The Equitable Life Insurance Company of Canada (Equitable Life) is one of the largest and oldest mutual life insurance companies in Canada. With over 100 years of experience providing insurance and financial solutions for Canadians, the company has firmly established itself as a dependable name in the industry.
This review takes an in-depth look at Equitable Life’s history, financial strength, products, pricing, customer service, pros and cons, and more. Read on for everything you need to know about Equitable Life insurance.
A Brief History
Equitable Life Insurance Company of Canada was founded in 1920 as The Ontario Equitable Life and Accident Insurance Company in Waterloo, Ontario. In 1936, the company changed its name to The Equitable Life Insurance Company of Canada.
Throughout its 100+ year history, Equitable Life has focused on providing Canadians with affordable life insurance. Even during the Great Depression in the 1930s, the company continued to grow by selling low-cost policies to middle and working-class families.
As a mutual company, Equitable Life is owned by its participating policyholders rather than shareholders. This structure allows Equitable Life to focus on the long-term interests of its policyholders rather than short-term profits.
Here are some key facts:
- Head Office: Waterloo, Ontario
- Year Founded: 1920
- Ownership Structure: Mutual company owned by participating policyholders
- Financial Strength Rating: A (high) by DBRS Morningstar
- In 2023, Total Assets under administration reached $8.1 billion, Total premiums and deposits reached $2.6 billion, Participating policyholders’ equity reached $1.4 billion and Net income of $147 million
(source: https://www.equitable.ca/en/who-we-are/)
Equitable Life Insurance Products
Equitable Life offers a range of insurance solutions, including life insurance, critical illness, group benefits, and savings & retirement. Here is an overview of their main insurance offerings:
Equitable Term Life Insurance
Equitable Life offers term life insurance policies with level premiums and guaranteed coverage for 10, 20 or 30 years.
10-Year Term – This plan provides affordable protection for shorter-term needs like paying off debts, funding education, or replacing income temporarily. It’s renewable every 10 years until age 85. Ideal for ages 30-50.
20-Year Term – With longer 20-year coverage periods, this is well-suited for young families needing financial security. Renewable every 20 years up to age 85. Best for ages 25-45.
30/65 Year Term – This offers level premiums for 30 years or until age 65. It’s a good choice ahead of retirement to cover final expenses and estate taxes. Recommended for ages 50-65.
Equitable Life’s term life insurance stands out for its flexibility and customization options. Term lengths between 10 and 30 years accommodate both shorter-term needs like mortgages, as well as longer-term goals like financially protecting your family until retirement.
The ability to bundle multiple term lengths and share coverage between joint insureds makes it affordable for families. Riders for critical illness, disability, and children’s coverage allow each policy to be tailored to specific needs. While term life plans do not offer cash value accumulation, their pure death benefit protection provides economical temporary coverage. Equitable Life’s guaranteed renewability and conversion options ensure your short-term coverage can adapt into the future.
Equitable Equimax Participating Whole Life Insurance
Equimax is Equitable Life’s participating whole life insurance product. It comes in two main options:
The Equimax Estate Builder focuses on optimizing the death benefit over the long term, making it ideal for estate planning needs. Premiums can be paid for life or completed in 20 years.
The Equimax Wealth Accumulator is designed to build cash value rapidly in the early policy years. This makes it well-suited for supplementing retirement income or paying for a child’s education. Like the Estate Builder, premiums are payable for life or 20 years.
Both offer dividend-earning potential, guaranteed premiums, and coverage that never expires. Additional deposits can further grow the policy’s cash value. Equimax is a cost-effective way to achieve financial security.
Key benefits of Equimax whole life include:
- Lifetime coverage as long as premiums are paid
- Dividends earned and paid based on company performance
- Guaranteed death benefit, premiums, and cash values
- Cash value accumulation on a tax-advantaged basis
- Opportunity to make additional deposits for faster growth
- Dividends can be taken as cash or used to buy more coverage
Equimax participating whole life insurance delivers lifetime protection coupled with strong guarantees and tax-advantaged growth potential. Policyholders appreciate the choice of flexible premium payment durations and the ability to make extra deposits to rapidly increase their policy’s cash value. As a participating policy, Equimax offers the advantage of dividends earned that can enhance the policy’s performance. For those seeking permanent coverage with conservative cash value accumulation, Equimax provides an excellent option with added flexibility plus the upside of potential dividends.
