Equitable Life Insurance review

What is Equitable Life Insurance?

As a life insurance provider to Canadians for over 100 years, Equitable Life is well known for its good reputation and flexibility in its life insurance policies. Its corporate headquarters are in Waterloo, Ontario – the city in which it was founded.

Equitable Life covers all your bases when it comes to life insurance and offers a variety of different options that are right for your needs and lifestyle. When it comes to individual insurance plans, Equitable Life offers the following:

• Term life insurance. Providing flexible and affordable protection for you and your family, term life insurance provides coverage that expires at a specific age or year. Premiums are guaranteed for a given period of time depending on the plan selected, but it is usually for a term of 10, 20 or 30 years.
• Whole life insurance. Labelled as Equimax, this plan offers permanent protection with guaranteed premiums, cash values and death benefits.
• Universal life insurance. This plan is ideal for those who want cost-effective life insurance and tax-benefit investment opportunities.
• Critical illness insurance. Labelled as EquiLiving, this plan pays out a lump-sum benefit after a survival period of 30 days after diagnosis of a critical condition covered by the plan.

What other insurance coverage options does Equitable Life offer?

Equitable Life does not offer any other insurance products other than life insurance. However, it does offer a range of investment-related opportunities for its clients.

Equitable Life Insurance bundles

Equitable Life gives you the flexibility to customize your insurance plan with optional benefits. Some of these optional benefits include a bundle package where you can bundle a term life insurance plan and an EquiLiving (critical illness insurance) plan to help protect your life and health needs in one combined policy.

What exclusions do I need to know about?

Naturally, each plan will have its own set of exclusions and limitations. It’s important to read and understand what exactly is excluded from the plan you have selected. If you still have questions over a plan’s exclusions and limitations, it’s best to contact an Equitable Life adviser who can properly convey what these exclusions are.

What do customers say about Equitable Life of Canada?

Equitable Life Insurance has a C- rating with the Better Business Bureau and is not BBB accredited. It also has an average rating of 3.8 out of 5 stars from over 90 Google reviews.

Equitable Life mobile app

Equitable Life has a mobile app called Equitable EZClaim Mobile that is available on most Android and Apple devices. With this app, you can submit a claim, view your life insurance policy and contact Equitable Life if you have any questions.

Compare other life insurance providers

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Product CAFLI	Types of Insurance	Coverage Range	Issue Ages	Medical Exam Required	Province Availability
PolicyMe Life Insurance	Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quoteMore Info Compare	loading Fetching your data...
PolicyAdvisor	Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quoteMore Info Compare	loading Fetching your data...

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Frequently asked questions about Equitable Life Insurance

• Which kind of life insurance is right for me?

  If you’re having a hard time trying to determine which life insurance plan is right for you, feel free to contact an Equitable Life insurance adviser who will be able to work with you to help you determine the right plan for you and your needs.

• What is the difference between term life insurance and permanent life insurance?

  Think of it this way: term insurance is like renting an apartment – you pay rent but you’ll never own the apartment. Permanent insurance is like owning a home – it may be more expensive to own than rent but you build equity with every payment (premium) you make.

• I'm interested in the term life insurance policy. How long can I purchase it for?

  The following are some of the term lengths available:

  • 10-year term. Offers coverage at the lowest initial cost with premiums renewing every 10 years to age 85.
  • 20-year term. Offers affordable coverage for a longer initial premium payment period with premiums renewing every 20 years to age 85.
  • Term 30/65. Offers the lowest overall cost for 30 years of coverage. Premiums are payable for 30 years or up to the age of 65, with no premium increases.

• Does Equitable Life offer any mortgage insurance?

  You can insure your mortgage with Equitable Life so that your mortgage insurance protects you and not just your bank. Much like term life insurance, you can purchase mortgage insurance in terms of 10, 20 and 30 years.

• Why does it make sense to purchase critical illness insurance?

  The cost of dealing with a serious illness can be devastating. Equitable Life‘s EquiLiving insurance plan makes sense for a number of different reasons:

  • It keeps you and your family in your home.
  • It keeps your business viable.
  • It covers the cost of extended health care requirements.
  • It allows you to undertake out-of-country or alternative therapies.

• What conditions are covered under critical illness insurance?

  There are a large number of conditions that are covered under critical illness insurance but some of the more notable ones include heart attack, Alzheimer’s disease, loss of limbs, major organ failure, stroke, coma and certain cancers. For a full list of what is covered under this plan, it’s best to contact your Equitable Life adviser.

• How do I make an Equitable Life Insurance claim?

  The three most common ways of submitting a claim include doing it online on the EZClaim web portal. Simply enter your Equitable account information and begin your claim. You can also report a claim on the EZClaim mobile app that is available on most Android and Apple mobile devices. Lastly, you can send in your claim through the mail after downloading the proper claims form from the Equitable Life website and filling in the necessary information about your claim.