When securing your family’s financial future, choosing the right life insurance provider is critical. Equitable Life Insurance, a well-established Canadian mutual life insurance company, has been serving policyholders since 1920.
As a mutual company, Equitable Life is owned by its participating policyholders, who have the potential to earn dividends based on the company’s financial performance. In this comprehensive review, we will take a deep dive into the products, services, financial strength, customer satisfaction, and overall reputation of Equitable Life Insurance. By the end of this article, you will clearly understand whether Equitable Life is the right choice for your life insurance needs.
Who is Equitable Life of Canada?
Company History and Background
Equitable Life Insurance Company of Canada was founded in 1920 in Waterloo, Ontario, under The Ontario Equitable Life and Accident Insurance Company.
In 1936, the company changed its name to The Equitable Life Insurance Company of Canada, reflecting its growth and expansion across the country. As a mutual company, Equitable Life is owned by its participating policyholders, who can vote on company matters and are eligible to receive dividends based on the company’s financial performance.
Over the past century, Equitable Life has not only established itself as one of Canada’s most respected and financially stable life insurance providers but also as a pioneer in the industry. Today, the company serves over 800,000 policyholders across the country, managing assets worth more than $20 billion.
In 2017, Equitable Life made history by launching the world’s first blockchain-based life insurance policy, a testament to its unwavering commitment to innovation and its position at the forefront of industry trends.
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.
| Year Founded | 1920 |
| 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+ |
| Website | https://www.equitable.ca |
Financial Strength and Stability of Equitable Life of Canada
Equitable Life Insurance has consistently demonstrated its financial stability through its high ratings from independent credit rating agencies.
In 2021, Equitable Life received the following ratings:
- DBRS Morningstar: “A” (high) rating for financial strength and issuer ratings
- A.M. Best: “A” (excellent) rating for financial strength and issuer credit ratings
- Standard & Poor’s: “AA-” (very strong) rating for financial strength and issuer credit ratings
These strong ratings reflect Equitable Life’s solid capital position, prudent risk management practices, and ability to meet its financial commitments to policyholders.
Equitable Life Insurance Pricing in Canada
To provide a clearer picture of Equitable Life’s pricing, we’ve compiled a table comparing the monthly premiums for a 20-year term life insurance policy with $500,000 and $1,000,000 in coverage for both male and female non-smokers at various ages.
| Age | Male (500k) | Female (500k) | Male (1M) | Female (1M) |
|---|---|---|---|---|
| 30 | $33.70 | $23.80 | $58.40 | $39.60 |
| 40 | $52.03 | $37.35 | $95.06 | $65.70 |
| 50 | $136.15 | $93.55 | $263.30 | $178.10 |
| 60 | $437.35 | $315.40 | $865.70 | $621.80 |
In addition, for further information, we compare Equitable with Sun Life of Canada – a direct rival in the industry.
Products of Equitable Life Company
Term Life Insurance
Equitable Life’s term life insurance products offer affordable, temporary coverage for a specified period, with options for 10 year term life insurance, 20 year term life insurance, or 30 year term life insurance. These policies are ideal for those who want to protect their loved ones during critical life stages, such as while paying off a mortgage or raising children. Key features of Equitable Life’s term insurance include:
- Convertibility to permanent coverage without additional medical underwriting
- Available riders for additional protection, such as disability waiver of premium and accidental death benefit
- Competitive pricing and the ability to ladder policies for cost-effective, long-term coverage
Read more: Term Life Insurance in Canada
Whole Life Insurance
For those seeking lifelong protection and the opportunity to build cash value over time, Equitable Life offers two participating whole-life insurance products:
- Equimax Estate Builder: This policy focuses on providing beneficiaries with a tax-efficient inheritance while offering stable premiums and the potential for dividend growth.
- Equimax Wealth Accumulator: Designed for policyholders who want to maximize the growth of their policy’s cash value, this product offers accelerated dividend payments in the policy’s early years.
Both Equimax products allow policyholders to customize their coverage through various dividend options, such as purchasing additional coverage or reducing premiums.
Universal Life Insurance
Equitable Life’s universal life insurance products combine permanent life insurance protection with investment opportunities, allowing policyholders to build wealth while ensuring their loved ones are taken care of. The company offers two universal life options:
- Equitable Generations: This cost-effective, flexible policy allows customers to choose their investment options and adjust their premiums and coverage as their needs change over time.
- Equation Generation IV: This product is designed to maximize the growth of the policy’s investment component. It offers a guaranteed investment bonus and lower management fees.
Both universal life products offer a wide range of investment options, from guaranteed interest accounts to managed funds, allowing policyholders to tailor their investment strategy to their risk tolerance and financial goals.
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).
