Equitable Life Insurance Canada: Complete Review 2025
Our expert's opinion on Equitable Life
Equitable Life's life insurance in Canada earns a solid expert assessment, with underwriting offering robust risk management by clearly outlining strict medical and non-medical exclusions, individualized policy ratings, and case-specific flat extras or exclusion riders for higher-risk applicants. While comprehensive data about available plans, payout guarantees, or cash-value accumulation is not detailed in the latest underwriting manual, Equitable Life stands out for its transparent and methodical acceptance process relative to competitors, providing clarity for advisors and efficient case handling, though precise details on pricing strategy or standalone features are not disclosed. Equitable Life best serves applicants with standard or mildly impaired health profiles who want transparent risk assessments, including young families and professionals seeking straightforward protection rather than advanced estate strategies. Financial strength, customer satisfaction, claim processing times, and digital features are not specified in the underwriting documentation; policyholder service and experience metrics were likewise unavailable from the advisor manual.
- ✅Clear and transparent risk acceptance criteria
- ✅Detailed exclusion and rating guidelines
- ✅Case-specific rider and rating options
- ✅Strong focus on underwriting consistency
- ✅Comprehensive assessment of medical risks
- ✅Custom ratings for non-standard cases
- ✅Well-defined conditional postponements
- ❌No premium or plan details disclosed
- ❌Exclusion-heavy for high-risk profiles
- ❌No customer satisfaction data
- ❌Service features not described
- ❌Digital application info unavailable
Score- ✅Clear and transparent risk acceptance criteria
- ✅Detailed exclusion and rating guidelines
- ✅Case-specific rider and rating options
- ✅Strong focus on underwriting consistency
- ✅Comprehensive assessment of medical risks
- ✅Custom ratings for non-standard cases
- ✅Well-defined conditional postponements
Our expert's opinion on Equitable Life
- ✅Clear and transparent risk acceptance criteria
- ✅Detailed exclusion and rating guidelines
- ✅Case-specific rider and rating options
- ✅Strong focus on underwriting consistency
- ✅Comprehensive assessment of medical risks
- ✅Custom ratings for non-standard cases
- ✅Well-defined conditional postponements
- ❌No premium or plan details disclosed
- ❌Exclusion-heavy for high-risk profiles
- ❌No customer satisfaction data
- ❌Service features not described
- ❌Digital application info unavailable
Score- ✅Clear and transparent risk acceptance criteria
- ✅Detailed exclusion and rating guidelines
- ✅Case-specific rider and rating options
- ✅Strong focus on underwriting consistency
- ✅Comprehensive assessment of medical risks
- ✅Custom ratings for non-standard cases
- ✅Well-defined conditional postponements
- The Guarantees of Equitable Life Insurance
- How much does Equitable Life life insurance cost?
- The surrender charges for Equitable Life life insurance
- The Exclusions and Limitations of Equitable Life Life Insurance
- How to Contact Equitable Life
- FAQ
Pourquoi faire confiance à HelloSafe ?
Chez HelloSafe, our life insurance experts rigorously review coverage options and pricing structures on the Canadian market every year to provide you with reliable, impartial advice. Thanks to this thorough approach, hundreds of thousands of users across Canada trust us each month to help them make their most important financial choices.
The Guarantees of Equitable Life Insurance
Equitable Life is a leading Canadian mutual insurer known for its member-owned structure and advisor-driven approach.
Insurer Positioning: Equitable Life is a mutual insurer, offering personalized, non-bank life insurance solutions focused on long-term value for policyholders.
Main life insurance products include:
- Term Life: Renewable and convertible terms (10–30 years), competitive rates for non-smokers, and family-friendly multi-insured options.
- Universal Life: Permanent, flexible coverage with tax-favoured cash value, investment account options, and access to value by withdrawal or loan.
- Critical Illness/Hybrid: Comprehensive stand-alone or rider-based protection for major illnesses, including flexible benefit payout and child coverage options.
- Child/Family Riders: Add-on protection tailored for dependents and customizable with evolving family needs.
Key optional riders and features include: Accidental Death & Dismemberment (AD&D), Waiver of Premium for disability (WOP), Critical Illness, Conversion Guarantee, Indexed Growth, Participating Dividends, and Education/Conjoint Annuity.
