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Equitable Life of Canada Life Insurance Review

by Mark Cluett
7 min read

Equitable Life of Canada is one of the country’s largest mutual companies. The company offers various low-cost life insurance options, both for term and whole life markets. These options are designed to offer a variety of needs – from basic protection for families’ financial security to business protection for entrepreneurs and those that own their own company. For pure term life insurance, the company offers 10-, 20- 30-year, and age 65 coverages. 

The 10-year and 20-year term products offer automatic renewability up to age 85 and these plans can be switched to permanent protection to cover long term needs. The longer-term 30/age 65 term product is convertible to Equitable’s suite of permanent life products but does not offer renewability. They also offer both single and multi-life coverage in the same policy, providing family members with covered within the same contract and save policy fee. 

Equitable’s multiple term offerings allow the flexibility to combine them into a single life plan to allow ‘laddering’ of coverage; whereby you can only pay for coverage that you truly need. The term life insurance products can also be bundled with EquiLiving critical illness insurance to protect total life and health needs in one convenient policy. Applicants who receive preferred pricing on term life insurance, can also automatically qualify for Equitable’s critical illness insurance plans.

Pros

  • Affordable rate policies, especially for ages 30-55
  • Options to bundle coverage with critical illness and other term life riders
  • Term policies can convert into a robust suite of permanent plans offered by Equitable, regardless of health
  • Preferred clients automatically qualify for EquiLiving critical illness insurance
  • Can create family plan by adding child term rider
  • Online account access available

Cons

  • Only limited terms are available
  • Paper policy only, does not offer an electronic policy

Best Term Life Insurance for Families

Equitable Life of Canada Whole Life

Equitable Life

 —

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Term Life Insurance for Families

Equitable Life of Canada Whole Life

Equitable Life

AM Best
financial strength rating

PolicyAdvisor.com Rating

Who is Equitable Life of Canada?

Equitable Life of Canada is one of the largest federally regulated mutual life insurance companies in Canada. As a mutual company, Equitable Life is owned by participating policyholders, which allows the company to focus on the interests and well-being of its policyholders.  Established in Ontario in 1920, the company made a name for itself selling affordable life insurance coverage for families during the great depression. The company is based in Waterloo, ON where it participates in many local charitable endeavours.

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Equitable Life of Canada: Quick Facts

  • How old is Equitable Life of Canada? They were established in 1920
  • Where is Equitable Life’s headquarters? Waterloo, Ontario
  • AM Best Rating: —
  • Better Business Bureau Accreditation and Rating: No / A+
  • Assets: $4.2-billion
  • Annual Premiums: $1-billion
  • Website: Equitable.ca

Equitable Life Term Life Insurance Pricing

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

AgeMaleFemale
30$33.70$23.80
35$35.05$26.28
40$52.03$37.35
45$77.27$58.45
50$136.15$93.55
55$242.68$171.40
60$437.35$315.40
65$732.97$499.45

What types of term life insurance products does Equitable Life of Canada offer?

Equitable Life offers a single term life insurance product with several different options for customized coverage.

Term life insurance from Equitable Life

    • 10-year and 20-year terms, renewable until age 85
    • Term 30/65, offering level premiums for a 30-year term or until age 65 (whichever is later). Not renewable
    • All term products are convertible into Equitable’s suite of permanent products
    • Customizable options such as covering multiple lives on personally-owned policies, term insurance for children, and riders for critical illness, disability, and accidental death insurance
    • Preferred underwriting available for amounts of $500,000 or greater
    • Option to exchange 10-year term to a 20-year term
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What term life insurance amounts and coverage does Equitable Life of Canada offer?

    • Available Term Lengths: 10, 20, and 30 years/ age 65
    • Available Term Types: Guaranteed level premiums. Single and joint coverages
    • Maximum Amount of Coverage: $10,000,000
    • Renewability: Yes, renewable to age 85 for most term plans
    • Convertibility: Yes, convertible up to age 70 for term 10 and 20 plans, age 60 for Term 30/65

What other insurance coverage does Equitable Life of Canada offer?

Equitable Life offers a wide range of insurance products to customers, apart from term life, such as:

Is Equitable Life of Canada life insurance right for you?

Equitable Life of Canada offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for Equitable Life insurance products, we can help you decide if Equitable Life of Canada’s products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

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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