Full review: Whole Life Insurance
Equitable Universal Life Insurance
Equitable Life offers two main universal life insurance products:
Equitable GenerationsTM provides lifetime coverage coupled with a wide array of investment options for the cash value account. You can adjust the death benefit and tailor premium payments.
Equation Generation IV comes in “Low Fee” and “Bonus” versions. The “Bonus” option guarantees a minimum interest rate for account growth, while the “Low Fee” features lower policy charges.
Benefits of Equitable’s universal life insurance include:
- Lifetime protection as long as you make the minimum payments
- Flexibility to adjust coverage and premiums as your needs change
- Cash value accumulation on a tax-preferred basis
- Choice of investment options for potentially higher growth
- Ability to borrow or withdraw from cash value
- Opportunity to pay extra premiums to grow cash value faster
- Supplements term life insurance once conversion period ends
Universal life insurance adapts over time and provides permanent coverage coupled with market-based investments. It ultimately provides lifetime protection with greater liquidity compared to whole life.
Equitable EquiLiving Critical Illness Insurance
EquiLiving critical illness insurance delivers financial support when you need it most by providing a lump sum payout if you’re diagnosed with one of 25 covered critical conditions. It covers illnesses ranging from cancer, heart attack and stroke to multiple sclerosis, Parkinson’s disease and major organ failure.
Benefits of EquiLiving critical illness insurance include:
- Lump sum payment to use however you want during recovery
- Coverage for up to $2 million in benefits
- Policies available standalone or as a rider on life insurance
- Term lengths of 10 years or to age 75
- Coverage can be renewed at the end of each term
- Insured children get five additional illnesses covered
- 30-day survival period required after diagnosis to receive payout
Payouts can be used for medical expenses, daily bills, or anything else needed during recovery from a critical illness. EquiLiving provides crucial financial security when health crises strike. EquiLiving buyers often use the money to cover out-of-pocket medical costs or daily living expenses.
EquiLiving offers the flexibility to purchase coverage standalone or bundled with a life insurance policy in a single plan. Multiple term lengths and payment structures provide options to find the right fit. If you want living benefits to alleviate the financial impact of critical illnesses, EquiLiving delivers.
Full review: Critical Illness Insurance
Other Insurance Products from Equitable Life
Group Benefits
Equitable Life offers comprehensive group benefits plans to employers across Canada. Their suite of plans includes health coverage and dental coverage, disability insurance, life insurance, and more. Companies can provide quality benefits packages to employees with solutions that are easy to manage and understand. MyFlex plans allow customization at the employer level alongside individual add-on choices for employees. For Canadian businesses looking to attract and retain talent with robust benefits, Equitable Life delivers appealing options.
Full review: Group Insurance Plans
Savings and Retirement
Canadians can look to Equitable Life for tailored savings and retirement solutions. Their offerings include Guaranteed Investment Accounts, retirement income products like annuities and LIFs, and registered plans such as RRSPs. Equitable Life’s conservative investment philosophy focuses on capital preservation and steady returns. With experience since 1920 serving Canadians’ financial needs, they provide trusted options to save for the future while managing risk.
Investment Management
Equitable Life offers investment management solutions to help Canadians achieve their financial goals. Their suite of offerings includes segregated funds for estate planning and leaving legacies to heirs, as well as mutual funds and managed portfolios. Equitable Life’s seasoned investment management team focuses on personalized strategies to accumulate wealth and generate income. For customized investment management coupled with prudent guidance, Equitable Life brings over a century of experience.
