Equitable Life Insurance Review: Updated 2024
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Discover the methodologyEquitable Life of Canada is one of the country’s largest mutual life insurance providers, with over a century of experience offering flexible and reliable insurance solutions. Whether you’re looking for temporary protection or lifelong coverage, Equitable Life Insurance plans are designed to meet a variety of needs.
But is it the right fit for you? In this Equitable Life Insurance review, we look at its coverage options, pros and cons, costs, contact, cancellation, and more.
You can also get free, personalized Equitable Life Insurance quotes using our online tool and compare it with over 20 other plans from Canada's top providers all in one place.
Equitable Life of Canada Insurance: 6 Key Points
- Offers term life, universal, and participating whole life insurance options
- Term life coverage up to $10 million in varying term lengths
- Option to convert term life into permanent coverage without medical exams
- Bundle life and critical illness insurance policies
- Multiple investment options for high-income earners and business owners
- Multiple riders for disability waives, child term insurance, accidental death benefits
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Our Equitable Life Insurance Review
Equitable Life of Canada, one of the country’s largest mutual life insurance providers, offers a variety of affordable and flexible life insurance products, including term life, whole life, and universal life insurance.
Equitable term life insurance policies come in 10, 20, and 30-year terms, as well as an age-65 option. The 10 and 20-year terms are renewable up to age 85 and convertible to permanent protection without medical exams, making them ideal for families with evolving needs. However, the 30-year/age-65 product lacks renewability, which could limit its long-term appeal.
A standout feature of Equitable Life term insurance is the ability to bundle it with EquiLiving critical illness insurance, allowing clients to protect both life and health needs under one convenient policy. Additionally, applicants who receive preferred pricing on a term life policy automatically qualify for Equitable critical illness insurance plans, enhancing its appeal for those seeking comprehensive coverage.
Equitable whole life insurance options, such as Equimax Estate Builder® and Wealth Accumulator®, provide strong lifetime protection with cash value growth and potential dividend earnings, making them excellent choices for estate planning and wealth building. Universal life insurance products like Equation Generation IV and Equitable Generations™ offer tax-advantaged growth and customizable investment strategies, ideal for high-income earners and business owners.
Compared to competitors like Canada Life Insurance, which offers broader term product ranges and online purchasing options, Equitable Life’s term insurance feels somewhat limited. Similarly, while its universal life plans offer strong flexibility, providers like RBC Insurance may appeal to those prioritizing lower administrative fees. Further, Equitable Life Insurance does not have an option to buy policies online or file claims digitally.
Overall, Equitable Life Insurance suits those looking for long-term protection and potential dividend earnings but may not be ideal for those seeking extensive term policy choices or online purchasing convenience.
Is Equitable Life Insurance good?
Equitable Life of Canada provides a reliable mix of affordable insurance products, particularly excelling in lifetime coverage and cash value growth options. Its ability to bundle term life and critical illness insurance adds significant value for comprehensive protection. While it’s a strong choice for long-term planners, those needing more extensive term flexibility or digital convenience may need to explore alternatives.
But it also depends on what your unique needs are so it's best to compare Equitable Life Insurance with other options available to find a plan that truly fits you. You can use our comparator below to compare policies from Canada's best life insurance companies and get free quotes in seconds right here.
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Pros of Equitable Life of Canada Insurance
- Term life insurance in 10, 20, 30-year lengths or until age 65
- Renewable term coverage until age 85
- Whole life and universal life options
- Term policies can be converted into permanent plans without medical exams
- Option to bundle coverage with critical illness and other term life riders
- Variety of riders including Additional Accidental Death Benefit, Children’s Protection rider, Disability Waiver
- Critical illness riders
- Automatically qualify for EquiLiving Critical Illness coverage
- Insurance rates are lower than many competitors
Cons of Equitable Life of Canada Insurance
- Term insurance plans are more limited than some competitors
- Policies not available for online purchase (Several Equitable life insurance reviews from customers often mention this)
- No guaranteed issue life insurance
- No claims filing online
Who is Equitable Life of Canada Insurance?
Equitable Life Insurance is a well-known and reliable mutual life insurance company in Canada with more than a century of providing policies to Canadians. It was established in 1920 as the Ontario Equitable Life and Accident Insurance Company in Waterloo, Ontario. In 1936 it changed its name to the Equitable Life Insurance Company of Canada. In 2016 it surpassed $100 billion in life insurance policies.
