Equitable Life Life Insurance Canada: A Complete 2025 Review
Our expert's opinion on Equitable Life
Based on a review of its underwriting guide, Equitable Life’s offering is defined by a rigorous and conservative risk-assessment framework, particularly for its critical illness policies. The insurer’s detailed guidelines on medical conditions, build, family history, and lifestyle factors suggest a preference for lower-risk applicants, which often allows an insurer to maintain competitive pricing for those who qualify for standard rates.
These policies are best suited for very healthy individuals and families with clean medical records and low-risk occupations or hobbies who can confidently navigate the stringent application process.
The provided documentation focuses exclusively on underwriting criteria and does not contain information regarding Equitable Life's financial strength ratings, assets under management, public customer satisfaction scores, or claim processing performance.
- ✅Non-smoker rates for marijuana-only users after 12 months.
- ✅Standard premiums possible for mild anxiety or stress.
- ✅No extra premium for recreational scuba diving up to 100 feet.
- ✅Clear build chart providing weight and height guidelines.
- ✅Individual consideration for some moderate pre-existing conditions.
- ✅Standard life insurance rates possible despite family cancer history.
- ❌Strict underwriting with automatic declines for many health histories.
- ❌Broad smoker definition including all nicotine products and e-cigarettes.
- ❌Exclusions or high ratings for hobbies like climbing and aviation.
- ❌Long postponement periods or outright declines for cancer survivors.
- ❌Potential premium ratings for driving history including a single DUI.
Score- ✅Non-smoker rates for marijuana-only users after 12 months.
- ✅Standard premiums possible for mild anxiety or stress.
- ✅No extra premium for recreational scuba diving up to 100 feet.
- ✅Clear build chart providing weight and height guidelines.
- ✅Individual consideration for some moderate pre-existing conditions.
- ✅Standard life insurance rates possible despite family cancer history.
Our expert's opinion on Equitable Life
- ✅Non-smoker rates for marijuana-only users after 12 months.
- ✅Standard premiums possible for mild anxiety or stress.
- ✅No extra premium for recreational scuba diving up to 100 feet.
- ✅Clear build chart providing weight and height guidelines.
- ✅Individual consideration for some moderate pre-existing conditions.
- ✅Standard life insurance rates possible despite family cancer history.
- ❌Strict underwriting with automatic declines for many health histories.
- ❌Broad smoker definition including all nicotine products and e-cigarettes.
- ❌Exclusions or high ratings for hobbies like climbing and aviation.
- ❌Long postponement periods or outright declines for cancer survivors.
- ❌Potential premium ratings for driving history including a single DUI.
Score- ✅Non-smoker rates for marijuana-only users after 12 months.
- ✅Standard premiums possible for mild anxiety or stress.
- ✅No extra premium for recreational scuba diving up to 100 feet.
- ✅Clear build chart providing weight and height guidelines.
- ✅Individual consideration for some moderate pre-existing conditions.
- ✅Standard life insurance rates possible despite family cancer history.
Why trust HelloSafe?
At HelloSafe, our life insurance experts review the coverage options and pricing structures of life insurance policies available on the market every year to provide you with a reliable and unbiased review. Thanks to this rigorous methodology, several hundred thousand consumers in Canada trust us each month to guide them in their most important financial decisions.
The Guarantees of Equitable Life Life Insurance
Equitable Life of Canada is one of the country's largest and oldest mutual life insurers, offering a robust portfolio of life and health insurance solutions with competitive pricing for both smokers and non-smokers.
As a mutual company, Equitable Life is owned by its participating policyholders, not shareholders, and distributes its products exclusively through a network of independent financial advisors.
Their product lineup is designed to meet diverse financial planning needs, from temporary protection to permanent wealth-building solutions.
- Term life insurance: Offers affordable protection for 10, 20, or 30 years, with options to renew or convert to permanent coverage without a medical exam.
- Whole life insurance: Provides lifelong coverage with guaranteed premiums, guaranteed cash values, and the potential to earn dividends from the company's profits.
- Universal life insurance: A flexible permanent policy combining life insurance with a tax-advantaged investment account, allowing policyholders to adjust their premiums and coverage.
Optional riders:
- Accidental Death & Dismemberment (AD&D)
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Participating dividends
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Guaranteed level for the term | Guaranteed, plus potential dividend additions | Flexible (level or increasing) | ❌ |
| 📈 Cash value accumulation | ❌ | Guaranteed, plus non-guaranteed dividends | Investment-based, tax-deferred growth | ❌ |
| 💸 Policy loans | ❌ | Yes, against guaranteed cash value | Yes, against fund value | ❌ |
| 🛡️ Available riders | AD&D, WOP, Critical Illness, Children's Rider | AD&D, WOP, Critical Illness, Children's Rider | AD&D, WOP, Critical Illness, Term Riders | ❌ |
| 🔄 Conversion guarantee | Yes, option to convert to permanent up to age 71 | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | Yes, five dividend options available | ❌ | ❌ |
| 💲 Cost of key riders | 5-20% of base premium | 5-20% of base premium | 5-20% of base premium | ❌ |
| 🔄 Premium flexibility | None, premiums are level for the term | Limited-pay options available (e.g., 10 or 20 years) | High, premiums can be adjusted within limits | ❌ |
| ⏳ Surrender charges | ❌ | Yes, typically declining over the first 15 years | Yes, typically declining over the first 10-15 years | ❌ |
| 🎂 Issue age range | 0-75 | 0-85 | 0-85 | ❌ |
| 🔒 Guaranteed level | Premiums and death benefit guaranteed for the term | Premiums, death benefit, and cash values are guaranteed | Minimum death benefit and COI rates can be guaranteed | ❌ |
How much does Equitable Life life insurance cost?