Equitable Life Insurance Pricing
We have gathered rates from Equitable 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.
| Age | Male | Female |
| 20 | $28.18 | $21.35 |
| 25 | $28.36 | $21.70 |
| 30 | $28.90 | $22.42 |
| 35 | $32.87 | $24.80 |
| 40 | $45.64 | $35.03 |
| 45 | $75.70 | $53.38 |
| 50 | $124.66 | $87.59 |
| 55 | $220.42 | $147.70 |
| 60 | $396.82 | $265.78 |
To provide a clearer picture of Equitable Life’s pricing, we’ve compiled a table comparing the monthly premiums for a 20-year term life insurance policy with $500,000 and $1,000,000 in coverage for both male and female non-smokers at various ages.
| Age | Male (500k) | Female (500k) | Male (1M) | Female (1M) |
|---|---|---|---|---|
| 30 | $33.70 | $23.80 | $58.40 | $39.60 |
| 40 | $52.03 | $37.35 | $95.06 | $65.70 |
| 50 | $136.15 | $93.55 | $263.30 | $178.10 |
| 60 | $437.35 | $315.40 | $865.70 | $621.80 |
*Please note that these prices are for illustrative purposes only and may vary based on individual circumstances and underwriting factors.
Equitable Life Insurance Rates for 2024
One of the most important factors when considering life insurance is the cost of premiums. Equitable Life offers competitive rates for its various life insurance products, including term, whole life, and universal life insurance. In this section, we’ll examine Equitable Life’s insurance rates and compare them across different age groups, genders, and coverage amounts.
Equitable Life Term life Insurance Rates
Term life insurance is often the most affordable option, providing coverage for a specific period, such as 10, 20, or 30 years. The following table compares Equitable Life’s monthly term life insurance rates for non-smoking males and females of various ages, with coverage amounts of $250,000, $500,000, and $1,000,000.
| Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 30 | Male | $16.15 | $24.30 | $40.60 |
| Female | $13.45 | $18.90 | $29.80 | |
| 40 | Male | $22.50 | $37.00 | $66.00 |
| Female | $18.50 | $29.00 | $50.00 | |
| 50 | Male | $54.70 | $101.40 | $194.80 |
| Female | $39.35 | $70.70 | $133.40 | |
| 60 | Male | $159.95 | $311.90 | $615.80 |
| Female | $107.45 | $206.90 | $405.80 |
Equitable Life Whole Life Insurance Rates
Whole life insurance provides lifelong coverage and a cash value component that grows over time. The following table compares Equitable Life’s monthly whole life insurance rates for non-smoking males and females of various ages, with coverage of $250,000, $500,000, and $1,000,000.
| Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 30 | Male | $221.25 | $434.50 | $861.00 |
| Female | $194.75 | $381.50 | $755.00 | |
| 40 | Male | $315.00 | $622.00 | $1,236.00 |
| Female | $276.25 | $544.50 | $1,081.00 | |
| 50 | Male | $479.50 | $951.00 | $1,894.00 |
| Female | $419.75 | $831.50 | $1,655.00 | |
| 60 | Male | $775.00 | $1,542.00 | $3,076.00 |
| Female | $676.25 | $1,344.50 | $2,681.00 |
Equitable Life Universal Life Insurance Rates
Universal life insurance combines permanent life insurance coverage with an investment component, allowing policyholders to build cash value while maintaining flexibility in premium payments and coverage amounts.
As universal life insurance premiums vary significantly based on individual factors and investment choices, it is best to contact Equitable Life or an independent insurance broker for personalized quotes.
Factors Affecting Life Insurance Rates
It’s crucial to understand that the rates presented in the tables above are for demonstration purposes only and may not align with your specific circumstances. Your life insurance premiums are not set in stone; they are influenced by several factors, including your age, gender, health, lifestyle, coverage amount, and term length. This knowledge empowers you to make informed decisions about your life insurance.
- Age: Generally, younger individuals pay lower premiums and are considered lower risk.
- Gender: Women typically pay lower life insurance rates than men, as they have a longer life expectancy.
- Health: Your overall health, including pre-existing conditions and family medical history, can impact your life insurance rates.
- Lifestyle: Factors such as smoking status, alcohol consumption, and high-risk occupations or hobbies can result in higher premiums.
- Coverage amount and term length: The more coverage you require and the longer your policy term, the higher your premiums will be.
To ensure you receive the most accurate quote that caters to your unique needs, it’s essential to reach out to Equitable Life directly or collaborate with an independent insurance broker. They can provide personalized quotes that take into account your individual circumstances, ensuring you feel valued and understood in the process.