Besides life insurance, it offers:
- Personal Insurance (Equitable life travel insurance, Equitable life health insurance)
- Retirement products
- Investment products
- Group benefits
As a mutual insurance company, it is owned by the participating policyholders who may earn dividends on the company's earnings. Its status as a mutual company allows Equitable to focus on the long-term well-being and interests of the policyholders, not quarterly results.
How much does Equitable life insurance cost?
The table below shows the monthly premiums for male and female, non-smokers purchasing a 20-year Equitable Life term insurance policy with $500,000 coverage.
| Age | Male | Female |
|---|---|---|
| 30 | $33.70 | $23.80 |
| 40 | $52.03 | $37.35 |
| 50 | $136.15 | $93.55 |
| 60 | $437.35 | $315.40 |
Note that these rates may vary based on your profile and are subject to change. So it's essential to get quotes suited to your individual needs. Get a free personalized quote from Equitable Life Insurance using our special partner link below.
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But it's also important to look at multiple providers before buying a life insurance policy. But how do you compare many plans? We've got you covered. Use our HelloSafe comparator below to compare plans, and coverages, and get free personalized life insurance quotes from Canada's best providers. You can get over 20 quotes in just a few moments.
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What types of life insurance does Equitable Life of Canada offer?
| Policy type | Term | Whole Life | Universal |
|---|---|---|---|
| Policy options |
|
|
|
| Maximum coverage | Up to $10 million | Up to $20 million | Subject to underwriting approval |
| Eligibility Age | 18 to 75 years (renewable up to 85) | 0 to 75 years | 0 to 80 years |
| Premiums | Guaranteed level premiums for the chosen term; increases upon renewal | Guaranteed premiums (Life Pay, 20 Pay, or 10 Pay for Estate Builder) | Flexible premiums based on investment choices and policy structure |
| Cash value |
Let's take a look at the different types of plans offered by the company.
Equitable Term Life Insurance
Equitable Canada offers term life insurance policies with coverage options of 10, 20, or 30 years (or until age 65 years option), designed to provide affordable protection for families and individuals during their most financially vulnerable periods. These policies are perfect for young families with financial obligations like mortgages, student loans, or childcare expenses. If you’re looking for temporary coverage during critical life stages, this plan works well.
Coverage Features:
- Fixed premiums for the term length chosen (10, 20, 30, or until age 65).
- Maximum coverage of up to $10,000,000
- Renewable and convertible to permanent insurance without additional health checks.
- Flexible add-ons such as critical illness and child protection riders, disability, and accidental death insurance
- Policies can be purchased either as an individual or a joint plan
- Equiliving Critical illness insurance rider may also be added
- Preferred underwriting option available for coverage of $500,000 or higher
Equitable Whole Life Insurance
Equitable whole life insurance is a form of permanent life insurance that offers eternal coverage. There are two types of participating plans from Equitable Canada - Equimax Estate Builder and Equimax Wealth Accumulator. This is ideal for individuals aiming to leave a financial legacy, plan their estate, or create a secure financial safety net for future generations. There are also options to buy a policy for your children and grandchildren.
Coverage Features:
- Equimax Estate Builder whole life policy earns dividends which can be paid out to you or used to reduce premiums or purchase additional coverage.
- Equitable Wealth Accumulator earns dividends in an accelerated manner during the initial years of the coverage. If you want to grow your money quickly, this could be a great option.
- Premium payment flexibility: 10-year, 20-year, or lifetime pay.
- Cash value grows tax-advantaged and can be accessed for personal use.
Equitable Life Universal Insurance
Equitable Life’s Equation Generation IV and Equitable Generations™ are advanced universal life products combining lifetime protection with tax-advantaged savings and investment options. These plans cater to high-income earners, business owners, and those seeking financial flexibility through customizable investment options. It is self-directed which means you get to choose how to invest the cash value of the policy.
Coverage Features:
- Equitable Generations is cost-effective and tax-advantaged without a policy administration fee
- Equation Generation IV with Bonus offers a guaranteed investment bonus that is not dependent on market performance
- Equation Generations Low Fees offers a bonus and lower fees
- Adjustable premiums and death benefits
- Access to diverse investment options like guaranteed deposit accounts or market-linked interest options
- Tax-advantaged account value growth
- Flexibility to withdraw or borrow against policy value for financial needs
If you want to explore Equitable Life of Canada Insurance might be the right choice for you, get a free quote using our free partner link below.
Additional Features Across Equitable Life Canada Plans
- Built-in Compassionate Advance Benefit: Allows early access to a portion of the death benefit for terminal illnesses.