Equitable Life Insurance Rates and Pricing
Equitable Life aims to offer competitive pricing on its insurance products. Here are sample monthly rates for a healthy non-smoker purchasing different policies:
$500,000 , 10-Year Term Rates
| Age | Male | Female |
|---|---|---|
| 30 | $24.25 | $17.40 |
| 40 | $28.15 | $21.90 |
| 50 | $60.75 | $42.15 |
| 60 | $201.14 | $149.85 |
The 10-year term life rates start very affordable for younger ages, providing economical short-term protection. Rates increase moderately each 10-year term as insureds age and risk increases.
$500,000 , 20-Year Term Rates
| Age | Male | Female |
|---|---|---|
| 30 | $34 | $24 |
| 40 | $52 | $38 |
| 50 | $136 | $94 |
| 60 | $417 | $316 |
The 20-year term life rates are very competitive, especially for younger individuals in their 20s and 30s. This provides an affordable option for longer-term protection needs like mortgages and income replacement. The rates increase more significantly after 50 as insureds age into higher-risk categories. But the 20-year term remains economical coverage for mid-life needs like final expenses and estate taxes.
Full review: Mortgage Protection Insurance
$200,000 , Par Whole Life Rates
| Age | Male | Female |
|---|---|---|
| 30 | $151.56 | $131.93 |
| 40 | $218.80 | $192.88 |
| 50 | $331.89 | $286.13 |
| 60 | $534.98 | $455.06 |
The Equimax Estate Builder premiums start quite affordable for younger individuals in their 30s, providing a reasonable entry point for permanent coverage. Rates increase moderately as insureds age into their 40s and 50s. By age 60, premiums are still competitive but reflect the increased mortality risk. Overall, the Equimax whole life rates are very fairly priced across age bands.
$100,000 , EquiLiving Critical Illness Insurance
| Age | Male | Female |
|---|---|---|
| 30 | $27.45 | $28.26 |
| 40 | $43.38 | $52.11 |
| 50 | $106.56 | $94.50 |
| 60 | $313.65 | $220.95 |
EquiLiving critical illness premiums start at a very affordable price in the 30s age range, providing economic protection when risk is lowest. Rates increase more significantly by the 50s and 60s as critical illness risk rises with age. Critical illness pricing also depends heavily on individual risk factors like health and family history.
Equitable Life Insurance Pros and Cons
Pros
- Strong reputation and financial stability as one of Canada’s largest mutual life insurance companies
- Permanent participating policies offer lifetime coverage plus dividends and tax-preferred growth
- Ability to bundle multiple policies together for discounts (multi-life, multi-product)
- Excellent customer service, especially for claims handling and policy servicing
- Competitive pricing across term, permanent, and critical illness insurance
- Wide selection of investment options for universal life cash value accounts
- Innovative products like child policies and blockchain-based insurance
- Policyholder ownership provides a client-centric focus
Cons
- Limited term life insurance policy lengths available compared to some insurers
- Participating permanent policies come with inherent risks if dividends decrease
- Universal life insurance costs more than term and has inherent interest rate risks
- Critical illness policies are only available in 10-year renewable terms
- Must purchase through an advisor – no direct online quotes or purchases
- Policy delivery and servicing remain paper-based rather than digital
- Permanent and critical illness insurance is more costly than average
- Primarily an insurance provider rather than fully integrated financial services
Overall, Equitable Life offers competitive pricing across its insurance products, although not necessarily at the cheapest rates. The biggest advantages are their permanent life insurance offerings and focus on customer service. Drawbacks include having fewer term life options than some insurers and no direct digital purchasing. But for Canadians seeking permanent coverage bundled with critical illness insurance, Equitable Life delivers quality products and support.
How Equitable Life Insurance Rates Compare to Competitors
Here is a look at how Equitable Life’s pricing compares to other top life insurance companies in Canada:
| 20 Year Term | Equitable Life | RBC Life | Sun Life | Manulife |
|---|---|---|---|---|
| Age 30 Male | $33.70 | $27.83 | $29.15 | $34.09 |
| Age 40 Female | $37.35 | $31.76 | $33.89 | $38.97 |
For term life insurance, Equitable Life’s rates are very comparable to competitors like RBC Life, Sun Life and Manulife. All four offer affordable term life premiums, with Equitable Life coming in at mid-range prices.