Equitable Life of Canada versus Competitors
To provide a more comprehensive understanding of Equitable Life’s performance compared to its competitors, we’ve compiled a table comparing the key features and offerings of three major Canadian life insurance providers.
| Feature | Equitable Life | Manulife | Canada Life |
|---|---|---|---|
| Financial Strength | A (DBRS) | AA (S&P) | AA (DBRS) |
| Term Life Options | 10, 20, 30 yrs | 10, 20, 30 yrs | 10, 20, 30 yrs |
| Whole Life Options | Yes | Yes | Yes |
| Universal Life Options | Yes | Yes | Yes |
| Online Quote Tool | No | Yes | Yes |
| Rider Options | Limited | Extensive | Moderate |
| Customer Service | Excellent | Good | Very Good |
While each provider has strengths, Equitable Life stands out for its strong financial ratings, diverse product offerings, and excellent customer service. However, there may be better choices for those who prioritize an online quote tool or extensive rider options.
| Company | Product | Monthly Premium (Male, Age 35, $500,000) |
|---|---|---|
| Equitable Life | Equimax Estate Builder | $310.45 |
| Canada Life | Estate Achiever | $335.70 |
| Manulife | Par Whole Life | $327.15 |
| Sun Life | Participating Whole Life II | $339.25 |
| iA Financial Group | Equibuild | $332.60 |
Equitable Life’s Equimax Estate Builder offers competitive pricing compared to similar participating whole life products from other leading insurers. However, it’s crucial to consider factors beyond price when selecting a life insurance provider, such as financial stability, customer service, and the range of products and riders available.
Riders and Additional Coverage Options of Equitable Life of Canada
To provide policyholders with even greater flexibility and protection, Equitable Life offers a variety of riders and additional coverage options that can be added to their life insurance policies. These options empower you to tailor your coverage to your needs and preferences, giving you control over your financial security.
Some of the key riders and additional coverage options offered by Equitable Life include:
EquiLiving Critical Illness Coverage
This rider provides a lump-sum payment if the policyholder is diagnosed with one of the covered critical illnesses, such as cancer, heart attack, or stroke. The benefit can be used to cover medical expenses, replace lost income, or provide financial support during recovery.
Additional Accidental Death Benefit
This rider provides an additional death benefit if the policyholder dies as a result of an accident, helping to provide extra financial security for loved ones.
Children’s Protection Rider
This optional coverage allows policyholders to add life insurance for their children to their policy, ensuring that the entire family is protected.
Disability Waiver of Premium
If the policyholder becomes totally disabled and unable to work, this rider waives the requirement to pay premiums, ensuring that the policy remains in force during the disability period.
By offering these riders additional coverage options, Equitable Life provides our policyholders with a comprehensive life insurance plan that addresses their unique concerns. This not only enhances their protection but also offers a sense of security and peace of mind for themselves and their families.
Pros and Cons of Equitable Life Insurance
We’ve summarized the key pros and cons below to help you weigh the advantages and disadvantages of choosing Equitable Life as your life insurance provider.
Pros
- Strong financial stability and high ratings from independent credit rating agencies
- Competitive pricing for participating whole life insurance, particularly for children’s policies
- A diverse range of products, including term, whole life, and universal life insurance
- Flexible coverage options and the ability to customize policies with riders
- Participating policies offer the potential for dividend payments
- Excellent customer service and claims handling
Cons
No direct online quote must go through a broker or agent
Limited online policy management and self-service options compared to some competitors
Some customers have reported communication delays or inconsistencies
Premiums for some products, such as universal life insurance, may be higher than those of other providers
Cancellation Policy
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.
Is Equitable Life Insurance Right for You?
Whether Equitable Life Insurance is the right choice depends on your unique circumstances, financial goals, and protection needs. Here are some factors to consider when deciding if Equitable Life is a good fit, tailored to your individual situation:
- If you value a mutual life insurance company’s long-term focus and policyholder-centric approach, Equitable Life may be an attractive choice.
- Suppose you’re looking for a comprehensive solution. In that case, our whole life insurance options, with the potential for dividend accumulation and wealth building, such as Equitable Life’s Equimax plans, may suit your needs well. If you prefer the flexibility and customization of universal life insurance with a range of investment options, Equitable Life’s offerings may align with your goals.
- If you have specific coverage needs, such as critical illness protection or insurance for your children, Equitable Life’s riders and additional coverage options may provide the tailored protection you’re seeking.
How to Get an Equitable Life Insurance Quote
You’ll need to work with a licensed insurance broker or agent like: Insurance Direct Canada IDC to obtain a personalized Equitable Life Insurance quote. They will gather information about your age, health, lifestyle, and coverage needs to generate a tailored quote based on your specific circumstances.
When preparing to request a quote, have the following information ready:
- Personal details, including your age, gender, and smoking status
- Health history, including any pre-existing conditions or medications
- Family medical history, particularly any instances of serious illnesses or premature death
- Occupation and lifestyle factors, such as your income, hobbies, and travel habits
- Desired coverage amount and policy type
Your broker or agent will use this information to shop around and compare quotes from multiple insurers, helping you find the best coverage at the most competitive price.