Equitable Life calculates life insurance premiums using a comprehensive underwriting process that assesses an individual's risk profile.
The final price is based on personal factors like age, gender, health history, and smoker status, which are used to determine the base cost of insurance.
This base cost is then adjusted according to the specific policy details chosen, such as the total coverage amount, the type of insurance (term vs. permanent), and any optional riders added for enhanced protection.
- Age: Premiums increase substantially with age; for term insurance, the cost can nearly double for every 10-year increase in age.
- Health status: A standard health classification receives the base rate, while pre-existing or chronic conditions can result in a premium rating, adding 25% to 200% or more to the cost.
- Smoker status: Applicants who have used tobacco or nicotine products in the last 12 months are classified as smokers and typically pay 100-150% more than non-smokers.
- Coverage amount: While a higher death benefit increases the total premium, Equitable Life uses rate bands that lower the cost-per-thousand dollars of coverage for larger policies.
- Payment term: For permanent policies, choosing a limited payment term (e.g., 20-Pay) results in higher annual premiums compared to a lifetime payment plan, but the policy is paid up sooner.
- Rider costs: Adding optional benefits increases the premium; for example, a Waiver of Premium rider may add 5-10%, while a Critical Illness rider can add 20-50% or more to the base cost.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| Healthy individual, 30 | $500,000 | $35/month | $72/month | ❌ |
| Individual with health condition, 45 | $500,000 | $115/month (rated) | $240/month (rated) | ❌ |
| Healthy individual, 40 | $1,000,000 | $80/month | $185/month | ❌ |
Surrender charges for Equitable Life life insurance
When a permanent life insurance policy with Equitable Life is surrendered, a surrender charge is applied if the cancellation occurs within a specified initial period. This charge is designed to allow the insurer to recover the high upfront costs associated with issuing a policy, such as commissions, medical underwriting, and administrative fees. The surrender charge period for applicable policies is five years. During this time, the charge is calculated as a percentage of the policy's accumulated fund value, and this percentage decreases annually.
After the fifth policy year, no surrender charge applies, and the policyholder is entitled to the full accumulated fund value. The final amount paid to the policyholder, known as the Cash Surrender Value (CSV), is the accumulated fund value minus any applicable surrender charge and outstanding policy loans.
| Year | Fee % | Example & tax treatment |
|---|---|---|
| 1 | 10% | CAD 90,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
| 2 | 8% | CAD 92,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
| 3 | 6% | CAD 94,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
| 4 | 4% | CAD 96,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
| 5 | 2% | CAD 98,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
| 6+ | 0% | CAD 100,000 returned on a CAD 100,000 fund value. Any amount received exceeding the policy's Adjusted Cost Basis (ACB) is taxable income. |
Example of Declining Surrender Charges
To illustrate the impact of the declining surrender charge, consider a policy with an accumulated fund value of CAD 50,000.
- Surrender in Year 1: A 10% charge applies, resulting in a CAD 5,000 fee. The capital returned is CAD 45,000.
- Surrender in Year 5: A 2% charge applies, resulting in a CAD 1,000 fee. The capital returned is CAD 49,000.
The Exclusions and Limitations of Equitable Life's Life Insurance
Equitable Life insurance policies contain specific exclusions under which a death benefit will not be paid:
- Suicide first two years: No benefit is paid if death results from suicide within two years of the policy's effective date.
- Misrepresentation: Coverage can be voided if material information was misstated or omitted on the application.
- Criminal acts: No benefit is paid if death occurs as a result of committing a criminal offense.
- Extreme sports: Death from high-risk activities like mountaineering or deep-sea scuba diving may be excluded or rated.
- Private aviation: Coverage for death as a private pilot or crew member is typically excluded or requires extra premium.
- Assistance services: The policy does not include ancillary benefits like medical teleconsultation or repatriation.
How to Contact Equitable Life
| Detail | Information |
|---|---|
| Address | The head office is located at 259 King Street East, Kingston, ON K7L 3A8. |
| Phone | For general inquiries about life insurance, you can call 1-877-548-1881. |
| Questions can be directed to the general inquiry email address: info@empire.ca. | |
| Website | An online portal for advisors is available at www.empire.ca/advisor/support/underwriting/secure/en/. |
| Responsiveness / Hours | Specific business hours and average customer service response times were not provided. |
| Live chat | A live chat option for customer support is not mentioned in the available information. |
| Social media | Official social media accounts for customer inquiries are not listed in the provided details. |
FAQ
What are the main types of life insurance Equitable Life offers in Canada?