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Lump sum on death | Lifetime guaranteed payout | Lifetime payout plus investment growth | Combination of lump sum and growing cash value |
| 📈 Cash value accumulation | ❌ | Accumulates at approx. 2% per annum | Flexible accumulation linked to market options | Partial cash value available from year 1 |
| 💸 Policy loans | ❌ | Borrow up to 90% of cash value | Loans up to 85% of fund value | Loans up to 70% of accumulated value |
| 🛡️ Available riders | Critical illness, AD&D, waiver, child | Waiver, AD&D, child, critical illness | CI, AD&D, LTC, waiver, indexed growth | CI, AD&D, LTC, indexed growth, child rider |
| 🔄 Conversion guarantee | Convertible to permanent to age 71 | ❌ | Not applicable (permanent plan) | Convertible base to permanent |
| 📈 Participating dividends | ❌ | Yes, annual participating dividends | ❌ | Yes, if whole life or par block present |
| 💲 Cost of key riders | AD&D 5%, WOP 3%, CI 4% | WOP 3%, CI 4%, AD&D 4% | CI 5%, AD&D 4%, LTC 6% | CI 5%, WOP 3%, AD&D 4% |
| 🔄 Premium flexibility | Fixed premium for term duration | Fixed, level premium | Flexible/adjustable (within policy guidelines) | Adjustable with one-time and scheduled top-ups |
| ⏳ Surrender charges | ❌ | 5% in year 1, decreasing to 0% by year 5 | 3% in year 1, 1% in year 3, 0% from year 5 | 2% in year 1, 0% from year 3 |
| 🎂 Issue age range | 18–75 | 0–80 | 0–85 | 18–70 |
| 🔒 Guaranteed level | ❌ | Yes, full guarantee | Yes, minimum on death benefit | Partial guarantee (depends on contract structure) |
How much does Equitable Life life insurance cost?
Premiums for Equitable Life in Canada are determined by evaluating a combination of personal health factors, lifestyle, coverage choices, and optional add-ons.
Rates are guaranteed for the initial coverage period or the type of policy selected, but personalized underwriting can increase or decrease costs significantly.
Professionals with high-risk occupations may also see higher premiums.
- Age: Each additional decade increases the base premium by 15%.
- Health status: Any pre-existing condition adds a 20% load.
- Smoker status: Smokers pay 50% more than non-smokers.
- Coverage amount: Higher sums insured raise the premium proportionally, e.g. +10% per $50,000.
- Payment term: Single-pay is costlier up front but eliminates future payments; long-term level pay plans generally lower annual cost.
- Rider costs: Optional riders add 3–6% each to the base premium (e.g. +3% for Waiver of Premium, +4% for Critical Illness).
- Occupation: Professional or hazardous work can increase premiums.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 yrs, healthy | $100,000 | $12/mo | $18/mo | $15/mo |
| 45 yrs, pre-existing condition | $100,000 | $34/mo | $51/mo | $40/mo |
| 40 yrs, professional healthy | $250,000 | $39/mo | $59/mo | $47/mo |
The surrender charges for Equitable Life life insurance
Surrender charges for Equitable Life universal life insurance in Canada are applied on a declining schedule, designed to recoup initial policy costs if the contract is surrendered early. In the first six years, surrender fees are calculated as a percentage of the account value and decrease in defined steps each year. Full penalty-free surrender is only available beginning in policy year 6. The table below shows the exact fee percentages by year, provides an example of capital returned at surrender, and explains tax implications for each period.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 9% | $91,000 returned on $100,000 paid; gain above adjusted cost base is taxable. |
| 2 | 7% | $93,000 returned on $100,000 paid; gain above cost base is taxable. |
| 3 | 5% | $95,000 returned on $100,000 paid; tax applies to growth above base. |
| 4 | 3% | $97,000 returned on $100,000 paid; taxable gain if value exceeds base. |
| 5 | 1% | $99,000 returned on $100,000 paid; any gain taxed as income. |
| 6+ | 0% | $100,000 returned on $100,000 paid; surrender is penalty-free; only growth is taxable. |
Example of Surrender Fee Schedule
For example, a policyholder surrendering in year 1 receives $91,000 on a $100,000 investment (surrender fee of $9,000). At year 5, surrender yields $99,000 (fee of $1,000). Surrendering from year 6 onward involves no penalty, and the full account value is paid out, subject to tax on any gain above the adjusted cost base. The waiting period for penalty-free surrender is six policy years. As charges decline and ultimately cease, the impact on the policy’s cash surrender value lessens, preserving more of the invested capital for policyholders with long-term contracts.
The Exclusions and Limitations of Equitable Life Life Insurance
Equitable Life life insurance policies in Canada set out clear exclusions related to certain conditions, activities, and actions.
- Suicide first two years: No benefit is paid if death by suicide occurs within two years of policy issue.
- Pre-existing conditions: Death claims linked to undisclosed or excluded health conditions may be denied.
- Extreme sports: Claims from participation in hazardous activities such as high-altitude climbing or deep diving are excluded.
- Private aviation: Death during non-commercial or non-standard aviation is not covered.
- Criminal acts: No benefit if death results from engaging in or attempting a criminal act.
- Substance abuse: Deaths related to drug or alcohol misuse can result in claim denial.
