This Equitable Life Critical Illness Insurance review includes our ratings as well as details about Equitable Life’s Critical illness product, its features, and coverage terms.
For more company reviews, head here to read about the best critical illness insurance companies in Canada.
Read more about:
- Equitable Life Critical Illness Insurance plan details
- Who is Equitable Life?
- Does Equitable Life sell critical illness insurance?
- What critical illness insurance coverage and terms does Equitable Life offer?
- Does Equitable Life critical illness insurance offer a return of premiums?
- How do I apply for Equitable Life‘s critical illness insurance?
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.
- Comprehensive (25 full payout illnesses)
- Multiple terms available including lifetime coverage
- Generous partial benefit payouts
- Return of premium options
- Children’s critical illness coverage
- No limited pay options
- No second option
- No whole life coverage
|Critical Illness coverage||Enhanced Coverage|
|Available Terms||10 years and to age 75 and 100|
|Limited Pay option||None|
|Maximum coverage||Up to $2 million|
|Conditions covered||25 conditions|
|Loss of Independent Existence coverage||Yes|
|Partial payout conditions||4 eligible conditions.|
|Partial payment or early detection payment||Yes, 15% up to $50,000, payable up to two times|
|Childhood illnesses coverage||Yes, additional coverage available for up to 5 additional childhood illnesses|
|Survival period||30 days|
|Return of Premium on death||Yes|
|Return of Premium on expiry/cancellation||Yes, additional coverage available for up to 5 additional childhood illnesses|
|Online account access||No|
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.
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.
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.