The Bottom Line
In conclusion, Equitable Life Insurance is a reputable and financially stable provider that offers a wide range of life insurance products to meet the diverse needs of Canadians. With its strong financial ratings, competitive pricing for participating whole life insurance, and commitment to customer service, Equitable Life is a solid choice for those seeking a reliable and customizable life insurance solution.
However, as with any significant financial decision, it’s essential to carefully consider your unique needs, budget, and priorities before selecting a life insurance provider. We recommend obtaining quotes from multiple insurers and thoroughly comparing their products, prices, and customer experiences to ensure you find the best fit for your circumstances.
By taking the initiative to research and evaluate your options, you are actively participating in making an informed decision about your life insurance. This approach ensures that you find a solution that provides the protection and peace of mind you and your loved ones deserve.
You can use the Company Reviews button below to refer to our reviews on Manulife, Sun Life, Empire Life, TD Insurance, Co-Operators life insurance, setc…
FAQs of Equitable Life of Canada
What types of life insurance does Equitable Life offer?
Equitable Life Insurance offers a diverse range of life insurance products to suit various needs and preferences. Their main product categories include:
Term Life Insurance: 10-Year, 20-Year, and Term 30/65 options
Whole Life Insurance: Equimax Estate Builder and Equimax Wealth Accumulator
Universal Life Insurance: Equitable Generations
Each product type has its unique features, benefits, and riders that can be customized to fit your specific requirements.
How can I get a quote for Equitable Life insurance?
To get a quote for Equitable Life insurance, you can contact them directly or work with an independent insurance broker who can provide quotes from multiple providers, including Equitable Life.
Is Equitable Life Insurance a reputable company?
Yes, Equitable Life Insurance is a well-established and reputable company in Canada. Founded in 1920, Equitable Life has a long history of financial stability and a solid commitment to its policyholders. The company has consistently received high ratings from independent credit rating agencies, such as A.M. Best and DBRS Morningstar, reflecting its excellent financial strength and ability to meet its obligations.
How do I obtain an Equitable Life Insurance quote?
To get a personalized Equitable Life Insurance quote, you'll need to work with a licensed insurance broker or agent. They will ask you to provide information about your age, health, lifestyle, and coverage needs to generate a tailored quote based on your specific circumstances. Be prepared to share details about your personal and family medical history, occupation, and desired coverage amount.
Can I purchase Equitable Life Insurance directly online?
No, Equitable Life Insurance does not offer the option to purchase policies directly online. To obtain coverage, you must work with a licensed insurance broker or agent who can help you compare quotes, select the right product, and complete the application process. This ensures that you receive expert guidance and support throughout the decision-making process.
What factors affect the cost of Equitable Life Insurance premiums?
Several factors can influence the cost of your Equitable Life Insurance premiums, including:
Age: Generally, premiums increase as you get older.
Gender: Women often pay lower premiums than men due to their longer average life expectancy.
Health: Pre-existing conditions, family medical history, and current health status can impact your premiums.
Lifestyle: Smoking, high-risk occupations, and dangerous hobbies can lead to higher premiums.
Coverage amount: The more coverage you require, the higher your premiums will be.
Policy type: Different policies (term, whole life, universal life) have varying premium structures.
How long does it take for Equitable Life Insurance to pay out a claim?
The time it takes for Equitable Life Insurance to pay out a claim can vary depending on the complexity of the case and the completeness of the submitted documentation. On average, straightforward claims are processed within 7 to 10 business days. More complex cases may take longer, but Equitable Life strives to keep policyholders informed throughout the claims process and to resolve all claims as efficiently as possible.
What is the maximum coverage amount I can get with Equitable Life Insurance?
The maximum coverage amount available through Equitable Life Insurance depends on the specific product and your individual circumstances. For term life insurance, the maximum coverage amount is $10 million. Whole life insurance policies can provide up to $20 million in coverage, while universal life insurance policies have a maximum coverage limit of $10 million. Your eligibility for these coverage amounts will be determined by factors such as your age, health, and financial situation.
Can I customize my Equitable Life Insurance policy with riders?
Yes, Equitable Life Insurance offers a variety of optional riders that allow you to customize your policy to fit your unique needs. Some of the available riders include:
EquiLiving Critical Illness Insurance: Provides a lump-sum payment if you are diagnosed with a covered critical illness.
Disability Waiver of Premium: Waives your premium payments if you become disabled and unable to work.
Accelerated Death Benefit: Allows you to access a portion of your death benefit if you are diagnosed with a terminal illness.
These riders can be added to your policy for an additional cost, providing enhanced protection and peace of mind.