- Bereavement Counseling: Coverage includes $1,000 for counselling services for beneficiaries after a claim.
How do I get an Equitable Life Insurance Canada quote?
You can get free quotes for Equitable Life of Canada policies through our special partner link.
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Before making an equitable life insurance application or getting Equitable Life insurance quotes, you must compare plans from other providers. While this may seem like a time-consuming process, we've made it super simple for you.
You can just use our comparator below and get free quotes from over 20 life insurance providers in just a few moments. All you need to do is enter basic information on what you're looking for and get quotes in no time.
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How much life insurance do I need?
Before you contact any insurance company, it’s helpful to first get an idea of the amount of insurance coverage you need. Most companies offer online tools to calculate accurate coverage but there is no Equitable Life Insurance Calculator unfortunately on its Canadian website www.equitable.ca.
We’ve got you covered with our HelloSafe life insurance calculator. Determine an appropriate coverage amount for you in seconds. Considering factors like your dependents, outstanding debts, and future expenses, our calculator takes a comprehensive approach to provide you with a tailored coverage estimate.
Here are things to keep in mind while calculating life insurance coverage:
- Cover Your Financial Obligations: Add up any debts like mortgages, car loans, or personal loans. For example, if you have a $300,000 mortgage and a $20,000 car loan, ensure your coverage accounts for these liabilities.
- Replace Your Income: Determine how many years your family would need financial support. For instance, if you earn $60,000 annually and want to provide 10 years of income replacement, aim for $600,000 in coverage.
- Plan for Future Expenses: Consider significant costs like your children’s education. For example, set aside $50,000 per child for college tuition when calculating your coverage.
- Account for Existing Savings: Subtract any savings or investments you already have. If you’ve saved $100,000 for retirement, you can reduce the total coverage needed to avoid over-insuring.
- Factor in Final Expenses: Include costs for funerals, which can range from $8,000 to $15,000 in Canada. Adding this ensures your family isn’t burdened by these expenses.
- Adjust for Inflation: Plan for the rising cost of living. For example, a $50,000 education fund today might need to be $70,000 in 10 years due to inflation.
- Consider Special Needs: If a family member requires long-term care or has specific medical needs, include these costs. For instance, a $50,000 fund for medical assistance can provide peace of mind.
- Review Your Health and Lifestyle: Your health and habits, like smoking, can affect premiums. For example, a smoker might pay higher premiums compared to a non-smoker with similar coverage needs.
How to contact Equitable Life Insurance customer service?
| Communication | Contact |
|---|---|
| Equitable life insurance phone number | 1.800.668.4095 |
| [email protected] | |
| Fax | 519.883.7404 |
| Website | www.equitable.ca |
| Address | One Westmount Road North P.O. Box 1603, Stn Waterloo Waterloo, Ontario N2J 4C7 |
If you're an existing customer, keep your policy number handy. You will find it on your Equitable Life of Canada insurance card or policy document.
How to file an Equitable Life Insurance claim?
Here are the steps to file a claim for your Equitable Life of Canada policy:
- Claim Initiation: Notify Equitable Life of the insured person’s death or critical illness by calling 1-800-668-4095 or emailing [email protected]. Equitable will send the claim requirements and instructions.
- Submit Required Forms: Complete the claim forms provided, and have them signed by the insured person’s doctor or coroner if needed.
- Claim Review: Equitable may request additional documents, such as medical records, proof of age, beneficiary identification, proof of death, or specialist records.
- Decision Notification: Equitable’s team will assess the claim and notify you in writing of the decision, along with any next steps.
For support during the process, contact Equitable Life’s Individual Claims Team at 1-800-668-4095 or [email protected]. You cannot file life insurance claims online and must speak to an advisor to start the process.
Equitable life insurance login for existing customers
There is a quick client access service offered by the company which allows you to log in to the website and access your information. All you have to do is log in using your Equitable Life Insurance login ID and password and you will then be taken to your account details. You can access all details about your policy and claims using your login.
How to cancel my Equitable Life of Canada insurance policy?
If you are unhappy with an Equitable life insurance policy, you can simply request termination. The form is available on the website and once you submit it, your policy will be terminated within 10 business days.
You will have to enter the policy number on your policy card or document. Meanwhile, you can also use your login details to access this information. You can download the termination form here.
Watch out!
Cancelling a life insurance policy can have tax implications and will end your coverage. Speak with an advisor and weigh your choices carefully before cancelling any policy.