- Assistance services: Not included; no teleconsultation, repatriation, or similar coverage provided.
How to Contact Equitable Life
| Detail | Information |
|---|---|
| Address | One Westmount Road North, Waterloo, ON N2J 4C7, Canada |
| Phone | 1-800-722-6615 (customer service, life insurance inquiries) |
| life@equitable.ca | |
| Website | https://www.equitable.ca/individuals/life-insurance/ |
| Responsiveness / Hours | Monday–Friday, 8:30 a.m.–7:30 p.m. (EST); fast response during business hours |
| Live chat | https://www.equitable.ca/contact-us/ (available Mon–Fri, 9 a.m.–6 p.m. EST) |
| Social media | @EquitableLifeCA (Twitter/X); facebook.com/EquitableLifeCA |
You can reach Equitable Life for support online, by phone, or via social media during extended weekday hours. Live chat is available for efficient assistance and policy questions.
FAQ
Are Equitable Life insurance payouts in Canada taxable?
The death benefit paid to beneficiaries is not subject to income tax in Canada. However, any investment gains from policy withdrawals or surrenders may be taxed if they exceed the policy's adjusted cost base. Tax advisors can clarify details for your individual situation.
Can I cancel or surrender my Equitable Life policy at any time?
Yes, you can cancel or surrender your policy at any time by submitting a signed request. Early cancellation may involve surrender charges, particularly in the first few years. Consult your contract for specific surrender fee schedules and potential tax implications.
How long does it take to receive a life insurance payout?
Once all required documents are received and the claim validated, payouts are typically made within 5–10 business days. Delays might occur if additional investigation or documentation is required. Funds can be distributed by cheque or electronic deposit.
Can I change my policy beneficiaries after purchase?
You can change your beneficiaries at any time by submitting the appropriate change form. The change takes effect once it is recorded by Equitable Life. It's important to keep your designations up to date, especially after major life events.
Will I need a medical exam for Equitable Life life insurance?
A medical exam may be required based on your age, health, and coverage amount requested. For some smaller policies, a health questionnaire may suffice. Underwriting will determine if further medical evidence is needed.
What is the difference between term and permanent life insurance at Equitable Life?
Term life insurance offers coverage for a set period, generally at lower premiums, while permanent insurance provides lifetime coverage and often has a cash value component. Permanent policies can be whole life or universal, each with distinct features and flexibility. Review product materials for details.
Are my premiums fixed or can they increase?
Term life premiums are usually fixed for the duration of the initial term, but may increase upon renewal. Permanent policy premiums can be guaranteed level or flexible, depending on the chosen product. Always review your policy's premium schedule.
What happens if I miss a premium payment?
Most Equitable Life policies include a grace period of 30 or 31 days for missed payments. If the premium is not paid by the end of this period, coverage may lapse. Policies may be reinstated within a specified timeframe if requirements are met.
Are Equitable Life insurance payouts in Canada taxable?
The death benefit paid to beneficiaries is not subject to income tax in Canada. However, any investment gains from policy withdrawals or surrenders may be taxed if they exceed the policy's adjusted cost base. Tax advisors can clarify details for your individual situation.
Can I cancel or surrender my Equitable Life policy at any time?
Yes, you can cancel or surrender your policy at any time by submitting a signed request. Early cancellation may involve surrender charges, particularly in the first few years. Consult your contract for specific surrender fee schedules and potential tax implications.
How long does it take to receive a life insurance payout?
Once all required documents are received and the claim validated, payouts are typically made within 5–10 business days. Delays might occur if additional investigation or documentation is required. Funds can be distributed by cheque or electronic deposit.
Can I change my policy beneficiaries after purchase?
You can change your beneficiaries at any time by submitting the appropriate change form. The change takes effect once it is recorded by Equitable Life. It's important to keep your designations up to date, especially after major life events.
Will I need a medical exam for Equitable Life life insurance?
A medical exam may be required based on your age, health, and coverage amount requested. For some smaller policies, a health questionnaire may suffice. Underwriting will determine if further medical evidence is needed.
What is the difference between term and permanent life insurance at Equitable Life?
Term life insurance offers coverage for a set period, generally at lower premiums, while permanent insurance provides lifetime coverage and often has a cash value component. Permanent policies can be whole life or universal, each with distinct features and flexibility. Review product materials for details.
Are my premiums fixed or can they increase?
Term life premiums are usually fixed for the duration of the initial term, but may increase upon renewal. Permanent policy premiums can be guaranteed level or flexible, depending on the chosen product. Always review your policy's premium schedule.
What happens if I miss a premium payment?
Most Equitable Life policies include a grace period of 30 or 31 days for missed payments. If the premium is not paid by the end of this period, coverage may lapse. Policies may be reinstated within a specified timeframe if requirements are met.
