Is Equitable Life Insurance Good? Review (2024)
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Discover the methodologyEquitable Life Insurance Canada is among the country's biggest mutual life insurers. It has a century of history and a variety of flexible life insurance options.
But is it the right policy for you? In this Equitable Life Insurance review, we take you through the plans, offers, pros, cons, and more, so you can decide if it really works for you.
You can compare plans from other big life insurance providers using our comparator and get free personalized life insurance quotes to make an informed decision.
Equitable Life Insurance: 5 Key Takeaways
- “A” Financial Strength and Issuer Rating from DBRS Morningstar
- Term plans convertible into permanent plans
- A mutual insurance company, owned by participating policyholders
- Competitive rates, making it an attractive choice for cost-conscious buyers
- Offers riders like additional Accidental Death Benefit, Children’s Protection rider, Critical Illness coverage
Our Equitable Life Insurance review: A good option for permanent life insurance
Equitable Life Insurance Canada is designed to meet a variety of needs from protecting your family financially to business protection for business owners. Its term life insurance products offer coverage for 10-year, 20-year, and 30-year and up to age 65. Their 10 and 20-year products may be renewed up to 85 years of age. You may also switch term policies to permanent protection to meet long-term needs.
Laddering Equitable policies is an interesting solution for some buyers. Buying multiple policies with different lengths can help meet changing financial needs as you age.
For example
For example, if at 40 years old you need $3 million coverage, but by 50 you only $2 million, and then at 60 $1 million, you could buy three $1 million policies for 10, 20, and 30 years. It is a cost-effective way to enjoy long-term coverage while having the most coverage when you need it most.
So, is Equitable Life Insurance good? Equitable Life Insurance is a reputable choice for those seeking permanent life insurance coverage. With convertible term plans, a range of riders, and competitive rates, it offers flexibility and value.
However, its term insurance options are more limited compared to some competitors, and policies cannot be purchased online, which may inconvenience some customers. 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.
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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Like all providers, this company also has its benefits and drawbacks to consider. Let’s take a look:
Pros
- Term policies can be converted into permanent plans
- Variety of riders including Additional Accidental Death Benefit, Children’s Protection rider, Disability Waiver of Premium provision and EquiLiving® Critical Illness insurance
- Critical illness riders
- Automatically qualify for EquiLiving Critical Illness coverage
- Insurance rates lower than many competitors
Cons
- Term insurance plans are more limited than some competitors (3 options)
- Policies not available for online purchase (Equitable life insurance reviews from customers often mention this)
Who is Equitable Life Insurance Canada?
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?
Before shopping for a life insurance policy, it helps to have an idea of the premiums to expect. 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. But it's also important to look at more than one provider before you buy 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.
Compare the best life insurance companies
What does Equitable life insurance cover?
A policy with Equitable is a great way to get coverage for your family protection, business, or any special needs specific to your situation. Life insurance products are a powerful tool for protecting the following.
Family's needs include:
- Mortgage or Rent
- Education costs
- Funeral & final expenses
- Survivors' income
Business needs such as:
- Funds for a company buy and sell agreements
- Family business continuance
- Collateral Insurance
Special needs that may come in the form of:
- Surviving critical illness
- Maximize retirement income
- Bequest to charity
What types of life insurance does Equitable life insurance offer?
| Policy type | Term | Whole Life | Universal |
|---|---|---|---|
| Policy options |
|
|
|
| Maximum coverage | Up to $10 million | Up to $20 million | Up to $10 million |
| Cash value |
Let us take a look at the different types of plans offered by the company.
Term life insurance
The company has term life insurance policies for 10, 20, and 30 years. In the case of the 30-year policy, coverage ends after 30 years or the policyholder's 65th birthday. Term policies are the simplest form of insurance available on the market and are enough for many buyers.
Policies can be purchased either as an individual or a joint plan. An Equiliving Critical illness insurance rider may also be added on to enjoy complete protection under one policy. Finally, term policies can be converted into permanent life insurance.
Whole life insurance
Equitable whole life insurance is a form of permanent life insurance that offers eternal coverage. As long as the policyholder continues paying premiums, the coverage will not expire. There are options to buy a policy for your children and grandchild.
There are two types of participating plans for Equitable Life of Canada insurance policy- Equimax Estate Builder and Equimax Wealth Accumulator.
- Equimax Estate Builder 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.
Equitable life universal insurance
Equitable life insurance of Canada's universal life insurance coverage is similar to whole life insurance but it has a long-term investment component. It is self-directed which means you get to choose how to invest the cash value of the policy. There are two types of plans you can choose from
- 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
How do I get an Equitable Life Insurance Canada quote?
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.
Compare the best life insurance companies
However, if you prefer to connect with the company directly, you can head to their website and provide details about your age, health, and lifestyle.
The life insurance premium calculator will give you an estimate within minutes. If you have more questions or want to proceed with the purchase, you can contact the advisor or share your contact details with the company and they will get back to you.
Equitable Life insurance calculator
Before you contact any insurance company, it’s helpful to first get an idea of the amount of insurance coverage you need. Unfortunately, the company doesn’t have a life insurance needs calculator available on its Canadian website.
We’ve got you covered with our own life insurance calculator. Determine an appropriate coverage amount for you in seconds.
Equitable life insurance login
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.
Equitable life insurance customer service
Need to reach the Equitable Life Insurance Company of Canada? Here are the contact details:
| Communication | Contact |
|---|---|
| Equitable life insurance phone number | 519.886.5210 |
| Toll-free Number | 1.800.722.6615 |
| [email protected] | |
| 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 cancel Equitable life insurance?
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. Equitable life insurance reviews from customers mention the general ease of service such as cancelation and claims as a big positive.
You will have to enter the policy number on your Equitable Life Insurance card or policy document. Meanwhile,you can also use your equitable life insurance provider login to access this information. You can download the termination form here.
Watch out!
Canceling a life insurance policy can have tax implications and will end your coverage. Speak with an advisor and weigh your choices carefully before canceling any policy.