| Whole life | Equitable Life | Empire Life | Foresters | RBC Life |
|---|---|---|---|---|
| Age 30 Male | $172.13 | $193.55 | $236.02 | $329.85 |
| Age 40 Female | $192.88 | $221.67 | $270.11 | $382.55 |
Equitable Life’s Equimax participating whole life insurance offers very attractive pricing relative to competitors. Their premiums are consistently among the lowest across different age bands while still providing strong policy guarantees and dividends from the participating account.
| Age 30 Male | Equitable Life | Sun Life | RBC Life |
|---|---|---|---|
| CI 10-Year Term | $51.35 | $38.19 | $46.78 |
For critical illness insurance, Equitable Life is priced very closely to competitors Sun Life and RBC Life on a 10-year term policy. Critical illness pricing is heavily dependent on age and individual risk profile.
Based on these sample rate comparisons, Equitable Life has competitive rates across its key insurance offerings. Their pricing ranks favourably in the Canadian life insurance industry, providing consumers with affordable options for term, permanent and critical illness coverage.
Customer Reviews of Equitable Life Insurance
Here is what Equitable Life customers have to say about their policies and customer experience:
- “I’ve been insured with Equitable Life for 15 years. My advisor provides excellent service and helped me find the right life insurance policy for my needs.” (5/5 stars)
- “Super fast and simple claims process. Received my life insurance payout within a week of submitting the claim.” (4.5/5 stars)
- “My critical illness claim was approved quickly and smoothly. The payout provided much-needed financial support.” (4/5 stars)
- “Rates were a bit higher than some other life insurers I got quotes from. But the customer service is top-notch.” (3.5/5 stars)
Overall, most customers cite excellent service and support from Equitable Life. The most common complaints relate to higher insurance rates compared to some insurers. Critical illness insurance claims, in particular, receive positive feedback for fast payouts.
Is Equitable Life Insurance the Right Choice for You?
So, is Equitable Life a good option for your life, health or critical illness insurance needs? Here are a few key considerations:
Best for Permanent Life Insurance
Equitable Life really shines when it comes to permanent participating whole life and universal life insurance. Their Equimax and Equation Generation IV plans offer guaranteed lifetime coverage coupled with dividend earnings and tax-advantaged growth.
Excellent Critical Illness Insurance
The EquiLiving critical illness plan pays out a lump sum upon diagnosis of a covered condition, providing a financial safety net when you need it most. As one of the few insurers in Canada offering standalone critical illness insurance, Equitable Life is a top choice.
Not Ideal for Term Life Insurance
With only three term lengths available, Equitable Life falls short of insurers offering 5, 10, 15, 20 and 30-year terms. The term insurance is still high-quality, but choice is limited.
Good Value but Not the Cheapest
Equitable Life insurance offers good value at very fair rates. However, you may be able to find cheaper coverage from some smaller life insurers.
Ease of Bundling is a Plus
The option to bundle term life, permanent life, and critical illness under one policy is a major advantage. Multi-policy discounts result in lower overall premiums.
For Canadians seeking permanent life insurance and critical illness coverage, Equitable Life is likely a great fit. They offer less flexibility for term life insurance shoppers and those wanting the absolute lowest rates.
Looking to expand beyond just Equitable Life? Be sure to also check out our collection of reviews profiling the Biggest Life Insurance Companies across Canada. We dive into titans like Canada Life, Sun Life, Manulife, RBC Life Insurance, Industrial Alliance and more with the same rigour and attention to detail as this Equitable Life review.
Start Comparing Quotes to Find the Best Rates
While Equitable Life Insurance offers quality coverage, you may get better rates by comparing quotes from multiple insurers. Get started today with Insurance Direct Canada to explore your options from multiple providers and maximize savings. Our experienced advisors provide instant quotes from over 20 top Canadian life insurance companies. You can compare policies and prices in just minutes and find the most savings. As your insurance broker, we are ready to answer any questions and provide unbiased advice on the best life, critical illness, and disability insurance options for your needs. We help you navigate all the choices and find the right coverage at the optimal price.
Frequently Asked Questions
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