums. A whole life plan does more than safeguard your family’s future; it also builds cash value, which you can access during your lifetime. You can withdraw from or borrow against your policy’s cash value and use the money any way you like it.
A whole life policy could make sense for those with lifelong dependents or who want to leave a legacy. Thanks to its investment component, it may also be a good option for a high-net-worth individual.
Equitable Life Insurance offers participating whole life insurance policies, which goes by the name of Equimax. This policy provided by Equitable Life offers lifelong protection with guaranteed death benefit, premiums, and cash value. Plus, it gives you an opportunity to earn dividends.
With an Equimax participating life policy, you can choose to pay off your insurance in 20 years (20 pay option) or pay premiums until your death (Life Pay option). You also get the freedom to customize your plan with riders to suit your unique financial needs. Furthermore, you can bundle EquiLiving critical illness plan and Equimax life insurance for more comprehensive coverage.
There are two Equimax plans fom Equitable Life to choose from:
Equimax Estate Builder
Designed for estate planning, this plan is an attractive option for those looking for higher long-term value. You will earn dividends, which can be paid to you or used to reduce the annual premium or buy additional coverage.
Equimax Wealth Accumulator
If you want to grow your money quickly, this option may be right for you. Just like Estate Builder, this is a participating whole life policy, so you will earn dividends.
Critical Illness Insurance
Critical illness insurance (CI) helps cover the costs associated with serious illnesses. Having this policy allows you to focus on recovery instead of worrying about the medical costs.
These days, the chances of you surviving a life-altering illness is good. But the expenses associated may be financially devastating.
Putting an illness insurance plan in place will give you peace of mind. Your insurer will issue you a lump-sum cash benefit if you get any of the covered conditions. The amount you receive as a benefit will depend on the coverage amount you pick. You can use the payout however you like.
Equitable Life Insurance provides comprehensive coverage through its EquiLiving Critical Illness plan.
EquiLiving Critical Illness Insurance
- Coverage lengths include Term 10 and Term to age 75
- You can renew the coverage at the end of its term without a medical
- Covers 26 health conditions, including stroke, cancer, and heart disease
- Covers 5 additional childhood conditions until age 25
- Add EquiLiving critical illness insurance to your term, whole life, or universal life plan to protect your life and health needs in one policy
- Includes a 30-day survival period. This means you will have to wait 30 days after receiving a diagnosis of a covered condition to collect your critical illness benefit.
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Universal Life Insurance
Like whole life, universal life insurance includes an insurance and an investment component. But the difference is that it offers more flexibility but fewer guarantees.
With whole life, the insurer decides how to invest the money. However, in the case of universal life, this decision is yours. As a result, the potential for growth is higher, particularly if you are a savvy investor. But with higher reward potential come greater risk.
Equitable Life offers universal life insurance through its Equation Generation IV policy, which comes in two types:
- Equation Generation IV with Bonus
- Equation Generation IV with Low Fees
Riders Offered by Canada Life Insurance
Life insurance riders are optional add-ons that you can add to your basic policy to get additional coverage or benefits. These add-ons help you create a more robust plan for yourself and your loved ones.
Equitable Life Insurance offers all popular riders such as:
- Accidental death benefit rider: Pays an additional cash benefit if you die due to an accident.
- Disability waiver of premium rider: Waives of future premiums if you become disabled.
- Child protection rider: Lets you buy additional coverage for your children in one rider. When your children reach adulthood, they may be eligible for a permanent life plan without any medical underwriting.
Equitable Life of Canada Life Insurance Rates
We grabbed quotes from Equitable Life to find out how affordable its rates are. These quotes are for $400,000 in coverage over a 20-year term length for healthy, non-smoking men and women of different ages.
Term Life Insurance Review – Price Comparison vs. Competitor Products
The easiest way to get the most affordable term life insurance is to compare the rates of different carriers. We twice compared Equitable Life against Sun Life — a direct competitor. The former proves to be a far better option for healthy, non-smoking 40-year-old men. If that sounds like you, you can save more than $1,000 by buying a 20-year term life policy from Equitable Life.
The price difference for 60-year-old women, however, is negligible.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Equitable Life of Canada Insurance $400K - $45.64
Sun Life of Canada $400K - $50.13
Cost Savings over 20 years: $1078
Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
Equitable Life of Canada Insurance $250K - $167.80
Sun Life of Canada $250K - $168.07
Cost Savings over 20 years: $65
Why We Like Equitable Life of Canada
Longevity
Since a life insurance plan can last decades, you want to make sure your provider of choice has the wherewithal to weather the ups and downs of financial markets. Equitable Life Insurance goes back a long way — 100 years to be precise. Any life insurance company that has survived two world wars and the Great Depression surely knows their business well. Give solid reputation of Equitable Life, you can be confident that your investment is in good hands.
Bundle a Term and Whole Life Plan with Critical Illness
Managing a separate life and critical illness policy can be troublesome. Thankfully, Equitable Life allows you to combine your term or whole life policy with illness insurance to cover life and health needs in a single policy.
Preferred Clients Are Eligible for EquiLiving Critical Sickness Insurance
Applicants who receive preferred rates on life insurance plans automatically qualify for illness insurance from Equitable Life.
What We Did Not Like About Equitable Life of Canada
Limited Product Shelf
The product of Equitable Life range is not as robust as some other top Canadian insurers.
No Digital Policy
The insurer does not offer an electronic policy, which is a tad disappointing.
Mid-range Policy Rates
You may be able to get better rates than Equitable Life’s if you shop around enough.
Is Equitable Life of Canada Right for You?
If you are looking for life insurance, Equitable Life Insurance of Canada is a great option. It is a mutual company and offer a variety of plans that cater to your needs, and they are backed by a company with over 100 years of experience. You can feel confident knowing that your family is taken care of if something happens to you.
Have you looked into Equitable Life as your life insurance provider?
👉 Looking for more options? Read our reviews of life insurance companies today.
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