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Equitable Life Critical Illness Insurance Review

by Mark Cluett
4 min read

Best Critical Illness for Families

Equitable Life

Equitable Life of Canada

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Critical Illness for Families

Equitable Life

Equitable Life of Canada

AM Best
financial strength rating

PolicyAdvisor.com Rating

Equitable Life Critical Illness Insurance Review

Equitable Life of Canada offers multiple term lengths for parents looking to match their coverage to how long they’ll have dependents in their care. Couple that with their options for children’s critical illness coverage and you have a great fit for Canadians looking to get coverage for themselves and their families.

Pros

  • Comprehensive (25 full payout illnesses)
  • Multiple terms available including lifetime coverage
  • Generous partial benefit payouts
  • Return of premium options
  • Children’s critical illness coverage

Cons

  • No limited pay options
  • No second option
  • No whole life coverage
Product NameEquiliving
Critical Illness coverageEnhanced Coverage
Available Terms10 years and to age 75 and 100
Limited Pay optionNone
Maximum coverageUp to $2-million
Conditions covered 25 conditions
Loss of Independent Existence coverageYes
Partial payout conditions4 eligible conditions.
Partial payment or early detection paymentYes, 15% up to $50,000, payable up to two times
Childhood illnesses coverageYes, additional coverage available for up to 5 additional childhood illnesses
Survival period30 days
Return of Premium on deathYes
Return of Premium on expiry/cancellationYes, additional coverage available for up to 5 additional childhood illnesses
Second optionNo
Electronic applicationYes
Online account accessNo

Who is Equitable Life?

Equitable Life is one of the largest federally regulated mutual life insurance companies in Canada. Established in Ontario in 1920, the company made a name for itself selling affordable life insurance coverage for families during the great depression. The Canadian division is based in Waterloo, ON where it participates in many local charitable endeavours.

Does Equitable Life sell critical illness insurance?

Yes. Equitable Life’s critical illness insurance products are named Equiliving, which covers 25 different illnesses and conditions.

What critical illness insurance coverage does Equitable Life offer?

Equitable Life’s maximum coverage for critical illness insurance is $2-million. 

As mentioned, they cover 25 different illnesses and conditions; they also offer additional coverage for 5 childhood illnesses and coverage for loss of independent existence. 

Equitable Life offers partial payouts for 4 different conditions; the payout is typically 15% of the policy up to $50,000, and partial payments can be claimed twice.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Equitable Life offers critical illness insurance for 10-year term or coverage up to 75 or 100 years of age.

There are no limited-pay options available.

Does Equitable Life critical illness insurance offer a return of premiums?

Equitable Life does offer return of premiums on death; they also return of premium on expiry or cancellation of the policy on certain coverage terms after the 15th year of coverage.

How do I apply for Equitable Life’s critical illness insurance?

You can apply for Equitable Life’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes here or schedule a call with one of our licensed brokers to apply for Equitable Life’s critical illness insurance.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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