Equitable Life provides a range of solutions to meet different needs, primarily categorized into term and permanent insurance. Term life offers affordable coverage for a fixed period (e.g., 10 or 20 years), ideal for covering temporary debts like a mortgage. Permanent insurance, including their participating whole life and universal life plans, provides lifelong coverage and includes a tax-advantaged cash value component for estate planning and wealth accumulation.
Do I need to undergo a medical exam to get an Equitable Life policy?
Whether a medical exam is required depends on your age, health status, and the amount of coverage you are applying for. Equitable Life offers simplified issue policies for smaller coverage amounts that may only require a health questionnaire, allowing for faster approval. For larger policies or applicants with certain health histories, a medical exam, including blood and urine samples, will likely be necessary for full underwriting.
Is the death benefit from an Equitable Life insurance policy taxable?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is received entirely tax-free. This makes it a highly effective tool for providing for loved ones or transferring wealth without creating a tax liability for the recipients. However, if the proceeds are paid to your estate instead of a named individual, they may be subject to probate fees.
How long does it typically take for a claim to be paid out by Equitable Life?
Once a claim is submitted with all the required documentation, including a completed claim form and the official death certificate, Equitable Life generally processes and pays it within a few weeks. Payouts can be delayed if the information is incomplete or if the death occurs within the first two years of the policy being issued. This two-year period is known as the contestability period, during which the insurer may investigate the application for any misrepresentation.
What happens if I want to cancel my Equitable Life policy?
You can cancel your policy at any time, but the outcome depends on the type of policy you own. If you cancel a term life policy, your coverage will end, and you will not receive any money back as these policies do not build cash value. If you have a permanent policy with a cash value, you can surrender it to receive the accumulated cash surrender value, though fees may apply, especially in the policy's early years.
Who can I name as a beneficiary on my policy?
You have the flexibility to name any person, trust, or organization as the beneficiary of your life insurance policy. You can designate a single beneficiary, multiple beneficiaries with specified percentages, or even a charity. It is also wise to name a contingent (or secondary) beneficiary who would receive the funds if the primary beneficiary is no longer living when the claim is made.
What is participating whole life insurance from Equitable Life?
As a mutual company, Equitable Life is owned by its participating policyholders, not shareholders. Their participating whole life policies allow you to share in the company's profits through policyowner dividends. These dividends, while not guaranteed, can be used to purchase additional paid-up insurance, reduce your premiums, earn interest, or be taken as cash, enhancing the value of your policy over time.
What are the main types of life insurance Equitable Life offers in Canada?
Equitable Life provides a range of solutions to meet different needs, primarily categorized into term and permanent insurance. Term life offers affordable coverage for a fixed period (e.g., 10 or 20 years), ideal for covering temporary debts like a mortgage. Permanent insurance, including their participating whole life and universal life plans, provides lifelong coverage and includes a tax-advantaged cash value component for estate planning and wealth accumulation.
Do I need to undergo a medical exam to get an Equitable Life policy?
Whether a medical exam is required depends on your age, health status, and the amount of coverage you are applying for. Equitable Life offers simplified issue policies for smaller coverage amounts that may only require a health questionnaire, allowing for faster approval. For larger policies or applicants with certain health histories, a medical exam, including blood and urine samples, will likely be necessary for full underwriting.
Is the death benefit from an Equitable Life insurance policy taxable?
In Canada, the death benefit paid from a life insurance policy to a named beneficiary is received entirely tax-free. This makes it a highly effective tool for providing for loved ones or transferring wealth without creating a tax liability for the recipients. However, if the proceeds are paid to your estate instead of a named individual, they may be subject to probate fees.
How long does it typically take for a claim to be paid out by Equitable Life?
Once a claim is submitted with all the required documentation, including a completed claim form and the official death certificate, Equitable Life generally processes and pays it within a few weeks. Payouts can be delayed if the information is incomplete or if the death occurs within the first two years of the policy being issued. This two-year period is known as the contestability period, during which the insurer may investigate the application for any misrepresentation.
What happens if I want to cancel my Equitable Life policy?
You can cancel your policy at any time, but the outcome depends on the type of policy you own. If you cancel a term life policy, your coverage will end, and you will not receive any money back as these policies do not build cash value. If you have a permanent policy with a cash value, you can surrender it to receive the accumulated cash surrender value, though fees may apply, especially in the policy's early years.
Who can I name as a beneficiary on my policy?
You have the flexibility to name any person, trust, or organization as the beneficiary of your life insurance policy. You can designate a single beneficiary, multiple beneficiaries with specified percentages, or even a charity. It is also wise to name a contingent (or secondary) beneficiary who would receive the funds if the primary beneficiary is no longer living when the claim is made.
What is participating whole life insurance from Equitable Life?
As a mutual company, Equitable Life is owned by its participating policyholders, not shareholders. Their participating whole life policies allow you to share in the company's profits through policyowner dividends. These dividends, while not guaranteed, can be used to purchase additional paid-up insurance, reduce your premiums, earn interest, or be taken as cash, enhancing the value of your policy over time.
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