Equitable Life, using their financial stability and market presence, provides unique coverage products that are an excellent fit for many Canadian consumers.
Equitable Life of Canada was established in 1920 in Waterloo, Ontario. Initially, it went by The Ontario Equitable Life and Accident Insurance Company. In 1936, the company changed to the current name to reflect its goal of bringing life insurance to all Canadian citizens.
Nowadays, Equitable Life is one of the largest insurance providers in Canada and offers insurance coverage to millions of consumers. To achieve the goal mentioned above, they cooperate with independent advisors and brokers across Canadian provinces to insure as many customers as possible.
Equitable Life is known as a mutual company or in other words, it is owned by the policyholders. This corporate structure shifts the company’s interest to the client and has proven its long-term effectiveness in reaching impressive financial records.
|Head Office||Waterloo, Ontario|
|Assets||Over $4 billion|
|Annual Premiums||Over $1 billion|
|AM Best Financial Strength Rating||N/A|
|Better Business Bureau Accreditation and Rating||A+|
We have gathered rates from Equitable Life to see how affordable they are. These quotes are for a coverage amount of $400,000 over a 20-year term length for healthy, non-smoking men and women in different age groups.
In addition, for further information, we compare Equitable Life with Sun Life of Canada – a direct rival in the industry.
|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
Overall, you can see that Equitable Life is a better option for healthy, non-smoking 40-year-old men. If this applies to you, you can save more than $1,000 by buying a 20-year term life policy from Equitable. Nevertheless, the price difference in the second case is insignificant.
- 10-year term
- 20-year term
- Term 30/65: Premiums payable over a 30-year or term or until you reach 65 years of age, whichever is later.
Whole Life Insurance
Equitable Life Insurance offers participating whole life insurance policies, known as Equimax.
- Equimax Estate Builder
- Equimax Wealth Accumulator
Critical Illness Insurance
Equitable Life Insurance provides comprehensive coverage through its EquiLiving Critical Illness plan.
Universal Life Insurance
Equitable Life offers 2 types of universal life insurance through its Equation Generation IV policy:
- Equation Generation IV with Bonus
- Equation Generation IV with Low Fees
Apart from insurance, Equitable offers several other financial products and services: annuities, individual retirement accounts, and workplace benefit plans.
Group Benefit Insurance
- Health and Dental
- Life Insurance for employees or their dependents
- Disability insurance
- Accidental death and dismemberment insurance which cover workplace accidents
Financial, Investment, Savings, and Retirement Products
- Registered Retirement Savings Plans (RRSPs)
- Payout annuities for guaranteed income
- Retirement Income Fund and Life Income Fund
- Segregated Funds
- Guaranteed investment accounts in the form of Daily investment accounts (DIAs), Guaranteed deposit accounts (GDAs), and Term deposit accounts (TDAs).
Cash Value Plus Rider
If you need additional cash, this rider reduces the surrender fee and other potential charges should you have to surrender your policy during the first 8 years of purchase.
Children’s Term Insurance
This rider allows you to purchase term insurance for your children as well, and this can even be converted into a permanent policy if necessary.
Disability Waiver of Monthly Deductions Rider
If you suffer from a total disability for 6 months minimum, this rider waives your policy’s monthly deductions. However, there is an age limitation, so check with Equitable’s agent before purchasing.
Long-Term Care Services Rider
Should you need long-term care expenses, this rider is an accelerated life insurance benefit.
Return of Premium Death Benefit Rider
After your passing, your named beneficiaries can receive a portion of your paid premiums using this rider.
Option to Purchase Additional Insurance
This rider lets you purchase additional insurance coverage or another policy without the need to undertake medical examinations to prove your insurability.
Charitable Legacy Rider
With this rider, you can dedicate an additional life insurance benefit to 2 eligible charities maximum. This policy will pay 1% of the base policy face amount up to $100,000.
Pros and Cons
|– Competitive variety of term life insurance and permanent life insurance products (whole life and universal life).|
– Product pricing is aligned with other companies in the Canadian industry.
– Online access to policy documents.
– Ability to customize policies with riders (e.g., critical illness, child life insurance, guaranteed future insurability).
– A mutual company, which means policyholders can benefit from the success of the company.
– App called Equitable EZClaim Mobile to submit claims, view life insurance policy and contact Equitable for inquiries.
– Solid 100-year reputation in insuring Canadian customers.
– Collaboration with independent financial advisers across Canada.
– Option to bundle policies for extra protection (e.g., a term life insurance plan and an EquiLiving plan).
– Fewer complaints than normally expected for an insurer its size.
|– No electronic policies currently available.|
– Only 3 options available for term life insurance (10-year, 20-year and 30-year term/age 65).
– No option for 20-year term critical illness.
– Cannot quote Equimax whole life insurance products online. Customers must contact the company/ brokers directly to get a quote.
– No insurance coverage for other types (e.g., auto, home, travel).
Equitable has the Free Look Cancellation Right (i.e., the free look period), which enables customers to test out the services and cancel if unsatisfied for any reason. You can even receive a refund for the premiums paid during this free look period. After that, you have the option to either surrender the contract or cancel. In the former situation, you might receive cash value if you have a whole life insurance policy.
Equitable has dedicated support based on customers’ exact needs. Besides online management, they also offer chat support accessed via the website. Customer service can be contacted Monday to Friday between 8 a.m. and 4:30 p.m. at (800) 777-6510. Calling this number will also allow you to receive policy information and support from the interactive voice response system.
If you wish to contact them by fax instead, Equitable can be reached at (855) 268-6378.
Finally, they also have mail support for service requests, inquiries, and payments at PO Box 1047 Charlotte, NC 28201- 1047. Express Mail can be sent to the National Operations Center, 8501 IBM Drive, Suite 150 Charlotte, NC 28262.
The Bottom Line
Equitable Life of Canada has an impressive history and offers a diverse selection of life insurance products to fit different risk profiles, budget requirements, and financial goals. If you are searching for an affordable life insurance policy, Equitable Life can be one of the names to keep at the top of your list.
Be sure to check out all of Equitable Life’s offerings and compare them to your unique needs and budget before beginning with the application process for a life insurance policy. If you need some assistance or want to find out the quotes for Equitable Life, you can always visit Insurance Direct Canada.